Oz: big China coal deal
The Rudd government may be trying to limit CO2 emissions at home with it’s economy-destroying ETS, but Australian coal is about to greatly increase emissions abroad:
“An Australian firm has signed a $60bn (AUS$69bn; £38bn) deal to supply coal to Chinese power stations.
Clive Palmer, chairman of the company, Resourcehouse, said it was Australia’s “biggest ever export contract”.
Under the deal, the firm will build a new mining complex to give China Power International Development (CPI) 30m tonnes of coal a year for 20 years. …
The complex in the Galilee basin, to be called China First, is expected to start coal production in 2013 and will churn out some 40 million tonnes a year.
Queensland state premier Anna Bligh anticipates the project will create tens of thousands of jobs and produce multi-million dollar royalty payments for the state government.” “Australia signs huge China coal deal“