China to Close 2,000 Small Coal Mines by 2015′s End

On Saturday, Xinhuanet reported that the State Council, China’s cabinet, plans to close 2,000 small coal mines by the end of 2015. The move is reportedly an attempt to improve the country’s “alarming safety record.”

As quoted in the market news:

The closures will target coal mines with annual output of no more than 90,000 tons that fail to meet the safety rules, and mines based on substandard coal resources that are prone to accidents, according to the statement.

The government will also tighten the development threshold by ending approval of construction on coal mines with annual capacity of less than 300,000 tons.

Coal mines with annual capacity of less than 900,000 tons and with substandard coal resources prone to accidents will not be approved.

Click here to read the full Xinhuanet report.