Coal price cave-in kills a cosy tradition
Article Abstract:
Australian coal mines are facing difficult economic conditions as demand remains flat and coal prices fall. Reduced production costs in Indonesia and South Africa as well as global oversupply is placing further downward pressure on prices. Although export was up 11.4% in Aug 1997 over Aug 1996, the top price of $50.85 in Australian dollars achieved in Jan 1996 was not matched in Feb 1997, which showed a price of $47.24. The industry fears poor pricing will shrink its market share.
Publication Name: Business Review Weekly
Subject: Business, general
ISSN: 0727-758X
Year: 1997
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Australian suppliers risk Japanese default
Article Abstract:
The anticipated increase of Japanese bankruptcies due to the 1997 Asian recession could end payments for Australian goods, causing a drop in Australia's exports. Japanese steel mills purchase nearly one-third of Australia's coal exports and has requested 10% cuts on contract prices. U.S. beef exports is also competing with Australian supplies for Japanese market share. The recession, however, presents solid buying opportunities for companies seeking a presence in Japan.
Publication Name: Business Review Weekly
Subject: Business, general
ISSN: 0727-758X
Year: 1997
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US miner washes its hands of Australian coal
Article Abstract:
Atlantic Richfield's ARCO Coal Australia Inc. closed in Sep 1997. Its Gordonstone mine in Queensland, Australia, was opened in 1992. Net income was $1.7 billion in 1996 but net income decreased to $60 million in 1997. Coal prices decreases, the Asian economic crisis and a deregulated Australian energy market brought about the failure of the mine. Atlantic Richfield will leave the area in Mar 1998.
Publication Name: Business Review Weekly
Subject: Business, general
ISSN: 0727-758X
Year: 1997
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