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XSTRATA CHIEF SAYS THERMAL COAL OUTPUT FROM ASIA TOO HIGH.
AsiaPulse News, June, 2003
BRISBANE, June 24 Asia Pulse - Too much thermal coal is coming out of Australia, China and Indonesia and something will have to give, according to Xstrata plc chief executive Mick Davis.
Mr Davis - formerly Billiton's thermal coal chairman before its merger with Australia's BHP - does not believe the Asian thermal coal price will recover much this year.
Local thermal coal miners settled contracts at .75/tonne free on board for the 2003 Japanese fiscal year but the spot price recently sunk to $US23/tonne.
Mr Davis said the price had been depressed because of the amount of coal produced in Australia, China and Indonesia.
"Some of that can be corrected through more discipline by the Australian producers but I don't see a scenario this year...
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