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Global coal roundup: Japanese bank MUFG to ease financing for coal power

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Global coal roundup: Japanese bank MUFG to ease financing for coal power

Asia

China: China's National Coal Mine Safety Administration announced a coal production limit of 8 million tonnes per year for each mine considered to be at risk from "bumps," Reuters reported May 16.

To improve mine safety, these mines can no longer expand their capacity. Coal companies will also limit the number of workers entering the mines as per the safety watchdog's order.

Japan: Japan-based Mitsubishi UFJ Financial Group Inc. said May 15 in its revised environmental and social policy framework that it will limit financing for new coal-fired power generation projects after July 1, Reuters reported, but left the door open to funding projects in countries that need coal to meet domestic power demand.

The bank said the revised policy would slowly minimize its remaining coal-powered project exposure.

Australia

The Queensland government approved Pembroke Resources Pty. Ltd.'s plans to develop its Olive Downs coking coal mine in the Australian state.

The company said May 14 that it expects to begin producing coal as early as next year, creating up to 500 jobs during the construction phase and up to 1,000 new jobs once the project reaches nameplate capacity.

North America

Cline Group LLC's Kameron Collieries ULC resumed full production at its Donkin coal mine in Nova Scotia after a roof collapse in December 2018, Mining Technology reported May 15.

Following the resumption, the mine is expected to produce up to 2 million tonnes of coal in 2019, a decrease from the 3.6 million-tonne-per-year estimate during the completion of Donkin's sale stake from Glencore PLC in 2014.