Mining Weekly reported that Andrew Mackenzie, CEO of BHP Billiton Ltd. (NYSE:BHP,ASX:BHP,LSE:BLT), believes that although the US shale gas industry is growing quickly, coal will continue to be the most dominant source of fuel worldwide for the coming years.
Coal Market News Directory
Bloomberg reported that although lawmakers in the Norwegian capital of Oslo are considering banning their country's sovereign wealth fund from investing in coal companies, Norway has nevertheless opened a new coal mine on the Svalbard archipelago.
Reuters reported that in 2013, Colombia put out 85.5 million tonnes of coal, a 4-percent decrease from 2012 and below the country's production target. The decline was mainly due to strikes at the two top miners in the nation.
Reuters reported that Mozambique's deputy mines minister, Abdul Razak Noormahomed, said Tuesday that the country may raise royalty taxes on coal, a key export.
Mining Weekly reported that although coal is South Africa's main source of revenue, the industry is suffering from a lack of investment. That's partially due to the fact that potential investors are waiting to see what the pending revision of mining legislation brings.
The Australian reported that Andrew Forrest, a billionaire philanthropist, has signed an agreement with Pakistan's Punjab state to test the feasibility of turning lignite coal into diesel. In return, Pakistan will bring in laws aimed at eliminating slavery via "indenture, debt or inheritance."
The Economic Times reported that India's hearings regarding the future of 218 coal blocks given to companies for captive use are over. However, as yet no one knows whether the "allegedly flawed" allocation process will result in all the blocks being taken back or only some.
Bloomberg reported that some market watchers believe operating in Colombia may be about to get more complicated. The rumors follow President Juan Manuel Santos' decision to suspend coal exports from Drummond Company Inc. after the company continued to load coal onto open barges after the practise was banned.
Forbes' Michael Krancer reported that in a recent article, Armond Cohen, "a lifelong environmental organization lawyer and environmental group chief executive," said that coal-fired power is poised to see exponential growth around the world. That, he believes, is positive because "reliable energy is a correlative of economic growth and human development."
Reuters reported that China gave the go ahead to over 100 million tonnes of new coal production capacity in 2013. That's six times more than the 2012 total and equivalent to 10 percent of the United States' yearly usage.