The global coal industry has had a lamentable couple of years.
Prices have plunged, profits have been eroded and business models have been torn up due to the chronic oversupply that followed the end of the great commodities supercycle.
This is especially bad news for Indonesia, the world’s biggest exporter of coal by volume, according to the World Coal Association.
Adaro, one of Indonesia’s largest coal miners, this week provided the latest evidence of this dismal trend when it reported a 40% drop in full-year net profit.
“The industry is facing a head wind. There was over-investment in the strong years,...
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