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China's coal cuts pegged at 800 million tonnes as Jiangxi plans to close 283 mines


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China's coal cuts pegged at 800 million tonnes as Jiangxi plans to close 283 mines

China'sJiangxi province is seeking to close 205 coal mines with a combined annualcapacity of 12.8 million tonnes this year as part of the local government'sfive-year plan to close 283 coal mines of 18.7 million tonnes annual capacity,Chinese newspaper Nanchang Dailyreported July 12.

Theannouncement was made after the central government said in February that it islaunching a nationwide program to slash annual coal capacity by about 10%, or 500 milliontonnes, over the next five years.

WithJiangxi toeing theline, 25 provinces have officially announced their respectivecapacity reduction plans, which together will reduce China's annual productioncapacity of coal by 800 million tonnes over the next three to five years,according to a research note from China Securities.

China'sdetermination to resolve coal overcapacity has resulted in a 10.2% year-on-yeardecline in the country's total coal output in the first five months. Thecombined production dropped to 1.34 billion tonnes, according to the report.

According to Chinese customs data, China upped coal imports8.2% year over year to 108 million tonnes in the first half, Bloomberg Newsreported July 13. Imports in June totaled 21.75 million tonnes, the most sinceDecember 2014.