India Eyeing British Columbia’s Coal Reserves

The Vancouver Sun reported that India is interested in buying a larger stake in British Columbia’s metallurgical coal reserves; it would direct the coal toward its expanding steel industry.

As quoted in the market news:

The Indian government forecasts that by 2017 the country will need twice as much metallurgical coal. The additional 47 million tonnes of metallurgical coal India forecasts it’ll need every year is more than B.C.’s entire annual production of 24 million tonnes.

However, British Columbia sits on vast coal reserves of an estimated 13 billion tonnes with several proposed metallurgical coal mines in the environmental assessment process.

Click here to read the full report from The Vancouver Sun.