74 people are now confirmed dead at the Tunlan coal mine in Shanxi province, China, and 114 miners are still hospitalized. 

The explosion occurred after an apparent failure of the ventilation system.

Read the Associated Press story on Google News.

A report released last Friday declares that there will be no solution for global climate change if the United States and China do not cooperate.  At the crux of the problem between the two world leaders is each country's stance on the amount of responsibility that should be taken by developing nations.

The report, which was co-authored by Secretary of Energy Steven Chu, calls for a collaboration between the two countries on developing clean coal technologies and renewable energy sources.

Read about it in the Washington Post.

The Chinese coal industry, which saw its profits drop 50% in the 4th quarter of 2008, continues to face sluggish demand resulting from the current international crisis.  An analyst from Everbright Securities expects that the situation may "level off" in the 2nd half of 2009.

Read the article at ChinaMining.org.

The bad thing about contracts is the same as the good thing: the buyer's price remains constant while the actual price fluctuates. In a reeling coal industry where coal prices have been in a free-fall, even contracts a few months old are locking buyers into what are now considered exorbitant amounts for coal.

One such casualty is a contract initiated only last September between ArcelorMittal and Foundation Coal Holdings that is now the subject of a breach of contract lawsuit.  The original agreement was for a $40 million dollar purchase of over 200,000 tons of coking coal.

Read the article here.