Coal

Australian coal producers secure $100 million supply deal with the Philippines

July 16, 2003 — Coal producers in Australia have completed a $100 million agreement to supply coal to the Philippines, according to the Herald-Sun Australian newspaper.

The announcement was made July 13 by Filipino President Gloria Arroyo and could represent a new export market for Australia.

Under the deal, the Philippines-owned National Power Corp. agreed to use Australian coal for about 25 percent, or nearly 1 million tonnes, of its coal needs for the next two years.

Australian coal producers will soon go through a competitive bidding process to determine the supplier of the coal to the Philippines.