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Peabody CEO says 'policies such as the carbon tax and renewable energy target had hurt the sector and called for whoever (sic) won the federal election to repeal the carbon tax and streamline the project permitting system'.
It's wrong to suggest the only problem is the lower price of coal.
well if this was the case, coal mines in China, Mongolia or Brazil would be booming.They are not...
The ghost town in inner mongolia was built during the coal rush up to 3 years ago and then coal crashed.
Nothing to do with carbon tax or anything specifically australian, coal is out of demand, US is becoming a major exporter as they have huge new gas production ramping up for domestic consumption
and the world economy is not that healthy.
While Australia is a major exporter of coal, its actual production is not that big on the world scene: most countries are producing their own (us/china/india) especially for thermal coal which will probably slow down drastically in the next decades.