Coal producers continue to mine new funding seams – The National

Coal producers continue to mine new funding seams – The National

Although HSBC and other global banks have withdrawn from the industry, several Chinese and Japanese lenders continue to offer support. The Australian miner on a conference call last month announced the refinancing and extension of a A$1 billion (Dh2.4bn) credit line, backed mostly by Chinese and Japanese lenders.. Asian banks and export credit agencies, private equity firms and the cashflow from coal sales are all keeping the mines operating with ample funding even as pressure mounts to put the industry out of business.. The Export-Import Bank of China and the Japan Bank for International Cooperation lead lenders that have committed $29bn (Dh106.5bn) for new coal power projects in Vietnam and Indonesia alone.. Asian powerhouses China and Japan remain heavily reliant on coal-fired generation for their energy needs.. China saw an increase last year of 2 per cent, resulting in a share of more than half the world's coal-fired generation for the first time.. More broadly, Asian banks dominate global funding for coal mines and plants, particularly in countries like Vietnam and Indonesia, which have some of the world's most aggressive plans to ramp up coal power production over the next decade.. Japan's biggest banks in particular are facing increasing pressure