World Economy

China to Close 1,000 Coal Mines

China to Close 1,000 Coal MinesChina to Close 1,000 Coal Mines

China will aim to close more than 1,000 coal mines over the course of this year, with a total production capacity of 60 million tons, as part of its plans to tackle a price-sapping supply glut in the sector, the country’s energy regulator said, Reuters reported. In a notice posted on its website, the National Energy Administration said the closures would form part of the plan released earlier this month to shut as much as 500 million tons of surplus production capacity within the next three to five years. The notice, citing administration head Nur Bekri, said China would also aim to tackle overcapacity in the thermal power sector this year by controlling new builds.