It’s time for the our weekly wrap of this week’s coal news.
A billion dollar boost
The week kicked of in style, with Adani announcing they had signed a memorandum of understanding with the state-owned State Bank of India for a US$1 billion loan to help finance its Carmichael megaproject in Australia’s Galilee Basin.
Staying with Australia and the land Down Under has completed negotiations with China for a bilateral free trade agreement (FTA). The agreement would immediately exempt Australian exporters of metallurgical coal from Chinese tariffs, but the tariff on thermal coal imports would be phased out over a period of two years – potentially costing Australian producers US$600 million.
Falling out of love
There were also more signs that China’s love affair with coal is definitely entering a much frostier period with reports that the country would aim to peak its coal consumption by 2020. Tagging on the back of last week’s agreement with the US to reduce greenhouse gas emissions and it looks like the Middle Kingdom is serious about cleaning up its economy.
Staying with the subject of cleaner energy and a new report released this week by THEnergy argues that the use of renewable energy at minesites is not only good for the bottom line (by reducing a mine’s energy costs) but may also boost a mining companies access to credit. “Mining companies that are first movers in actively integrating renewables into their energy mix are there considered as progressive and better managed,” said the report’s author, Dr Thomas Hellig. “If substantial measures are taken and financial markets are targeted with the sustainability communication strategy, a positive effect on the market evaluation and stock prices [of mining companies] can be expected.”
And finally, BHP Billiton held its annual HSEC Awards, celebrating excellence in the fields of health, safety, environmental and community relations across the groups operations. Among a number of coal winners, particular kudos goes to Ben Mason for the “Delivering the Dyke” project at the Appin mine, which picked up the Excellence Award in the Health category. The project at the Appin mine has achieved a “significant reduction” in exposure to noise, diesel particulate matter and vibrations for operators though “equipment assessment, engaging with OEMs and substitution,” according to the citation.
Written by Jonathan Rowland.
Read the article online at: https://www.worldcoal.com/coal/21112014/world-coal-a-week-in-coal-21-november-2014-coal/