The government has approved swapping of coal supplies between the public and private sector companies with the aim of augmenting the availability of fuel and reducing transportation charges.
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Peabody just filed for bankruptcy protection on Wednesday after it announced its situation the previous weeks. Assets in Mexico and Colorado will no longer be sold as buyer was not able to complete the deal.
U.S. coal industry is facing tough times as one by one files Chapter 11. Due to high debts, decline in demand and stricter regulations, most have no other choice but to shut down. Lately, Peabody Energy announced that it may go bankrupt.
Peabody is facing difficulties as it shares declined sharply the past year. It is considering to file Chapter 11 sooner or later to protect it from creditors while restructuring the company and recovers from the large loss.
The U.S. coal industry is hit by another major blow as Alpha Natural Resources Inc. will file for Chapter 11 bankruptcy court protection on Monday.
When Dan Mosley became head of Kentucky's Harlan County government this year, he promised - like those elected before him - to defend the state's beleaguered coal industry. But Mosley also vowed to do something else for his county: help build a new economy based on something other than coal.
Prime Minister Narendra Modi is determined to move more than 100,000 people living near coalfields in eastern India to new homes, making it easier to douse underground fires that have burned for a century and mine huge reserves of premium coal.
Beijing will build four gas-fired power and heating plants by next year and shut the last of its coal-fired generators by 2017 as part of its campaign against hazardous air pollution, officials said.
China's crude oil imports hit a record high in April as falling prices encouraged stockpiling, but coal imports plunged and shipments of other commodities generally eased on a year earlier amid a sluggish economy.
One by one, Japan is turning off the lights at the giant oil-fired power plants that propelled it to the ranks of the world's top industrialized nations. With nuclear power in the doldrums after the Fukushima disaster, it's solar energy that is becoming the alternative.
China needs to cut lending to coal-related industries and shift more financing to cleaner businesses in order to address a huge funding gap that is hindering the country's war on pollution, a study drawn up in part by central bank researchers said.
China will boost efforts this year to rid itself of a strong addiction to coal in a bid to reduce damaging pollution as well as cut the energy intensity of its economy, which is expected to grow at its lowest rate in 25 years.
Diamond company De Beers, once a niche business for global miner Anglo American, is rapidly rising to become the jewel in its crown - with a brighter outlook than many of its metals.
Cliffs Natural Resources Inc (CLF.N) said it would write down the value of its coal and iron ore assets by $6 billion due to weak prices, putting it in breach of debt covenants and sending its shares down as much as 6.8 percent.
China, the world's top coal importer, will levy import tariffs on the commodity after nearly a decade, in its latest bid to prop up ailing domestic miners who have been buffeted by rising costs and tumbling prices.
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