China, Korea to Purchase Coal from Adani Group

The Economic Times reported that China and South Korea are keen to buy coal from Adani Group’s Carmichael coal mine in the Galilee Basin in Queensland, Australia.

As quoted in the market news:

Korean steel giant Posco and energy and electronics major LG have signed letters of intent (LoI) to buy five million and four million tonnes of coal, respectively, from the project, the executive said. Chinese energy companies have signed LoIs to pick another about four million tonnes of the dry fuel.

This comes at a time when global coal prices have nosedived to six-year lows on the back of a supply glut and as big consumers like China and the US are proposing to reduce their dependence on coal to minimise carbon footprint and protect the environment.

Click here for the full Economic Times report