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More than two centuries after coal power helped forge the world’s first industrial economy, Britain is going back to burning wood.Drax Group Plc (DRX) will spend $1 billion to turn the U.K.’s biggest coal-fired plant into westernEurope’s largest clean- energy producer. The utility plans to convert one of the site’s six units to burn wood pellets by June, said Chief Executive Officer Dorothy Thompson. It intends to switch two more units to wood at a later date, investments that if completed will see it harvest a forest four times the size of Rhode Island each year.
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A truck arrives at the Drax Group Plc.'s power station in Selby, U.K., on Friday, Feb. 18, 2011. Photographer: Chris Ratcliffe/Bloomberg“We see a key part of our future as converting from essentially a coal station to a biomass station,” Thompson said in an interview in London. “It will take Drax from being the largest carbon emitter by site in the U.K. to being, probably, one of the largest renewable plants in the world.”Drax jumped as much as 13.9 pence, or 2.7 percent, to 522 pence in London. The stock, which began trading without the right to a 14.4-pence dividend today, was up 0.6 percent at 511 pence as of 10:55 a.m. local time, making it the only company to rise on the STOXX 600 Utilities Index. (SX6P)Drax joins Germany’s RWE AG (RWE) and Dong Energy A/S of Denmark in taking coal-fed plants away from fossil fuels as they strive to meet European Union air-pollution rules and avoid greenhouse- gas costs. The companies’ success or failure may map out a future for coal-fueled plants globally in a carbon-cutting age.http://www.bloomberg.com/news/2012-09-25/biggest-english-polluter-spends-1-billion-to-burn-wood-energy.html
Yamana Gold: Leader In The Gold Sector
Disclosure: The author is long AUY. (More...)Yamana Gold Inc. (AUY) continues to build upon the successes of 2011 moving forward on all fronts, despite a challenging operating environment in Argentina and rising costs. Second quarter production indicates Yamana remains on track to meet 2012 guidance with by-product costs remaining under $250 per gold equivalent ounce (geo).The problems befalling mining companies in Argentina have affected Yamana as well in both positive and negative ways. On the negative side, export sales from Alumbrera were affected during the quarter with the obstacles overcome and the export backlog expected to be cleared out by the end of the year.On the positive side, Yamana was able to add Extorre Gold to its development pipeline. Extorre's Cerro Morro project, located in the Santa Cruz province of Argentina, sits in an emerging region, with 1.36 million indicated geo and 1.05 million inferred geo. The area has seen increased activity from majors and mid-majors in 2012, with Eldorado Gold (EGO) linking up with Hunt Mining earlier this year.Exploration programs continue to yield success across the board. The current exploration program at Pilar has confirmed that the area surrounding the deposit is an area of clustered mineralized zones. Efforts are underway to determine if the area can be developed further, utilizing existing infrastructure (mill has already been increased by 30% from the feasibility level), or developed as a series of multiple mine complexes.Exploration at Corpo Sul has confirmed that the metallurgy is similar to neighboring Chapada. The plan now is to determine if the the higher grade material can be blended with the existing material or developed as a new mine alongside Chapada.http://seekingalpha.com/article/886771-yamana-gold-leader-in-the-gold-sector
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