Thanks to the reader that sent me this information.
Riversdale Resources delays IPO
http://www.afr.com/p/opinion/riversdale_resources_delays_ipo_uZXOxjcE8RoN3P7UUIz6nK
Talking to some folks that work at Teck last night they are anticipating the market will start turning around later this fall, in line with that I was also sent the following article by one of my readers very good read..
Despite its many doubters, the coal industry could soon roar back to life
Following a brutal year.
http://www.canadianbusiness.com/investing/back-in-the-black./To the two individuals that sent me comments accusing me of trying to blame council for the down turn in the coal market. Stop being so silly, first I reported news that I think is relevant and of interest to some of my readers, and second of course I recognize its not council's fault if the coal market goes in the toilet that would be has stupid as council trying to take credit for Riversdale coming here.
5 comments:
The Coal Facts: thermal coal vs. metallurgical coal
globalnews.ca June 10, 2013
Thermal coal
Demand: Forecast to increase at a steady pace through to 2013 and beyond.
...
Metallurgical coal or coking coal
Demand: Dramatically decreasing with decreased demand for steel.
And we waited sooooo long for the big announcement about the "heavy industry." What a letdown.
If China and Asia continue to slow economically, we will feel it through a Teck slowdown. Guess that'll give this Mayor a new incentive to spend more and more. If Devon's shutdown didn't raise any red flags for the Municipality big wigs to slow spending and expansion, will this?
Yes I know-another pessimist comment. Or is it reality? When the cutbacks are needed, will it be higher taxes, staff cutbacks ( you know from where), or more contracting out? Perhaps a Consultant can advise the Mayor.
In the longer term, there is this little issue:
About two-thirds of all proven reserves of oil, gas and coal will have to be left undeveloped if the world is to achieve the goal of limiting global warming at two degrees Celsius, according to the chief economist at the International Energy Agency.
...
this should be an “eye-opener” for pension funds with significant investments in the energy sector – particularly in coal – as well as for ratings agencies.
He predicted coal would be hardest hit in the “unburnable carbon” scenario, followed by oil and gas. “We cannot afford to burn all the fossil fuels we have. If we did that, it [average global surface temperature] would go higher than four degrees.
http://www.irishtimes.com/news/world/europe/two-thirds-of-energy-sector-will-have-to-be-left-undeveloped-bonn-conference-told-1.1425009?
In response to this company Riversdale buying Grassy Mountian, I think this would be a huge environmental error. The Crowsnest Pass has some of the purest mountain streams and untouched scenery in Canada. We need to protect this. What good would 100 jobs be if we have no clean water to drink and no animals to hunt? We need to plan ahead for OUR OWN futures and the futures of our children. Also, nothing that Riversdale would produce is benefiting our community; all coal product is being sold to China! In short, Riversdale is coming in, destroying our natural resources all for their benefit as well as China! This is our land! Riversdale go home!
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