coal mine Australia

Iron ore touched $87.50 in September 2012, but quickly recovered to end that year above $150. The commodity traded below today's level for shorter than three weeks and apart from that quick gap down hasn't traded below $100 at all since 2009. The fall in the price of iron ore came despite trade data showing a 12.7% rise in Chinese imports in April.China, responsible for two-thirds of the 1.2 billion tonne seaborne trade, imported 83.39 million tonnes of iron ore in April, the second highest monthly figure. The primary reason for the disconnect is that stockpiles at the country's ports are rising even more rapidly than imports indicating still weak end demand.Inventories have surged 25% so far this year and now sit at just under 110 million tonnes. Another factor pushing the price lower is Beijing's crackdown on the country's vast shadow banking system. Designed to eventually produce 60 million tonnes of thermal coal a year, the mine has been the focus of opposition by green groups fighting new coal mines and the rail and ports needed to ship the coal.Although subject to the Federal Government final approval, the coal mine —potentially Australia’s largest— is expected to generate billions of dollars in revenue to a state that is struggling to cut its US$75 billion debt pile. Although subject to the Federal Government final approval, the coal mine —potentially Australia’s largest— is expected to generate billions of dollars in revenue to a state that is struggling to cut its US$75 billion debt pile.