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    Nigeria’s capital market is set to adopt a T+1 settlement cycle from May 29

    Nigeria’s capital market is set to adopt a T+1 settlement cycle from May 29

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    Nigeria’s capital market is set to adopt a T+1 settlement cycle from May 29

    Nigeria’s capital market is set to adopt a T+1 settlement cycle from May 29

    Deep Capital Approves Capital Increase, Restructuring Plnn

    Deep Capital Approves Capital Increase, Restructuring Plnn

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    President Tinubu Nominates Lamido Abubakar Yuguda as CBN Deputy Governor

    President Tinubu Nominates Lamido Abubakar Yuguda as CBN Deputy Governor

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    Senate confirms Taiwo Oyedele as Minister of State for Finance

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    Nigeria’s capital market is set to adopt a T+1 settlement cycle from May 29

    Nigeria’s capital market is set to adopt a T+1 settlement cycle from May 29

    Deep Capital Approves Capital Increase, Restructuring Plnn

    Deep Capital Approves Capital Increase, Restructuring Plnn

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    President Tinubu Nominates Lamido Abubakar Yuguda as CBN Deputy Governor

    President Tinubu Nominates Lamido Abubakar Yuguda as CBN Deputy Governor

    Iran Warns of $200 Oil as IEA Plans to release 400m Barrel Reserves

    Iran Warns of $200 Oil as IEA Plans to release 400m Barrel Reserves

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    NMDPRA Suspends Petrol Import Licences says Local Production Meets Demand

    Tinubu Nominates Taiwo Oyedele as Minister of State for Finance replacing Doris Anite

    Senate confirms Taiwo Oyedele as Minister of State for Finance

    Dangote Refinery Slashes Petrol to ₦1,075/Litre, Diesel to ₦1,430/Litre

    Dangote Refinery Slashes Petrol to ₦1,075/Litre, Diesel to ₦1,430/Litre

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The United Kingdom to approve first new coal mine in 30 years

Sunday, 24 April 2022, 9:29 am
in Business, Commodities, Economy, Industry, Markets, News, Policies, World
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The United Kingdom to approve first new coal mine in 30 years
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The United Kingdom’s first deep coal mine in 30 years is on the verge of being greenlighted to go into operation. The coal mine, which won planning approval from Cumbria council in 2020 has been stalled since then due to environmental concerns.

The Telegraph reports that Michael Gove, the UK’s housing and regional development minister, is on the cusp of approving the coal mine as the cabinet rallies behind proposals to wean the country of Russian imports.

The Boris Johnson led UK government is weighing the  feasibility of opening the new coal mine to reduce dependence on Russian energy, according to a report by the Daily Telegraph on Saturday, citing sources in the Conservative Party.

  • Also read;
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  • US Treasury Secretary warns about a complete European ban on Russian gas

Reports say that Michael Gove is inclined to approve the construction of a new coal mine in the city of Whitehaven, Cumbria in the northwest of England. The project was originally presented several years back and greenlighted in October 2020, but six months later, the UK Cabinet of Ministers stalled certification and launched a new review of the project amid protests by environmentalists.

Against the backdrop of the situation in Ukraine and the sweeping restrictions placed on Moscow, which include scrapping Russian coal imports by the end of the year, the UK authorities could end up approving the project despite previous objections, The Telegraph writes. Gove is expected to reach a decision on the new mine by July 7, but sources say this could happen as early as mid-May. According to the Cabinet, the mine will provide coal for key steel mills.

If approved, the Whitehaven project will be the first new coal mine in Britain in three decades.

The project will focus on extracting metallurgical coal (met coal), which is used in the production of steel. Until recently, 40% of the UK’s met coal needs were covered by Russia.

However, contracts were scrapped amid the sanctions that followed the launch of Russia’s military operation in neighboring Ukraine.

Nnamdi Maduakor
Nnamdi Maduakor

Nnamdi Maduakor is a Writer, Investor and Entrepreneur

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