International Longwall News understands the results of the meetings and what is in store for the nation’s $60 billion coal industry will be apparent from Monday, with media releases scheduled for that day, while there is a ban on contact with the media on the matter taking place in the meantime.

According to a report in the Australian newspaper, federal cabinet has largely finalised the ETS which will be introduced in 2010, with the government expected to aim for 5-15% reductions from 2000 emission levels.

Reportedly there are options on the table that could allow coal mines to gain permits to cover 30% of their emissions, but the government has also considered an alternative of putting up money for a new abatement fund which could help mines measure and reduce emissions.

The board of the Australian Coal Association was at the Brisbane discussions yesterday, which includes representation from big coal players such as BHP Billiton, Rio Tinto, Xstrata and Anglo Coal.