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Australian Mining reported that Russia plans to start building a new coal export terminal to send more of the fuel to Asia Pacific nations. That’s bad news for Australia, which is suffering as increasing coal supply from its competitors enters the market.
Australian Mining reported that Russia plans to start building a new coal export terminal to send more of the fuel to Asia Pacific nations. That’s bad news for Australia, which is suffering as increasing coal supply from its competitors enters the market.
As quoted in the market news:
The facility will be called the Sever (north) terminal, and will be built at Cape Petrovsky, near the existing port of Vostochny in Nakhodka, with construction slated to start in the spring of this year.
Focused solely on the Asia-Pacific region, it will move around 18.115 million tonnes of coal annually, with initial ramp up allowing it to move around 6 million tonnes within three years.
This new coal terminal is the second planned for the region, with construction already underway of a coal port at Sukhodol Bay, which will also ship 18 million tonnes annually to the Asia-Pacific region.