BHP posts second straight year of record iron ore production, beats estimates
The world's largest listed miner said iron ore output from Western Australia on a 100% basis was 76.8 million tonnes in the three months to June 30.
India’s coal ministry will probably seek looser rules for expanding coal capacity, in a bid to boost local supplies and help guard against high global prices.
The ministry is likely to approach environment officials for a “certain relaxation in norms so that overall coal production can be further increased,” it said in a statement. Domestic demand has risen considerably amid a steep rally in seaborne prices, it said, citing Coal Minister Pralhad Joshi.
Global prices for the most polluting fuel have surged as buyers seek alternatives to costly natural gas and shun Russian shipments, at a time when the market was already tight due to disruptions in other exporting nations. That has sparked a scramble for supplies in India, with users agreeing to pay more than 300% premiums over baseline prices to secure supplies.
India isn’t alone in potentially seeking to tap more coal supplies. For example, some countries in Europe are looking to buy more of the fuel or prolong the use of the fuel to diversify away from Russian energy. That risks a short-term setback for the region’s green push.
With summer on the way, state miner Coal India Ltd. will be keen to avoid a repeat of last year’s supply squeeze that left several power plants with low inventories of the fuel and caused blackouts. While power stations’ reserves have rebounded from October lows, Coal India continues to prioritize supplies for electricity generation.
Still, other major users — such as energy-intensive aluminum smelters — have complained of shortages. Power plants feeding the country’s aluminum smelters are left with an average of three to four days of stockpiles of the fuel, compared with a norm of 15 days, according to industry group Aluminium Association of India.
(By Rajesh Kumar Singh)
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