The Sydney Morning Herald reported that Australian coal prices will benefit from a unclear production future from emerging markets like Mozambique and Mongolia.
As quoted in the market report:
Rio Tinto’s shock $US3 billion write-down of its Mozambique coal assets 10 days ago has dimmed expectations of a fast ramp-up of its mines there. Rio bought the assets from Riversdale Mining in late 2011 and paid $US4.2 billion after a bidding war. Rio has reportedly given assurances to the government of Mozambique that it will not sell out of the country, but its plans are up in the air.
Love It Or Hate It: 40% Of Electricity In The United States Is Generated From Coal. China uses even more.
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