Thermal coal prices soar on China policies, weak supply
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Chinaâs protectionist coal policies and a raft of mine disruptions have driven prices for thermal coal to a three-year high, giving Australian miners a surprise boom less than a year after they were mired in a severe slump.
BHP mines thermal coal at Mt Arthur in NSW . the price for quality thermal coal has more than doubled in 10 months.Â
Janie Barrett
Coal-fired power generation may be declining in developed nations such as Australia but it remains a growing industry in parts of Asia and prices for quality NSW thermal coal have more than doubled in the past 10 months on the back of an economic rebound and Chinese market distortions.
Whitehaven s Maules partner joins coal divestment trend
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Whitehaven Coal will seek talks with its joint venture partner Itochu about the future of the Maules Creek mine in NSW after the Japanese giant declared it would divest from thermal coal mines by 2024.
Itochu s pledge to make decarbonisation a priority comes after Japanese Prime Minister Yoshihide Suga committed the nation – which ranks as the biggest buyer of Australian thermal coal and gas – to have net zero greenhouse gas emissions by 2050.
Whitehaven boss Paul Flynn is awaiting more details from Itochu about its stake in the Maules Creek mine.
Louie Douvis
Maules Creek is Whitehaven s biggest and best mine and Itochu has owned 15 per cent of it since 2010.