Coal mining VENTURES AFRICA – Better times are here for South Africa, Zimbabwe and Nigeria as global demand for coal in the next five years is estimated to surpass nine billion tonnes. This is according to the the International Energy Agency (IEA) in its just released annual Medium-Term Coal Market Report.
Although South Africa and Zimbabwe are the only two African countries recognised by the IEA as having proven coal reserves, Nigeria is also believed to have abundant coal reserves left unexploited as the coal industry suffered a big blow following oil discovery in the 1950s. However, with falling global oil prices putting Nigeria on the edge and in a haste to diversify its economy, the increased global demand for coal is good news for Nigeria.
South Africa remains one of the top ten coal producers in the world and the first in Africa, responsible for about three percent of the world coal usage. The country also has the world’s ninth largest proven reserves of coal at 30.2 billion tons. It is the seventh largest exporter of the natural resource, selling 260 million tonnes abroad. Between 2003 and 2010, the continent’s second largest economy exported 6.3 percent of […]