https://www.miningweekly.com
Coal|Construction|Energy|Mining|Power|Road|SECURITY
Coal|Construction|Energy|Mining|Power|Road|SECURITY
coal|construction|energy|mining|power|road|security

Pakistan coal miners face expansion issue as China stops funding

23rd May 2024

By: Bloomberg

  

Font size: - +

Chinese and other major lenders are increasingly reluctant to invest in Pakistan’s expansion of coal mines, according to the head of a local producer.

“The real challenge for us is financing,” Amir Iqbal, CEO of Sindh Engro Coal Mining Co., said in an interview in Islamabad, mentioning China among the backers that have withdrawn their support.

Under the China-Pakistan Economic Corridor, inaugurated a decade ago as part of President Xi Jinping’s Belt & Road initiative, Beijing has been the main supporter of the country’s coal development, fueling 6.6 GW of power capacity in the South Asian nation.

In 2021, Xi pledged to halt all coal construction and financing abroad, but two years later BNEF researchers found that China-based banks remained among the major supporters of the dirtiest fossil fuel.

Prime Minister Shehbaz Sharif is under pressure to build more coal mines to increase energy security and curb inflation. Currently, more than 60% of Pakistan’s total electricity is generated through imported fuel, according to the National Electric Power Regulatory Authority’s latest report.

Government intervention is necessary to protect the mining and power sector from mounting debt, Iqbal said.

Edited by Bloomberg

Comments

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
Rio-Carb
Rio-Carb

Our Easy Access Chute concept was developed to reduce the risks related to liner maintenance. Currently, replacing wear liners require that...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.193 0.227s - 107pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: