Earlier this month, the International Energy Agency predicted the effects of the COVID-19 virus would see thermal coal demand decline worldwide by 8%, the biggest drop since the Second World War.
Seaborne thermal coal prices this year have also fallen by about 20%, again due to declining demand as factories and offices stayed closed, meaning a substantial reduction in power demand.
Coal is a fossil fuel consisting mainly of carbon, which has been used as the primary energy source for more than a century. it is widely used across a number of industries.
Contrary to popular belief, Coal is still the world’s fastest-growing energy source. Compared to other energy sources such as gas, oil, nuclear energy, using coal as an energy source is still much more affordable. The global coal industry is feed from the world’s biggest mines, which mainly consist of fossil fuel.
Mining is also a sector that provides significant employment, offers safer mining opportunities with modern technology. There are four main mining methods: underground, open surface (pit), placer, and in-situ mining.