China weighed down by huge coal reserves

CHINA is sitting on more than 200 million tons of coal reserves, a record for the coal producing giant, according to a recent report from the China National Coal Association.
China weighed down by huge coal reserves China weighed down by huge coal reserves China weighed down by huge coal reserves China weighed down by huge coal reserves China weighed down by huge coal reserves

 

Staff Reporter

According to CNCA analysis of the first seven months of 2013, it puts the nation on track to have as much as 440Mt by the end of 2013.

As digital news outlet Quartz pointed out, it is equivalent to around 40% more than the combined weight of the entire human population.

CNCA vice chairman Jiang Zhimin told CRI English Radio that the excess reserves had driven prices down more than 50% compared to the same period last year.

“Twenty-four of the 90 large-sized coal enterprises in our survey are operating in a deficit. This accounts for one-third of the enterprises in the survey,” he said.

“Plus, all the enterprises in the provinces and municipalities of Heilongjiang, Jilin, Yunnan, Chongqing, Anhui and Jiangxi are experiencing losses."

The report also noted that imports were up 14% year on year to a total of 187Mt of coal for the first seven months of the year, while exports declined 22% to 4.9Mt.

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