China to Shut Down 1,000 + Coal Mines
China has announced today that it will shut down 1,254 coal mines in 2015.
According to a statement by the Chinese government, the move is part of the country's efforts to transition to renewable energy sources.
"The golden age of Chinese coal industry will never come back," Lin Boqiang director of the China Center for Energy Economics Research at Xiamen University, told E&E News.
This comes as yet another blow for US coal producers looking to expand to Asian markets as domestic coal demand continues to slow.
Earlier this year, China's largest coal company Shenhua Energy announced they were projecting a 10 per cent reducton in domestic coal sales in 2015. This follows on a reported 2 per cent drop in total coal sales in China in 2014.
"Shenhua in the first two months of 2015 has cut its imports of coal to zero, so they were down 100 per cent year-on-year in the first two months of this year," said Tim Buckley, an energy analyst at the The Institute for Energy Economics and Financial Analysis (IEEFA).
Image credit: Han Jun Zeng on Flickr