Seems like part of the recent “environmental hurricane.” Also smacks of macro-economic control. But stay tuned to see whether it works. From Xinhua, via China Daily (photo: Premier Wen Jiabao inspecting a Liaoning coal mine workers, via ChinaMining.com.cn):
The Chinese government has halted handling new applications for coal prospecting rights to prevent investment in coal mining from overheating, according to the Ministry of Land and Resources.
The suspension lasts from February 2 this year to the end of 2008, when applications for selling prospecting rights through competitive channels like bidding will neither be handled.
Sources with the ministry said the move aims to prevent an oversupply of coal in the country and keep coal production stable.
China’s crude coal output reached 2.325 billion tons in 2006, up 8.1 percent year on year, according to the State Administration of Coal Mine Safety. [Full Text]
