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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Dennis Roth who wrote (180695)	9/23/2013 7:27:47 AM
From: tom pope	Respond to of 206323

WSJ on same subject The Chinese government would like to clear the air. Too much of the country’s economic bloom has been based on the one of the planet’s dirtiest habits, it says, and the burning of thermal coal needs to be cut. More voices are being raised in protest at the air pollution that blights China’s cities, writes The Wall Street Journal’s Rhiannon Hoyle. At the same time, the country’s premier has set a modest target for economic growth of 7.5%—the slowest rate since 1990. Less production from China’s factories in the coming years means less need to burn the black stuff. There is already too much coal on the market, so China’s decision to cut down its “energy intensity” will hurt miners. Australia has said it will scale back production. Australian thermal coal destined for Asia is near its lowest price since 2009, with Goldman Sachs suggesting a target of $83 a ton for 2014. And not only does China plan to buy less, it also wants to shop locally. China has trillions of tons of coal reserves that it could exploit. In the U.S., coal also received a blow Friday when the Environmental Protection Agency announced new rules that will make it very hard to build new coal-burning power stations. The coal barons can’t solely blame the EPA for the bind they find themselves in, however—cheap shale gas was already constricting their ability to make a profit.