So thermal coal !! yes thermal Coal _ there are more and more companies shifting their coal priorities to mining thermal coal rather than coking coal ??
so you might say ..yeh but why ? Macarthur coal , white haven coal , Gloucester coal all are coal mining companies.
why thermal coal ?
Thermal coal is principally used for power generation, with approximately 39% of the world's electricity generated through the use of thermal coal.
Thermal coal is produced at the macarthur’s Moorvale Mine. They have stepped up the production of thier thermal coal mining. China and india are countries that are rapidly growing due to thier economic and industrial expansion. And who does not need electricity.The coal is exported to Asia and Europe for use in coal fired power stations. Thermal coal has also been confirmed at Macarthur Coal's West Rolleston and Monto prospects.
Gloucester says a sudden drop in coking coal demanded has resulted in a “flow-on” effect for thermal markets as producers sell into thermal markets.
Rio Tinto Coal Australia's thermal coal product is sourced from Blair Athol Mine, located 25 km north west of Clermont, in Queensland's Bowen Basin.
IN other news Anz has been lying low due to its writedowns and definetly we need to be keeping an eye on the banking sector stocks . Never know when the other 3 will start writing down more bad debts and how many more bad debts are lurking below all those digits in those books?
Rio Tinto Group (RIO AU) gained 5 percent to A$64.43, the highest since Nov. 19. Rio also rose after Bemis Co. said it was in talks to buy part of the packaging business owned by the world’s third-largest mining company.