Vladimír Urbánek (Kurzy.cz)
Commodities  |  December 09, 2010 10:19:16

The Commission recommends the continuation of coal mining subsidies until 2018, the price of coal to hold this year's highs near

The European Commission today succumbed to political pressure and withdrew from his original proposal for faster stopping the flow of funds to nonprofit coal miners in the states of the European Union. Today the European Commission recommendations to national governments allows for the continuation of these subsidies to 31 December 2018, and resonates with the non-binding decision of the European Parliament at the end of November. The price of coal in Europe since the beginning of the week holds at the highest levels this year due to a sharp onset of winter storms in Australia and limiting the supply of this large producer of coal.

Total coal production in the European Union is only 2.5 percent of world production, which European (mainly energy) companies makes more than half of consumption of imports.Among the largest coal producers in the EU include those from Poland (50% to cater to mining in the EU), Germany, Great Britain, Republic and Spain. The biggest beneficiaries of state assistance to the loss of this strategic raw material miners are Spaniards and Germans (90% to receive this assistance), since their coal (northwest of Spain or the Ruhr area) is the least competitive in the EU. Not surprisingly, German government spokesman Steffen Seibert today welcomed the Commission's recommendation as a "great success".

Full article can be found on the server Patria Online, specifically HERE

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