Bloomberg reported that this week, Kenya plans to sign a concession accord with China's Fenxi Mining Industry Co. to develop a deposit containing 400 million metric tons of coal. The move will allow the country to tender 31 more blocks spread across counties in both the north and south of the nation.
Articles Tagged "China"
Reuters reported that China Kingho Energy Group, a private company, has made a $60-million bid for Carabella Resources Ltd. (ASX:CLR), an Australian coal explorer. The news outlet describes the move as indicative of China's interest in purchasing cheap coal assets in the land down under.
Reuters reported that to help its struggling coal sector and tackle its pollution problems, China plans to "raise its threshold for coal imports, tighten approvals for new coal mines and push industry consolidation."
The Vancouver Sun reported that Calvin Quek, head of Greenpeace East Asia’s Sustainable Finance Program, believes that building terminals aimed at shipping more coal to East Asia — such as the planned Fraser Surrey Docks expansion — could be a waste of time and money due to new caps on coal usage in China.
Reuters reported that many coal mine investments over the past 10 years were driven by Chinese demand for the fuel. As a result, the country's plan to address pollution is now threatening major coal projects in locations such as Australia, Indonesia and Mozambique.
Wood Mackenzie believes that by 2020, coal will take oil's place as the most dominant source of fuel in the world.
Reuters reported that as China makes the switch to cleaner energy, its demand for thermal coal will drop; however, emerging markets in the same region will compensate for the Asian giant's absence.
The Sydney Morning Herald reported that although the third quarter of 2013 was the worst in four years for Asian coal prices, they are now set to rally on the back of strengthening Chinese demand and Australian coal production cuts.
OilPrice.com reported that according to a recent report from Wood Mackenzie, coal is poised to overtake oil to become the world's main source of energy by 2020. The prediction is based on the idea that coal will "satisfy almost half of power demand growth" in China over the next eight years.
On Saturday, Xinhuanet reported that the State Council, China's cabinet, plans to close 2,000 small coal mines by the end of 2015. The move is reportedly an attempt to improve the country's "alarming safety record."