China’s top coal firms lean into power as mining profits slip
Mining costs are rising because of aging deposits that demand deeper bores and increased maintenance to avoid accidents.
Australia’s Port Kembla Coal Terminal declared a force majeure after destructive floods disrupted loading, curbing supply to a global market already grappling with a shortage of cargoes.
The export terminal, located 72 km south of Sydney, ceased operations Tuesday after excessive rainfall caused significant slumping along the stockyard, according to a document seen by Bloomberg.
The force majeure sent to customers is still in effect, according to people with knowledge of the matter. Officials at the terminal didn’t immediately respond for comment.
The disruptions will further tighten the global coal market as importers scramble to replace shipments from Russia after its invasion of Ukraine. Asia’s benchmark Newcastle coal price surged to a record this week on increased demand from Japan to Europe.
The Kembla port services coal producers including Glencore and Peabody Energy. The terminal exports around 14-million tons of coal annually mostly to Asian buyers, according to report by DELMIA Quintiq.
(By Isis Almeida, Georgina Mckay and Stephen Stapczynski)
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