TheJakartaPost
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Despite a global shift toward more environmentally friendly energy sources, Indonesia’s coal consumption has increased significantly over recent years, partly triggered by a sharp drop in coal consumption in key coal markets, a British oil giant report has revealed.
For coal-exporting countries such as Indonesia and Australia the past few years have been little more than an endless stream of bad news. Coal prices have hit record lows, exports have plummeted and financially leveraged mining giants have watched their balance sheets slide precipitously from black to red.No surprise then that for coal producers the sudden uplift in global coal prices in June and July felt like awakening from a nightmare. But it is a false dawn. And ignoring reality, however unpalatable, will only result in longer-term economic pain.
