Australia Coal Downturn May Last Longer Than Government Acknowledges

first_imgAustralia Coal Downturn May Last Longer Than Government Acknowledges FacebookTwitterLinkedInEmailPrint分享Australia Associated Press:The downturn in the coal industry will last longer than expected and prices won’t improve until at least 2020, an economics professor has warned.The dire prediction comes as the Queensland Resources Council lobbies the Queensland premier, Annastacia Palaszczuk, for emergency relief measures to help prop up the state’s ailing coalmines and save thousands of jobs.An economics professor at Central Queensland University, John Rolfe, said the downturn in coal prices was expected to last another four years, which was much longer than previously thought.“Nobody predicted that the slowdown in mineral energy prices would be as swift or as long reaching,” he told ABC Radio on Tuesday. “So these sorts of costs weren’t seen as an issue even two years ago.”However, Rolfe doesn’t agree with reducing royalties to the state government, which is among the measures the QRC is pushing for after a report painted a bleak picture of the coal industry.The report, by mining sector analysts Wood Mackenzie, found a third of Queensland coalmines are running at a loss and more than half of the mines producing thermal coal for power stations are in the same position.Cockatoo Coal’s Baralaba mine has become the latest Queensland coalmine to halt production.The mine, which went into administration last year, has been put into care and maintenance mode to protect the value of assets while a possible sale structure is examined, the ABC reports.The chief executive of the QRC, Michael Roche, has warned 21,000 jobs have been lost in the sector and more of the remaining 60,000 will be on the chopping block unless the state government offers relief.Coal price won’t improve for years and mining downturn will last: professorlast_img read more

Pepsi Academy Turns 25, Laloko Counts Blessings

first_imgPepsi Football Academy (PFA) is 25 years old wednesday after it was founded on November 22 1992.The renowned academy, which started operating at the old Agege stadium at inception, has produced many players for clubs and different cadres of the national teams. Among the players are former Chelsea midfielder and current Super Eagles’ captain John Mikel Obi who plies his trade in the Chinese Super League. Others are Elderson Echiejile, Osaze Odemwingie and Stephen Makinwa.It has also registered well in competitions across the West African sub-region as well as Asian countries.Director of the academy, Chief Kasimawo Laloko, said the institution had come of age and looked forward to brighter years.“I have since become a slave to this project that elevated me and gave me honours,” Laloko stated yesterday in a letter he wrote to the former Marketing Manager of Seven Up Bottling Company, Mr. Iain Nelson, stressing that he would commit the rest of his life to the advancement of the academy.Laloko, however, said an elaborate commemorative event would be outlined in the days ahead.“This is a momentous occasion that calls for celebration and we shall spare nothing to let the world know about our past, present as well as our future,” the veteran administrator also said.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more