Revving up Greenland’s mineral production will take time

The deal values the Indonesia-focused coal miner at more than $200 million.

The proposed sum is on top of the $75 million the firm agreed to pay to Michigan last month.

U.S., Canada, Germany, France, the UK, Japan, and Italy agreed to cut greenhouse gases by phasing out the use of fossil fuels by the end of the century.

The company said the mine will either be put on "care and maintenance" for a possible restart or closed.

The news comes after Indonesia’s last week decision to drop allegations that the miner had defrauded the state when buying the East Kalimantan coal project.

The country's radical Association of Mineworkers and Construction Union (Amcu) said it would begin a wildcat strike in the sector if its rival union and companies extend wage deal to its members.

10 ways economists get it wrong when they bash gold bugs and the gold standard. (No 3: Maintaining the gold standard costs more than the fiat money system)

The deal also includes a $5 million contingent payment and a 1% royalty on a recent discovery north of Waihi’s current operations.

At its centre will be a shift of emphasis away from trade with the advanced nations, whose prospects are bound to subside towards their level of economic growth.