Coal mine operator ICG settles with estate of another Sago Mine explosion victim in W.Va.
The estate of another miner killed in the Sago Mine explosion in West Virginia has reached a tentative legal settlement with International Coal Group Inc.
Lawyer Tim Bailey says the confidential deal struck for heirs of James Bennett has not been approved by Kanawha County Circuit Judge Charles King. Bennett was one of 12 miners killed in the January 2006 methane gas explosion.
Bailey says the agreement is limited to mine owner ICG, its Wolf Run subsidiary and Chairman Wilbur Ross Jr. Claims involving Bennett already have been settled with the manufacturer and supplier of concrete foam blocks used to build failed seals at the Upshur County mine.
Project to Determine Suitability of Site Near Dublin Bay for Carbon and Gas Storage Facility, an Industrial Info News Alert
Researched by Industrial Info Resources (Sugar Land, Texas) — Irish oil and gas development company Providence Resources plc (ISE:PRR) (Dublin) announced this week the creation of a 50:50 joint venture with Star Energy Group plc (London). The joint venture will evaluate the suitability of the Kish Bank, off Dublin Bay in the Irish Sea, for a carbon and gas storage facility. A similar carbon storage project has been in operation in the Norwegian North Sea since 1996. The project is operated by StatoilHydro ASA (STO – News) (Stavanger, Norway) and was designed to offset carbon tax liabilities. Read more
Gold companies shares down at the close of trading
Shares of some top gold companies were down at the close of trading:
Barrick Gold fell $1.23 or 3.4 percent, to $34.76.
Gold Fields fell $.48 or 5.2 percent, to $8.82.
Goldcorp fell $1.29 or 3.7 percent, to $33.59.
Newmont Mining fell $.60 or 1.3 percent, to $44.29.
Silver companies shares down at the close of trading
Shares of some top silver companies were down at the close of trading:
Hecla Mining fell $.17 or 2.3 percent, to $7.14.
Pan American Silver fell $.85 or 3.2 percent, to $25.98.
Silver Standard fell $1.14 or 4.1 percent, to $26.55.
Silver Wheaton fell $.38 or 3.2 percent, to $11.47.
Surge Global Reports Acquiring Green Valley Prospect Totaling Approximately 2,500 Acres in Northern Nevada to Drill for Oil
Surge Global Energy, Inc. (OTC BB:SRGG.OB – News) announces that it has acquired, at a cost of approximately $500,000, two leases totaling approximately 2,500 acres in northern Nevada to drill for oil from Tetuan Resources, Corp. Surge has agreed to drill an initial test well on the Green Valley prospect prior to August 1, 2009 to a maximum depth of approximately 4,500 feet. Surge owns a 100% working interest in the initial well until payout, at which point Tetuan will back into a 15% working interest. Surge will own an 85% working interest in subsequent wells. Surge plans on drilling the initial test well within 120 to 150 days. Read more
Alcoa announces job cuts at Texas facility
U.S. aluminum maker Alcoa Inc (AA – News) said on Friday it has set dates for the layoff of about 300 employees at its Rockdale, Texas, aluminum smelter where the company has idled half of its production due to power supply issues.
In addition, Pittsburgh-based Alcoa said about 100 contract employees will also be laid-off.
The plant was partially shut in June because of ongoing supply issues with Luminant’s on-site power generating unit, which have exposed the plant to uneconomical power prices, Alcoa said in a statement.
Three of the plant’s six operating lines were idled as a result of the ongoing unit outages and local energy market costs increasing to as much as $2,000 to $4,000 per megawatt hour during peak hours, about 100 times the norm, Alcoa said.
The idled capacity accounts for about 120,000 tonnes of annual production.
Alcoa said it has negotiated with Luminant to try to resolve the power issues, but they have not been able to come to a satisfactory conclusion. The aluminum maker is seeking damages from Luminant through ongoing litigation.
In a statement, Luminant said Alcoa has made unrealistic demands and has insisted on dramatically below-market power prices.
Luminant is a subsidiary of Energy Future Holdings Corp, which was formerly known as TXU Corp.
In 2007 TXU Corp was taken private in a $32 billion buyout, led by Kohlberg Kravis Roberts & Co (KKR), Texas Pacific Group (TPG) and Goldman Sachs Capital Partners (GS – News).
Alcoa shares closed up 14 cents at $32.28 on the New York Stock Exchange.
