Miners have won record prices for the annual thermal coal contracts with utilities, amid strong demand in Asia and supply disruptions in Australia earlier this year.
Xstrata and Chugoku Electric of Japan closed a deal on Friday for the fiscal year starting April 1 with the London-listed miner supplying thermal coal, used to fire power stations, at $130 a tonne, up 32.6 per cent from $98 a tonne of 2010-11.
The deal, which creates a benchmark for energy-hungry Asia, is above the previous peak set in 2008-09 at $125 a tonne. Melinda Moore, commodities analyst at Credit Suisse, said the settlement was somewhat above market expectations.
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