More coal mines to close
Print Edition
THE government is soliciting opinion prior to introducing a range of new measures to reduce overcapacity in the coal mining industry, according to a report by the Economic Information Daily yesterday.
The moves include a suspension of all new projects, and the closure of outdated production facilities and “zombie” companies, the report said.
Over the next three years, the government plans to close 4,300 coal mines, eliminate 700 million tons of outdated production and relocate 1 million workers, it said, adding that a budget of 30 billion yuan (US$4.6 billion) has been allocated to finance the measures.
Domestic demand for coal likely fell by about 4 percent year on year in 2015, following a 2.9 percent drop in 2014. The decline was in line with the nation’s slower economic growth, industry restructuring and environmental protection policies, according to the China National Coal Association.
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