Bloomberg reported that this week, Kenya plans to sign a concession accord with China's Fenxi Mining Industry Co. to develop a deposit containing 400 million metric tons of coal. The move will allow the country to tender 31 more blocks spread across counties in both the north and south of the nation.
Articles Tagged "China"
Reuters reported that China Kingho Energy Group, a private company, has made a $60-million bid for Carabella Resources Ltd. (ASX:CLR), an Australian coal explorer. The news outlet describes the move as indicative of China's interest in purchasing cheap coal assets in the land down under.
In an interesting turn of events, Rockwood Holdings and Chengdu Tianqi Industry Group have formed a joint venture, resulting in Rockwood gaining a 49 percent stake in Australia-based Talison Lithium.
Brent crude futures climbed to a one-week high on Monday after economic data hinted that November saw a growing manufacturing sector in China, Europe and the United States.
CNOOC Ltd. (NYSE:CEO) — the Chinese state-owned company that a year ago acquired Nexen Inc — is now making plans to build a huge liquefied natural gas facility in northern British Columbia, the Vancouver Sun reported.
Reuters reported that to help its struggling coal sector and tackle its pollution problems, China plans to "raise its threshold for coal imports, tighten approvals for new coal mines and push industry consolidation."
The Vancouver Sun reported that Calvin Quek, head of Greenpeace East Asia’s Sustainable Finance Program, believes that building terminals aimed at shipping more coal to East Asia — such as the planned Fraser Surrey Docks expansion — could be a waste of time and money due to new caps on coal usage in China.
Reuters reported that many coal mine investments over the past 10 years were driven by Chinese demand for the fuel. As a result, the country's plan to address pollution is now threatening major coal projects in locations such as Australia, Indonesia and Mozambique.
Wood Mackenzie believes that by 2020, coal will take oil's place as the most dominant source of fuel in the world.
Reuters reported that as China makes the switch to cleaner energy, its demand for thermal coal will drop; however, emerging markets in the same region will compensate for the Asian giant's absence.