BHP Billiton
(ASX:BHP) is part of a group of global mining giants that has begun shipping coal to China from Colombia for the first time this year because of high prices in Asia.
BHP, Anglo America and Xstrata own Colombia’s Cerrejon, the world’s largest open-pit mine of coal for export.
Cerrejon CEO Leon Teicher says the mine started sending coal shipments through the Panama Canal to China after prices surged higher than those in Europe.
Mr Teicher says Cerrejon might also make its first sales to India this year.
China’s booming economy is stoking demand for coal to fuel power plants and steel mills.
With prices 45% higher than in Europe, it is becoming increasingly worthwhile to transport the fuel to ports twice as far as European harbours.
China’s coal imports tripled last year to 126.6 million tonnes.
BHP Billiton reported a profit of $7.243 billion for fiscal 2009.
