24 January 2018
AsiaNews.it Twitter AsiaNews.it Facebook
Geographic areas




  • > Africa
  • > Central Asia
  • > Europe
  • > Middle East
  • > Nord America
  • > North Asia
  • > South Asia
  • > South East Asia
  • > South West Asia
  • > Sud America
  • > East Asia
  •    - China
  •    - Hong Kong
  •    - Japan
  •    - Macau
  •    - North Korea
  •    - South Korea
  •    - Taiwan


  • » 09/27/2005, 00.00

    CHINA

    Chinese mines to open to foreign investments



    The world's largest coal mining company is interested in Chinese coal. Without radical overhaul of safety measures, thousands of mines will close.

    Beijing (AsiaNews/SCMP) – Foreign investments can help China improve safety in its coal mines and Peabody Energy, the world's largest private coal company, plans to invest in mainland mines and coal firms to establish itself as an importer and exporter in the Chinese market.

    "Our initial goals are to improve our understanding of the Chinese coal and energy markets and foster better relationships with government agencies and potential business partners," Peabody chief financial officer Richard Navarre said on September 20. "Long term, we are looking to invest in assets, probably through joint ventures."

    And the timing is promising since the Chinese government is shutting down many of the country's 28,000 coal mines for failing to respect safety regulations.

    Chinese collieries are the most dangerous in the world and deadly accidents are frequent. This year alone, 60 per cent of all accidents occurred in mines set to close because of inadequate safety measures. For instance, in Guangdong, local authorities announced last week they would close all mines in the province following the Daxing disaster that killed 123 miners last month.

    Many small mines have been kept open because of nationwide brownouts and surging demand for coal-fired energy, which makes up 75 per cent of China's total electricity generation.

    Along with a 10 per cent increase in mainland coal production in the first half of this year, imports continued to rise, especially from Australia.

    Richard Whiting, Peabody head of sales, marketing and trading, said Chinese coal demand should grow 70 to 80 per cent in the next 15 years, while United States demand should increase about 50 per cent.

    "Because of coal's abundance and low cost, global consumption has risen 25 per cent in just the last three years while natural gas and oil have not kept up," Mr Navarre said.

    Most of Peabody's 9.6 billion tonnes of coal reserves are in the US, with some in Australia and Venezuela. But it plans large scale investments in China if it is allowed to take important stakes in reserves and possibly get a larger share in coal mining operations. The company is also looking to invest in Mongolia.

    The experience of Occidental Petroleum in the 1980s is however a cautionary tale for Peabody. In 1985, Occidental bought a 25 per cent stake in China's largest open-cast coal mine at the time. After experiencing massive losses, the company eventually sold its share back to the Chinese government sustaining losses for the same amount.

    But Peabody executives are unfazed and remain optimistic since China is looking for new capital and emission-reduction technology to reduce pollution.  (PB)

    e-mail this to a friend Printable version










    See also

    25/02/2005 CHINA
    The inexorable slaughter of Chinese miners: An overview


    07/11/2005 CHINA
    Mining executives to go down into the mines
    This directive comes at a time when accidents continue unabated. In Hebei province dozens of miners die in cave-ins in three gypsum mines. Other serious accidents occur in Hunan and Hubei provinces.

    21/03/2005 CHINA
    Coal mine explosions kill 60 in Shanxi


    21/07/2005 CHINA
    Death toll from mine blast rises to 26


    15/03/2005 CHINA
    Mine explosion in northern China kills 16




    Editor's choices

    CHINA – VATICAN
    The Vatican asks legitimate bishops to step aside in favour of illegitimate ones

    John Baptist Lin

    Last December, Mgr Peter Zhuang Jianjian of Shantou (Guangdong) was forced to go to Beijing where "a foreign prelate" from the Vatican asked him to leave his see to illicit bishop Joseph Huang Bingzhang. He had received the same request last October. Mgr Joseph Guo Xijin, ordinary bishop of Mindong, is expected to become the auxiliary or coadjutor of illicit Bishop Vincent Zhan Silu. Sinicizing the Chinese Church means supporting the principle of independence and follow the leadership of the Communist Party.


    VATICAN - PERU
    Pope in Peru: Young people, the heart can’t be “photoshopped”, because that’s where real love is found



    At the Angelus in the Plaza de Armas, Pope Francis calls on young people to follow Jesus with all of themselves, without discouragement, in the example of St. Martin of Porres, the half-caste saint. Silent prayer for peace in the Republic of the Congo. To the bishops, the example of St. Turibius of Mogrovejo, an indefatigable evangelizer: "Today we would call him a 'street bishop'". To the contemplative religious the invitation to pray for the unity of the Peruvian Church.


    AsiaNews IS ALSO A MONTHLY!

    AsiaNews monthly magazine (in Italian) is free.
     

    SUBSCRIBE NOW

    News feed

    Canale RSSRSS channel 









     

    IRAN 2016 Banner

    2003 © All rights reserved - AsiaNews C.F. e P.Iva: 00889190153 - GLACOM®