Australia will mine coal for China BUT WILL NOT use it. The Australian Federal government is going net zero by 2050 so coal is bad for us but good for the budget.
ByDuggan Flanakin ~
Politics makes strange bedfellows and even stranger divorces. Take the Chinese boycott of Australian coal, which began about a year ago. China is upset over Australia’s assertions that China was at fault for the COVID-19 pandemic and egregious human rights violations. [China in response accused the U.S., Australia, and NATO of human rights violations in Afghanistan.]
A year later, Australia is getting record high prices for its coal, while China is suffering through shortages of its primary fuel for electric power generation. The Sydney Morning Herald reports that the market price for Australian metallurgical coal has risen from about $US100 per metric ton to $US220 per ton, while Chinese steel mills, barred from buying Australian coal, are paying up to $US440 per ton for lower grade metallurgical coal from other nations.
Business columnist Stephen Bartholomeusz explains that Australian coal producers found new buyers in Japan…
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