The future does not look good for coal miners as increasing government regulations, environmental concerns and public opinion in favor of energy alternatives threaten the resource's market share.
Articles Tagged "China"
Proximity to China, once an asset for SouthGobi Resources, has become a disadvantage now that the country is curbing its use of the fuel.
Mining Weekly reported that Yancoal Australia Ltd.'s (ASX:YAL) share price dropped over 15 percent after Yanzhou Coal Mining Company Ltd. (NYSE:YZC), its parent company, decided against privatizing it.
Celsius Coal Ltd. (ASX:CLA) announced that it has signed a non-binding memorandum of understanding (MOU) with Xinjiang Bayi Iron and Steel Group and China Minmetals Group, both of which are potential offtake customers.
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.
The Wall Street Journal reported that although 2013 was a tough year for coal, factors such as "booming" production from Wyoming's open-pit mines and demand from emerging economies like India and China will make for better prospects in 2014.
Mineweb reported that in 2013, deaths at Chinese coal mines fell by 24 percent, to 1,049 dead or missing. Late last year, the nation's State Administration of Work Safety said that it plans to make coal mines safer moving forward.
Yingli Green Energy Holding Company Ltd. (NYSE:YGE) announced that its subsidiary, Yingli Energy (China) Company Ltd. has entered an agreement to set up a joint venture with Shuozhou Coal Power Company Ltd., a subsidiary of Datong Coal Mine Group Company Ltd., China's third-biggest state-owned coal miner.
In a study set to be released today, the University of Oxford's Stranded Assets Programme looks at what China's changing demand for coal will mean for Australia's coal assets, a question that has been on the minds of many market participants of late.
Bloomberg reported that according to the International Energy Agency (IEA), global coal consumption will rise by 2.3 percent per year until 2018. Last year, the agency predicted that coal use would grow by 2.6 percent per year through to 2017.