Australian Coal Exports Soar, Germany Closes Last Coal Mine

While coal exports out of Australia hit a new high, Germany has officially closed the country’s last black coal mine.

While coal exports out of Australia hit a new high, Germany has officially closed its last black coal mine, ending 200 years of production.

A report recently released from the Queensland Treasury indicates coal exports are responsible for driving the domestic economy into an AU$7.1 billion surplus.

Chinese demand for the Australian energy fuel has steadily grown over the last 12 months driven by the Asian nation’s stricter regulations around pollution and the steel manufacturing sector.

“The outlook for Queensland remains strong, as growth in our major trading partners continues to outpace global growth,” Ian Macfarlane, CEO of the Queensland Resource Council, said in a statement.

“Queensland is supplying the building blocks of economic growth to the fast growing economies who are our regional neighbors.”

While Australia is doubling down on its coal exports, Germany has officially and symbolically closed the last black coal mine in the country. The last piece of black coal ever mined in the country was sent to German President Frank-Walter Steinmeier as an emblematic gesture.

Germany is struggling to get its emissions in line with other EU countries. The closure of this black coal mine is a step in the right direction, but the country still has massive reserves in open pit mines of the lighter lignite coal, which is less efficient than its darker counterpart.

Despite the vast coal reserves, Germany does have a targeted goal to phase out all coal use and production by 2038. In the meantime, German Finance Minister Olaf Scholz has pledged to provide 240 million euros in aid and assistance to the four states that will be impacted by the decision.

Global coal demand is expected to steadily edge higher into 2023 while a number of nations around the world grapple with how to curtail their dependence on non-renewable resources for energy production.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.

Rio Tinto reaches agreement with Turquoise Hill Resources on financing plan for Oyu Tolgoi

Rio Tinto has entered into a binding Heads of Agreement (HoA) with Turquoise Hill Resources (TRQ) for an updated funding plan (the “Funding Plan”) for the completion of the Oyu Tolgoi (OT) Underground Project in Mongolia. The Funding Plan addresses the estimated remaining known funding requirement of approximately $2.3 billion 1 , building on and replacing the arrangements established in the Memorandum of Understanding that Rio Tinto and TRQ previously entered into on 9 September, 2020.

Under the HoA, subject to securing approval by OT LLC and any required support from the Government of Mongolia, and subject to timing, availability, and terms and conditions being acceptable to both parties, Rio Tinto and TRQ will:

Keep reading... Show less

Rio Tinto Exploration and Calibre Mining Initiate 2021 Exploration Program Including 5,500 Metre Drilling Campaign Prioritizing Prospective Near-Surface Copper and Copper-Gold Mineralization

Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the “Company” or “Calibre”) is pleased to provide an update on the Borosi exploration project held under an earn-in option agreement between Rio Tinto Exploration (LSE:RIO) (“RTX”) (“Rio Tinto”) and Calibre. Calibre controls a 100% interest in the Borosi concessions located in the prolific Mining Triangle region of northeastern Nicaragua. RTX has the right to earn a 75% interest by spending US$45 million over eleven years in the project ( see Calibre news release dated February 24, 2020 ). The Borosi exploration program is being directed by RTX through a partnership agreement with Calibre as project operator.

Highlights

Keep reading... Show less

FDA Approves Trodelvy®, the First Treatment for Metastatic Triple-Negative Breast Cancer Shown to Improve Progression-Free Survival and Overall Survival

Trodelvy Significantly Reduced the Risk of Death by 49% Compared with Single-Agent Chemotherapy in the Phase 3 ASCENT Study –

– Trodelvy is Under Regulatory Review in the EU and in the United Kingdom, Canada, Switzerland and Australia as Part of Project Orbis

Keep reading... Show less

Rio Tinto details $47 billion 2020 economic contribution, including $8.4 billion of taxes and royalties

Rio Tinto today released its 2020 Taxes paid: Our economic contribution report , which shows the company made a total direct economic contribution of $47 billion in the countries and communities where it operates, including $8.4 billion of taxes and royalties.

Despite the widespread challenges of COVID-19 in 2020, the contribution was up from the previous year, when Rio Tinto made a total direct economic contribution of $45.1 billion in the countries and communities where it operates, including $7.6 billion of taxes and royalties.

Keep reading... Show less

Top News

Related News