Friday, July 15, 2011
While Julia Fiddles China Burns ( More Coal that is)
China and Peabody are combining to develop a huge coal mine that will produce 50 million tons of coal per year with with China's increases in emissions completely dwarfing any effect of Gillard's nonsensical carbon tax which probably won't reduce emissions anyway!
U.S.-based Peabody Energy Corp. said Thursday it will pursue a giant coal-mine project in China's western Xinjiang region in partnership with the local provincial government, one of the most demonstrative signs of rising foreign interest in the resource-rich but restive area.
Plans call for a surface mine that will produce some 50 million metric tons of coal annually to feed China's energy needs, St. Louis-based Peabody said Thursday in a joint statement with its partner, the government of the Xinjiang Uyghur Autonomous Region. On hand for a ceremony to market their "framework agreement" were Peabody Chairman and Chief Executive Officer