Finally: Australian Thermal Coal Production Being Cut

Finally: Australian Thermal Coal Production Being Cut

Bucking wider trends, one coal miner has finally cracked and decided to cut production at its Australian mines amidst growing oversupply in the global thermal coal market. Beginning mid-December, Glencore will halt Australian coal production for three weeks.

MicroCoal Technologies Up 13 Percent on JV Announcement

MicroCoal Technologies ticked upward on the news that it has partnered with an affiliate of Hong Kong's Jiu Feng Investments in order to help advance its processes in Asian markets.

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Company News

Peabody Energy to Continue Expanding World’s Largest Coal Mine

According to Scott Durgin, senior vice-president for Peabody Energy’s (NYSE:BTU) operations in the Powder River Basin in Wyoming, the company's mining operations in the area are likely the largest in the world. According to an article from the Guardian, the company has no plans to stop expanding in the area.

Coal India to Double Coal Production by 2019

Coal India (NSE:COALINDIA), the country's state run behemoth, is looking to increase its coal production to one billion tonnes by 2019. According to the Hindu, Power Minister Piyush Goyal said at the India Economic Summit that he saw production increasing, adding that the government would also increase investments into renewable energy.

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Market News

China to Cap Coal Use in 2020

According to details released by China's State Council on Wednesday, the country's new energy strategy will see coal consumption capped at 4.2 billion tonnes in 2020, the New York Times reported. The strategy follows last week's announcement that China and the United States had signed a deal to cut emissions.

US, China Sign Emissions Reduction Deal

The Guardian reported that China and the United States reached a deal on Wednesday to reduce their carbon emissions. The deal has been called "ambitious but achievable."

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