Australian coal has strong future says Pitt

Coal will remain a significant contributor to the Australian economy well beyond 2030 as global demand continues to grow, says Federal Resources Minister Keith Pitt. It comes after a United Nations envoy called on the country to phase out the fossil fuel, at the same time as the prices for export thermal coal and coking coal soar. Mr Pitt said the latest export figures showed the reports of coal’s impending death were greatly exaggerated and its future was assured well beyond 2030. Federal Resources Minister Keith Pitt. “The future of this crucial industry will be decided by the Australian Government, not a foreign body that wants to shut it down costing thousands of jobs and billions of export dollars for our economy,” he said. “In the three months to July this year, coal exports soared to $12.5 billion, which is a 26 per cent increase on the previous quarter. “While coal remains Australia’s second largest export, Australia accounts for six per cent of the world’s total annual production behind China (50 per cent), India (10 per cent ) and Indonesia (7 per cent). "Coal prices are extremely strong which reflects the strong global demand for our high quality thermal and metallurgical coal." The U.N. has called for phasing out coal by 2030 in Organisation for Economic Co-operation and Development countries, which include Australia. But Mr Pitt said the International Energy Agency had forecast coal consumption throughout Asia to grow over the next decade to meet the energy demands of countries like China, India and South Korea. "Australia has an important role to play in meeting that demand. Coal will continue to generate billions of dollars in royalties and taxes for state and federal governments, and directly employ over 50,000 Australians," Mr Pitt said. “It’s encouraging to see that Bravus, formerly Adani, will soon begin exporting thermal coal from its huge Carmichael Mine in Queensland’s Galilee Basin after striking the main coal seam earlier this year. “This project alone is directly employing over 2000 people in regional Queensland and around $2 billion local investment is supporting many more. “Just last week, we saw the final environmental approval for Wollongong Coal’s Russell Vale Colliery metallurgical coal expansion that will create another 200 local jobs and generate tens of millions for the economy.” Bravus is on track to export first coal from the Carmichael project this year.

Australian coal has strong future says Pitt

Industry Queensland

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