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Global Coal Roundup: Indonesia curbing 2020 output; Aegon cutting investments

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Global Coal Roundup: Indonesia curbing 2020 output; Aegon cutting investments

Asia

Indonesia: Indonesia is forcing coal mines to cut production this year in a bid to lift prices and state revenue, Bloomberg reported, citing government officials. The Southeast Asian producer set a 2020 output target of 550 million tonnes, 9.8% lower than the 610 million tonnes targeted in 2019.

* Indonesia cut its thermal coal reference price for January to $65.93 per tonne, decreasing by 0.6% month over month and down 28.7% year on year, S&P Global Platts reported, with a spokesman for the country's Ministry of Energy and Mineral Resources attributing the decline to import restrictions in China affecting demand in thermal coal shipments.

India: India aims to decrease its coal imports, with the country's Coal and Mines Minister Pralhad Joshi outlining plans to replace up to 135 million tonnes of about 235 million tonnes of imports, Platts reported. The official said Coal India Ltd.'s "historic decision" to open the country's coal block to foreign investors will increase coal production and significantly decrease coal imports, according to the report.

Europe

Netherlands: Aegon NV will gradually decrease its coal investments over the next 10 years. The Dutch insurance company already excludes companies generating more than 30% of revenue from exploration, mining and refining of thermal coal.

Germany: Defying outcry from climate activists, Siemens AG will push through with a deal to supply signaling systems to the rail line for a planned coal mine in Queensland, Australia. The company will form a sustainability panel as it continues with the agreement, according to a statement from Siemens President and CEO Joe Kaeser. "There is practically no legally and economically responsible way to unwind the contract without neglecting fiduciary duties," he said.

North America

Canada: Teck Resources Ltd. will increase its metallurgical coal shipments through Ridley Terminals Inc.'s gateway on the West Coast of Canada under a new deal. Starting in 2021, the mining major will increase annual shipments through the facility from 3 million tonnes to 6 million tonnes. The agreement runs to December 2027 and has an option to increase annual capacity to 9 million tonnes.

Australia

A man died after getting trapped in machinery in a coal mine Queensland, Australia, Sky News Australia reported. It was the eighth mining fatality in Queensland in a span of 18 months, according to the report.

S&P Global Platts and S&P Global Market Intelligence are owned by S&P Global Inc.

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