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voda 19 december 2018 19:06

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Canada's Ridley Terminals coal exports climb 13.5pct in November 2018

According to data from the Prince Rupert Port Authority released, coal exports from Ridley Terminals in Prince Rupert, British Columbia, totaled 611,247 mt in November, up 13.5% from a nine-month low 538,486 mt in October and the highest shipped out in the month of November since 1.39 million mt in 2012. The total, which combines metallurgical and thermal coal, was up 1.6% from 601,385 mt exported in the year-ago month. For the first 11 months of the year, 7.05 million mt of coal has been shipped out of the terminal, up 28.2% from 5.5 million mt in the same period a year ago and the highest for the corresponding time period since 9.59 million mt in 2013.

Met coal exports from the terminal totaled 524,068 mt in November, up 79.1% from October and 19.8% higher than the year-ago month. It was the highest monthly total for met exports in November since 1.07 million st was exported in November 2012.

Platts Coal Trader provides traders, risk managers, analysts and other professionals with factors affecting the coal market including supply and demand dynamics, export market fluctuations, and market moves. Click the link below to see how this publication can meet your needs.

For the year so far, met coal exports total 5.16 million mt, up 38.5% from 3.72 million mt in the same period a year ago and the highest since 2013. Thermal coal exports in November totaled an eight-month low 87,179 mt, down 64.5% from 245,916 mt in October and 46.9% lower than the year-ago month. It was the second-lowest monthly total in the last 17 months, only behind 77,416 mt in March.

Source : Platts

voda 19 december 2018 19:11

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S.Korea’s November coal imports up 16.7 pct y/y

South Korea's coal imports rose 16.7 percent to 11.67 million tonnes in November from a year earlier, according to customs data released on Saturday.
Total coal imports are composed of steam coal for power generation and coking coal for steel production.

Details of total imports in November are as follows:

zie pdf

Source : Strategic Research Institute

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voda 19 december 2018 19:12

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Baltic-ARA coal freight rate hits 2 year high on winter rush, rising demand

Platts reported that the freight rate from the Baltic to Amsterdam-Rotterdam-Antwerp region continued to rise to its highest level in two years, as Russian producers are reported to be increasing the volume of offers to Europe ahead of winter, sources said. “Russia wants to remain competitive,” said a European utility trader, adding that Russian sellers have been adamant in keeping their dominant foothold in the ARA market. Freight rates to move a 70,000 mt coal cargo from Ventspils, Latvia to Rotterdam, rose 25 cents Friday to USD 9.50 per mt, the highest since December 14, 2016, as demand increased for moving coal cargoes into ARA from the Baltic Sea before the ice settles in the region.

Freight sources said that these rates had weakened significantly during November, following a general slip in freight rates across much of the Atlantic region. However, there has been some significant upside as winter approaches. This week marks the start of the period in which vessels need a special pass to move within the Baltic. This restricts tonnage in the region significantly and will drive costs up further, as will the cost of ice breakers, which will need to be used further into the winter months to move products.

Sources said that this restriction in tonnage is expected to have a more bullish impact on Panamax freight rates than the smaller Supramax and Handysize freight markets, as with the additional costs involved into winter, traders will likely look to move larger parcels on fewer vessels, thus minimizing their exposure to these strong freight rates.

As a result, traders are eager to move product out of the Baltic while costs are still relatively low.

Source : Platts

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voda 19 december 2018 19:13

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Bankrupt coal firm told union new buyers didn't want to observe contract with miners

Star Tribune reported that the bankrupt coal firm that operates Wyoming’s Kemmerer mine told union officials that potential buyers will likely want to break the existing contract with miners, eliminating protection for current and retired workers, according to a letter. In an October proposal to the United Mine Workers of America, which represents the 286 Kemmerer miners as well as those at a number of other operations with Westmoreland Coal Co., the firm wrote that it wanted to remove a clause from the current contract that obligates any buyer to keep the wages, health benefits for retirees and other working conditions agreed to by the company and the union.

The company’s legal counsel wrote on Oct. 23, “As you know, [Westmoreland] had commenced a marketing process and plans to sell the Kemmerer mine. [Westmoreland] has obtained initial bids from potentially interested third-party buyers, none of which indicates a willingness to leave the current Kemmerer [contract] in place.”

A member of the Kemmerer miners’ union provided the letter to the Star-Tribune. The United Mine Workers of America is fighting Westmoreland on this point and rebuffing other asks from the company in negotiations with the union, like cutting medical benefits for retirees and their dependents from the contract. The company suggested replacing benefits with “creative alternatives provided these are economically achievable in light of the company’s situation.”

A call to Westmoreland’s headquarters in Colorado Springs was not returned by press time Friday. The company noted in letters to the union, included in court documents, that the difficult coal market has forced the company to this end.

Westmoreland’s chief financial officer, Gary Kohn, announced his resignation for personal reasons last week. In addition to his salary, Kohn was paid $1.2 million in incentive bonuses in the year leading up to bankruptcy, according to court documents. The company also recently asked the bankruptcy judge to allow retention bonuses to management employees.

Mr Mike Dalpiaz, vice president of the UMWA District 22 that represents Kemmerer, said the company’s failure was due to bad business decisions rather than the market. He said that “They don’t know how to mine coal.”

Westmoreland filed for bankruptcy in October, citing the troubled coal market in the US. Demand for coal has dropped dramatically in the country as natural gas fired-power has become the dominant source for electricity, due to sustained low prices.

Source : Star Tribune

voda 19 december 2018 19:13

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Galilee Basin coal mines to have larger impact on water reserves - Report

Queensland Country Life reported that the potential impact of Galilee Basin mining on central Queensland water flows is larger than first thought, a new government report said. Federal government scientists recently released the results of modelling looking at the combined impacts of seven coal mines in the region. They found there was more than a 95 per cent likelihood these mines would change water flows in the Belyando river basin. The scientists wrote “Cumulative hydrological changes in the Belyando river basin are very likely and extend farther than previously predicted from impact assessments of individual mines.”

The modelling was included in a bioregional assessment report examining how Galilee basin water resources would be impacted by coal mining. There was enough detail to study the combined impact of seven coal mines, while 10 mines where not included in the study due to a lack of information. It was performed by scientists from CSIRO, the Bureau of Meteorology, the federal environment department and Geoscience. There was a 50 per cent chance that more than 1000 kilometres of streams would have three additional “zero flow” days per year as a result of coal mining, the study found.

The habitat of 12 threatened species and two ecological communities were also potentially at risk due to changes in water flows. The study also found that water access rights in the small town of Jericho could be affected.

Source : Queensland Country Life

voda 19 december 2018 19:14

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EU weighs ‘derogation’ for Poland in bid to phase out coal

EURACTIV reported that greens have lashed out at the European Commission for trying to pass an exemption from draft electricity market rules that would allow poorer countries like Poland to continue subsidising coal because their GDP is lower than the EU’s average. Mr Florent Marcellesi, a Green Member of the European Parliament, has accused the Commission of manoeuvring behind the scenes to clinch a deal on the proposed reform of EU electricity market rules, part of a “clean energy package” of laws that was tabled more than two years ago.

Mr Marcellesi said that “A GDP-based derogation to exonerate Poland from their obligation to stop coal subsidies would condemn poor communities in this country to continue paying a lot of money to support the very plants which are poisoning them. That is extremely shocking. The Commission should not even consider that option.”

Source : EURACTIV

voda 19 december 2018 19:27

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Port Waratah coal terminals queue falls on week to 5 vessels

Platts reported that Port Waratah Coal Services' two terminals at Newcastle port in the Australian state of New South Wales had five ships waiting offshore, down from nine ships from a week ago, the Hunter Valley Coal Chain Coordinator said in its weekly report. The queue was expected to comprise fewer than five ships at the end of December, and fewer than five ships at the end of January 2019, HVCCC said. A total of 2.2 million mt of coal was shipped out of the PWCS terminals in the week ended Sunday, down 91,000 mt from the week before. Month-to-date exports totaled 5.2 million mt.

S&P Global Platts data showed that around 1.25 million mt of coal was also shipped through the separate Newcastle Coal Infrastructure Group terminal last week.

HVCCC said that coal producers had forecast December arrivals at the PWCS terminals at 9.1 million mt, and at 11 million mt for January. Coal throughput at Newcastle port's railway last week was 3.4 million mt, unchanged from a week ago. The Carrington and Kooragang terminals at Port Waratah had combined stocks of 1.74 million mt available for export on Sunday, down 97,000 mt from the week before.

Gladstone Ports Corporation said that Gladstone port, in the neighboring state of Queensland, had 14 ships in its coal queue on Monday, and there were two ships loading at its RG Tanna coal terminal.

Source : Platts

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voda 19 december 2018 19:28

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Mahagenco to acquire import coal, can lead to increase in tariff hike - Report

Mumbai Mirror reported that the state government owned power generation utility Maharashtra Power Generation Company Ltd (Mahagenco) is forced to buy imported coal as the central government owned Coal India Ltd (CIL) is unable to supply coal to Mahagenco’s plant. This will result in a tariff hike of 15 to 20 paisa per unit. The Mahagenco requires around 4.8 million tonnes of coal every year. However, CIL, in the first nine months of current year, managed to supply 2.6 million tonnes or 56% of the total amount needed. The shortage of coal in October when temperatures were soaring and the state was reeling under the heat wave, Mahagenco was forced to shut its four plants whose combined capacity was 1,700 MW.

This resulted in the state power distribution utility Mahavitaran buying power on exchanges at high rates of Rs 6.11 per unit. The Mahavitaran bought 3500 MW of power during October from exchanges. Despite this, several parts of the state had to face load shedding.

A senior state government official who did not wanted to be named said, "To avoid the similar situation during summer of 2019, when Lok Sabha will be underway, the state government asked to consider other options to Mahagenco to keep its plants working, including importing coal from countries such as Indonesia, Australia and South Africa ”

Source : Mumbai Mirror

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voda 19 december 2018 19:29

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Universal Coal announces Eloff project mining right granded

Universal Coal Pic announced that the Department of Mineral Resources has granted the Eloff Mining Company (Pty) Ltd the Mining Right and Environmental Authorisation over the Eloff Project. The Eloff Mining Company hosts the Eloff Coal Project and Universal Coal effectively holds 49% of Eloff. The Eloff Mining Right covers an area of 8,168Ha, in addition to surface rights over 6,146.7Ha of the project area. These surface rights cover all the areas identified for the planned expansion of Universal's existing Kangala Colliery, along with the identified western Eloff area.

Importantly, the Eloff acquisition provides Universal with the opportunity to consolidate the contiguous resource base of the eastern portion of the Eloff Project with Kangala, and provides further optionality in the extension of Kangala's life of mine. The eastern portion of the Eloff Project is a direct extension of Kangala's current pit and will require limited future development capital resulting in significant cost saving in monetising Eloff. A Section 102 application can allow for the contiguous eastern portion to be included under the Kangala mining right.

In addition, the western portion of the Eloff portion can potentially be developed into Universal's fifth standalone mine.

Source : Strategic Research Institute

voda 19 december 2018 19:30

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Edenville Energy plans Rukwa coal project expansion in Tanzania

Edenville Energy PLC said that the construction and commissioning of the Lamella clarifier water treatment plant in Tanzania is completed and expected to be operational in the next two weeks. Edenville Energy also said it has long-term contracts in place for 8,000 tonnes of washed coal per month and several additional regular monthly orders, which totals around 1,000 tonnes. The company said its site improvements and expansion is "essential" at the Rukwa coal project to fulfil this production.

In November, Edenville entered into a conditional convertible funding agreement with an entity managed by the Lind Partners LLC to make up to USD2.8 million available for working capital and expansion purposes. Edenville said the terms of the loan will be put to shareholders for approval at a general meeting, to be held in "due course".

In the period from September 11 to date, Edenville processed 26,659 tonnes run of mine coal, producing 6,647 tonnes of washed coal and 13,022 tonnes of fine coal. The company said 4,655 tonnes have been sold and shipped, with the "majority" being washed coal.

Chief Executive Officer Mr Rufus Short, said that "We are pleased with the progress we are making as we continue to develop the project into a significant supplier of coal in east Africa. The delays to the completion of the pre-screening plant have been frustrating and largely outside our control, but by the company taking over the construction it is back on track for completion before the end of 2018."

Mr Short continued "Since our last update we have made significant progress in other areas including two new contracts to supply a further 4,000 tonnes per month. We are deploying the funds provided by Lind to expand the project and provide much needed additional equipment to satisfy our customer's demands. We believe we are well positioned to further develop the project in 2019 and I look forward to providing our shareholders with further updates as appropriate."

Source : Strategic Research Institute

voda 19 december 2018 19:30

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Mechel expands long-term coal supply agreement with Japan's Itochu Corporation

Mechel has reported expansion of the sales agreement with a major Japanese universal trading company Itochu Corporation. The agreement stipulates that Mechel and Itochu Corporation agreed on potential sales of up to 800,000 tonnes of coking and thermal coal between December 2018 and March 2020. The coal will be shipped from Mechel’s Southern Kuzbass Coal Company and Elgaugol. The price will be determined by mutual agreement. Japan’s major consumers and Asian steelmaking and power facilities will be the end consumers of Mechel’s products.

Mechel Mining Management Company OOO’s Chief Executive Officer Mr Pavel Shtark commented “Our longstanding ties with Itochu Corporation are stepping up to a new level. Expanding our cooperation will help us consolidate our position in the Asia Pacific market. We are glad that Mechel’s coal won positive appraisal from our Japanese partners, and we will ensure its high quality in the future as well.”

Source : Strategic Research Institute

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voda 19 december 2018 19:31

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Glencore to increase stakes in two Australian coal mines

Glencore PLC said that it will increase its stakes in two Australian coal mines, as it continues to raise its bets on the energy commodity. It struck a deal with a unit of Mitsubishi Corp. (8058.TO) to buy its 10% interest in the Ulan coal operation in New South Wales state. Glencore's JV with Sumitomo Corp. (8053.TO), a 50-50 partnership called GS Coal, will also buy up to 100% of Mitsubishi's 31% stake in the Clermont coal operation in Queensland state. The total value of the deals is US$530 million. Glencore will spend USD 130 million, mainly on the Ulan asset, while GS Coal will use its own funds for the Clermont stake.

While some big integrated mining giants such like Rio Tinto Ltd. (RIO.AU) have been backing away from coal, Glencore, led by former coal trader Ivan Glasenberg, has been doubling down in a gamble that Southeast Asian countries will continue to rely on it as a cheap fuel for power plants.

The company said in an emailed statement "Glencore welcomes this development given Clermont and Ulan operations are established, low cost, producers of high quality thermal coal which predominantly supply customers across Asia."

Source : Strategic Research Institute

voda 19 december 2018 19:32

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Global coal demand to edge higher to 2023 - IEA

International Energy Agency said that global coal demand will edge higher until 2023 as growth in India and other Asian countries offsets a decline in Europe and the United States. Consumption of the fuel is expected to rise by an average of 0.2 percent a year from 5,355 million tonnes of coal equivalent (Mtce) in 2017 to 5,418 Mtce in 2023. The report comes days after nearly 200 countries agreed to rules for implementing a landmark climate deal aimed at curbing emissions from fossil fuels to keep global temperature rises this century well below 2 degrees Celsius. The report said that “Despite significant media attention being given to divestments and moves away from coal, market trends are proving resistant to change.” However, coal remains the second-largest global source of primary energy, behind oil, and the largest source of electricity.

The IEA said that for the world to meet its climate goals, more work is needed to develop carbon capture, storage and use (CCSU) technology which captures and then either stores carbon dioxide underground or uses it in other industries.

Source : Strategic Research Institute

voda 19 december 2018 19:44

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BAE Systems to replace coal power with natural gas facility at Holston Army Ammunition Plant

BAE Systems has received a US Army contract modification valued at USD 96.6 million, bringing the total contract value to USD 158 million, to design, build, and commission a natural gas-fired steam facility at Holston Army Ammunition Plant (HSAAP), an Army-owned, contractor-operated site located in Kingsport, Tennessee. The modernization project will replace an existing coal-fired power supply and greatly reduce the facility’s environmental footprint when the new natural gas plant is commissioned.

The construction of the natural gas facility is part of a long-term, U.S. Army-driven modernization requirement for the HSAAP installation, in part meant for more efficient energy production.

Mr Brian Gathright, vice president and general manager of Ordnance Systems at BAE Systems said that “The new natural gas-fired steam facility will be cleaner, more efficient and reduce emissions while providing a higher degree of reliability – all in support of our mission. We are currently undertaking several major initiatives at Holston to modernize the installation’s operations and reduce environmental impacts. In partnership with the Army, BAE Systems is making these improvements as part of our commitment to the environment and to the health and safety of our employees and surrounding communities.”

BAE Systems has been the operating contractor of the Holston Army Ammunition Plant since 1999, developing a wide range of explosives for military and commercial applications. Since January 1999, BAE Systems Ordnance Systems business has provided modernization planning, project management, design, and construction at the Army munitions plant facilities it operates.

The estimated completion date is late 2021.

Source : Strategic Research Institute

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voda 19 december 2018 20:55

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Na twee jaar van daling weer stijging kolenoverslag in Rotterdamse haven

Na twee jaar van flinke daling van de kolenoverslag, is er dit jaar weer meer kolen overgeslagen in de Rotterdamse haven. Tegen de verwachting in, want in de eerste drie kwartalen leek de haven met een min van 4,6% opnieuw af te stevenen op een daling.

De stijging blijkt uit indivatieve overslagontwikkelingen over 2018 die ceo Allard Castelein van Havenbedrijf Rotterdam (HbR) woensdag in een presentatie op de traditionele Dag van de Haven naar buiten bracht.

Politiek gevoelig
De toename van de kolenoverslag ligt politiek gevoelig in de Maasstad. Eerder dit jaar voerde toenmalig raadslid Arno Bonte van GroenLinks - tegenwoordig wethouder voor duurzaamheid - actie tegen de verlenging van het contract van EMO, het grootste kolenoverslagbedrijf van Europa.

Volgens hem past de kolenoverslag niet in het Parijse klimaatakkoord om de uitstoot van CO2 terug te brengen. De raad steunde zijn eis om de kolenoverslag geleidelijk terug te brengen.

Kolenoverslag bij EMO in de Rotterdamse haven.Foto: Ronald van den Heerik/HH
Verantwoordelijk havenwethouder Adrian Visser (D66) zei destijds dat hij niet kon ingrijpen in de private contracten tussen EMO en HbR. De gemeente heeft een belang van 70% in HbR. Bovendien voerde hij aan dat de overslag in de haven niet leidt tot emissie van CO2 omdat het gebruik vooral in Duitsland plaatsvindt.

Energietransitie
De havenbeheerder, die ook nauw is betrokken bij de onderhandelingen over een landelijk klimaatakkoord, zet met zijn beleid ook in op een energietransitie om de uitstoot van CO2 in het gebied omlaag te brengen. De verwachting was ook dat de hoeveelheid overgeslagen kolen na dalingen in 2016 en 2017 verder zou afnemen door onder meer de sluiting van enkele kolencentrales in Nederland.

Concentratie in Rotterdam
Het exacte stijgingspercentage voor kolen wordt volgens een woordvoerder van HbR pas volgend jaar bekend als de jaarcijfers worden gepresenteerd. Hij spreekt van een 'een plusje'. Castelein besteedde in zijn toelichting geen aandacht aan de toename van de kolenoverslag.

De woordvoerder van HbR zegt in een reactie dat er nog geen uitgebreide analyse is gemaakt van de ontwikkeling in de kolenoverslag. Mogelijke oorzaken zijn de opbouw van voorraden bij de gebruikers van kolen. Verder zou er volgens de woordvoerder sprake zijn van concentratie van de kolenbevoorrading door Duitse afnemers in Rotterdam.

Stijging containeroverslag
De indicatieve overslagcijfers over geheel 2018 van de overige productgroepen wijken niet veel af van de cijfers over de eerste negen maanden. Zo stijgt de containeroverslag met 5% ten opzichte van vorig jaar.

In de droge en natte bulk (olie en olieproducten) is er sprake van een daling. De overslag van LNG (vloeibaar aardgas) laat echter een flinke stijging zien, onder meer door de afhandeling van Russisch LNG.

Pieter Lalkens

fd.nl/ondernemen/1283088/na-twee-jaar...

voda 20 december 2018 19:24

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Indonesian coal output seen nearly 500 million tonne in 2019

A leading industry association told Reuters that Indonesia is expected to produce between 480 million tonnes and 500 million tonnes of thermal coal in 2019, and an estimated 500 million tonnes this year. Indonesian Coal Mining Association chairman Mr Pandu Sjahrir said that "There is a possibility that output next year will be flat."

Mr Sjahrir however, said that among factors contributing to a possible decline in output are "uncertainties" surrounding the transfer of coal contract mining rights to new permit structures. The government is also expected to make a decision in January on domestic market supply requirements for coal miners.

Source : Reuters

voda 20 december 2018 19:28

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China’s coastal coal freights rise in week ended December 18 - Qinhuangdao Port

Platts reported that freight costs for shipping coal from northern China’s Qinhuangdao Port to the other Chinese ports of Zhangjiagang, Shanghai, and Guangzhou in eastern and southern China moved upwards in the week to December 18, after mixed rates seen the previous week. The freight rate from Qinhuangdao to Zhangjiagang in eastern China’s Jiangsu province for 20,000-30,000 mt capacity vessels rose by CNY 2.10 per mt on week to CY 40.70/mt on December 18, port operator Qinhuangdao Port said.

The freight rate from Qinhuangdao to Shanghai in eastern China for vessels with a carrying capacity of 40,000-50,000 mt rose CNY 3.10/mt on week to CNY 28.10/mt on December 18. The freight rate from Qinhuangdao to Guangzhou in southern China’s Guangdong Province for 50,000-60,000 mt capacity vessels rose by CNY 3.30/mt on week to CNY 37.20/mt on December 18.

The port operator said that the recent cold spell in southern and eastern China boosted downstream coal demand at power plants and supported the coastal coal freight rates.

Source : Platts

voda 20 december 2018 19:29

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Canyon Coal gets green light for Kangra deal for USD 40 million

Business Live reported that SA coal mining and exploration company Canyon Coal has completed its USD 40 million acquisition of Kangra Coal and is looking to develop new projects. This could create more jobs at the Mpumalanga coal operations. Canyon acquired the company from Madrid-listed energy firm Gas Natural Fenosa and SA-based Izimbiwa Coal Investments. With Kangra also comes a 2.3% interest in the Richards Bay Coal Terminal, one of the world’s largest such terminals, and from which it can move 1.6-million tons a year. Kangra has an underground mine and open-cast operations near Piet Retief, Mpumalanga, where it produces 2-million tons of coal per annum.

The conclusion of the deal adds to the rapidly growing portfolio of coal assets under the control of Menar Holdings, the largest private export-oriented coal producer in SA.

Menar’s SA investments include stakes in Canyon Coal and Zululand Anthracite Colliery, SA’s only producer of prime anthracite, very high-quality coal. Canyon’s purchase agreement for Kangra was signed in June and the Competition Commission’s approval was granted at the end of November. The department of mineral resources’ consent to transfer the mineral rights came through last week.

Menar MD Vuslat Bayoglu said the deal has been concluded reasonably quickly and is a credit to SA as an investment destination.

Source : Business Live

Bijlage:

voda 20 december 2018 19:29

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India & Southeast Asia coal boom to cancel out declines in North America and Europe

Independent reported that coal will continue to stay high on the agenda for the next five years despite much of Europe and North America phasing out the dirtiest of all fossil fuels. The International Energy Agency predicted demand will remain steady at least until 2023, due to strong growth in India and Southeast Asia. More stringent air quality and climate change policies, alongside the declining cost of renewable energy sources and abundant supplies of gas have all made coal an increasingly less attractive option.

But despite these trends, after demand for coal increased in 2018 its contribution to the energy mix will only drop slightly by around 2 per cent to 25 per cent in 2023.

The report said that “Despite significant media attention being given to divestments and moves away from coal, market trends are proving resistant to change.”

Many European countries have already set imminent deadlines for the phase-out of coal (by 2025 in the UK), as it contributes disproportionately to carbon emissions from the energy system.

However, coal is still seen as an appealing prospect for nations including Indonesia, Vietnam, Philippines, Malaysia and Pakistan. India meanwhile is expected to see an increase in coal demand of 4 per cent each year.

Mr Keisuke Sadamori, director of energy markets and security at the IEA, said that “The story of coal is a tale of two worlds with climate action policies and economic forces leading to closing coal power plants in some countries, while coal continues to play a part in securing access to affordable energy in others. “For many countries, particularly in South and Southeast Asia, it is looked upon to provide energy security and underpin economic development.”

Currently, China, which accounts for nearly half of the world’s coal consumption, is expected to see coal demand fall by 3 per cent over the next three years. Coal was recently in the spotlight at the United Nations’ important COP24 climate talks, due to host nation Poland’s continued enthusiasm for the fossil fuel.

Source : Independent

voda 20 december 2018 19:30

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The world's most controversial coal mine set to break ground - Report

Bloomberg reported that the world’s most contentious coal project is edging closer toward development, potentially unlocking one of the biggest untapped resources even as a debate rages around the fuel’s future. Indian billionaire Gautam Adani’s Carmichael is located in Australia’s huge Galilee Basin, which covers around 250,000 square kilometers - about the size of the UK. If the region is fully developed, it has potential to more than double Australia’s thermal coal exports, according to government estimates. The Adani Group, which will self-finance the project after potential lenders dropped off, will also build infrastructure, including a vital rail line to help transport the coal to the coast for export.

The International Energy Agency said that its success will determine the fate of other large projects in the Galilee, including India’s GVK Group and Australian billionaire Gina Rinehart’s Alpha Coal project. Australia is already the world’s second-largest exporter of power station coal, contributing more than 200 million metric tons a year to the global seaborne trade. If Carmichael - along with its railroad - gets built, it will be despite almost a decade of concerted opposition from environmental groups.

Gavin Wendt, director at research house Minelife, said that “Adani with Carmichael could prove a catalyst for opening up the frontier Galilee Basin in central Queensland, with other big coal mines expected to follow. I don’t think you’ll see those projects coming to market without the critical mass that Adani will provide in terms of bringing infrastructure into play.”

The International Energy Agency describes Carmichael as “probably the most controversial coal project currently under development” and says it’s making the most progress of the several large mines that are being planned.

Carmichael, which has been scaled back to a A$2 billion (US$1.4 billion) capital cost from its initial plan for a A$16 billion mega-mine, will build up to a production target of 27.5 million tons a year, according to the developer. Once work has started, projects on a similar scale typically take around two years to construct.

Source : Bloomberg

Bijlage:

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