Price of coal surges
In northeastern England, a battle is raging between grass roots campaigners and a company intent on digging a new open cast mine as world coal prices soar. A year after Britain closed its last deep coal mine and pledged to phase out coal-fired power generation, the economics of mining have been transformed.
Coal prices have risen by well over 100 percent this year to $100 a ton. Some mining stocks have risen even more, spurred by U.S. President-elect Donald Trump’s pledges to revive coal, and pull out of the Paris Agreement on climate change. Some wonder how long the coal price surge will last, but in Northumberland, the Banks Group is pressing ahead with plans for a new mine despite opposition from local environmentalists.
Banks could extract 3 million tons of coal
Northumberland County Council agreed that Banks could extract 3 million tons of coal by cutting an open cast …