Canberra is trying to verify Chinese media reports that Beijing has directed power plants not to import Australian coal, adding the action could be in breach of international trade commitments.
Putting on my geologist hat to add that coal has been dying for decades, even people in the industry know it. I worked auditing coal mines for a while and the only people who really believed the industry could recover were the old crop who were so stuck in their ways that it drove all of the young geologist talent with new ideas away. Any corporation devastated by the inevitable shift away from coal is just another page in the encyclopedia of capitalist inefficiency. They’ve had decades to diversify their mining operations into other more stable sources and they could have continued to rake in cash if capitalism actually functioned in the slightest of meritocratic ways.
Of course, 95% of these companies didn’t do so and then act shocked when they have to read the writing on the wall (writing which has been there since the 80s)
Putting on my geologist hat to add that coal has been dying for decades, even people in the industry know it. I worked auditing coal mines for a while and the only people who really believed the industry could recover were the old crop who were so stuck in their ways that it drove all of the young geologist talent with new ideas away. Any corporation devastated by the inevitable shift away from coal is just another page in the encyclopedia of capitalist inefficiency. They’ve had decades to diversify their mining operations into other more stable sources and they could have continued to rake in cash if capitalism actually functioned in the slightest of meritocratic ways.
Of course, 95% of these companies didn’t do so and then act shocked when they have to read the writing on the wall (writing which has been there since the 80s)