Monday, 15 Mar 2010
BHP Billiton, Anglo American and Xstrata are shipping coal 10,000 miles to China from their Cerrejon mine in Colombia for the first time this year because of surging demand and rising prices in Asia.
Mr Leon Teicher CEO said that Cerrejon, the world's largest open pit mine of coal for export, started shipping fuel through the Panama Canal and on other routes to China after prices became much better than those in Europe. He added that Cerrejon may also make its first sales to India this year.
China will be a net importer of coal this year even as its own output climbs, Teicher said. The nation's gross domestic product expanded 10.7% last quarter, the fastest since 2007. Last week, central bank Governor Mr Zhou Xiaochuan said policies to stimulate the economy must end sooner or later.
Output at Cerrejon, on the northeastern edge of Colombia, will rise to between 31 million and 32 million tonnes of coal in 2010, after falling last year as demand waned in Europe. BHP, Anglo American and Xstrata each own a third of the mine.
(Sourced from www.bloomberg.net)
BHP Billiton, Anglo American and Xstrata are shipping coal 10,000 miles to China from their Cerrejon mine in Colombia for the first time this year because of surging demand and rising prices in Asia.
Mr Leon Teicher CEO said that Cerrejon, the world's largest open pit mine of coal for export, started shipping fuel through the Panama Canal and on other routes to China after prices became much better than those in Europe. He added that Cerrejon may also make its first sales to India this year.
China will be a net importer of coal this year even as its own output climbs, Teicher said. The nation's gross domestic product expanded 10.7% last quarter, the fastest since 2007. Last week, central bank Governor Mr Zhou Xiaochuan said policies to stimulate the economy must end sooner or later.
Output at Cerrejon, on the northeastern edge of Colombia, will rise to between 31 million and 32 million tonnes of coal in 2010, after falling last year as demand waned in Europe. BHP, Anglo American and Xstrata each own a third of the mine.
(Sourced from www.bloomberg.net)
Review: http://steelguru.com/news/index/MTM2ODQy/BHPB_ships_Colombian_coal_to_China.html
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