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Commodities

Price rally spurs Australian coal expansion, risks climate goals

Some miners have been using windfall to pay down debt, draw up growth plans

Australia had 69 major coal projects in the pipeline in 2021, according to the federal Department of Industry, Science and Resources. Around 60% of these were greenfield developments.   © Reuters

SYDNEY -- A global rally in coal prices has been a boon for Australian miners of the commodity, potentially boosting supply from the world's No. 2 exporter of the fuel even as international efforts to cut greenhouse emissions gather pace.

That comes after the COVID-19 pandemic overshadowed crucial supply chains and as many countries shun natural resource powerhouse Russia in the wake of its invasion of Ukraine, instead scrambling for other supplies of everything from coal and gas to wheat and corn.

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