- Write by:
-
Tuesday, February 22, 2022 - 13:06:19
-
383 Visit
-
Print
Mining News Pro - China’s top planning agency approved three different billion-dollar coal mine projects on Monday as the country continues to support the fuel that much of the rest of the world is shunning.
The National Development and Reform Commission gave the go ahead to two mines in the northwestern province of Shaanxi and another in Inner Mongolia. The three projects will require a total investment of 24.1 billion yuan ($3.8 billion) and produce 19 million tons of coal a year.
The approvals follow a massive surge in mine activity late last year as China boosted production to record levels after fears of an energy shortage sent prices skyrocketing. Each of the projects plans to rely on bank financing for about 70% of the capital involved, a sharp difference from most of the rest of the world where lenders have promised to stop funding new coal mines.
China has ambitious long-term climate goals and world-leading renewable energy industries, but its leaders have placed top priority on energy security and have vowed to continue supporting coal, which still generates about 60% of the country’s electricity. While benchmark coal futures in the country have fallen by more than half from an all-time peak in October, they’re still 40% higher than they were a year ago.
Short Link:
https://www.miningnews.ir/En/News/620718
China’s CMOC Group Ltd. is being accused by a top US official of using “predatory” tactics to depress prices of a key ...
Australia’s Queensland state will decide this month whether to give Glencore a key approval to bury liquefied carbon ...
Democratic Republic of Congo’s government has lifted a suspension order on a Congolese copper and cobalt operation ...
Oxford Economics Australia has released data showing mine maintenance spending may be hitting its peak. But what does it ...
Copper climbed above $10,000 a ton as predictions for tighter global supplies and rising consumption in electric ...
Iron ore futures fell to their lowest in more than two weeks, pressured by an inventory accumulation at Chinese ports ...
China issued draft rules on Wednesday to regulate its lithium battery market, after rapid expansion in the sector hit ...
Imports of iron ore by China, the world’s biggest buyer, in 2024 are expected to be around 1.17 to 1.18 billion metric ...
China’s central bank added 60,000 troy ounces of gold to its reserves in April, official data showed on Tuesday, ...
No comments have been posted yet ...