Proved reserves of coal are generally taken to be those quantities that geological and engineering information indicates with reasonable certainly can be recovered in the future from known deposits under existing economic and operating conditions.
If we look at supply and demand factors in the decline, we can see that:
a) Coal price has grown significantly in the decade ending 20121:
Figure 2. Prices in US Dollars per tonne.
b) Coal consumption has also grown significantly worldwide2:
Figure 3. Coal consumption by region.
c) The price of substitutes (i.e. Natural Gas) has also grown. Not so in North America though, but if we look at the world trend it is growing3:
Figure 4. Natural gas prices.
Therefore if the rule of supply and demand worked we would see increase in proved reserves for coal, because increase in dem…
It's been a while since the last post
In January 2016 the owner lodged an application to NCAT against owners corporation to fix three major defects:
- waterproofing of large windows in the living room and bedroom which led to windows full replacement
- bathroom drain fix
- planterbox fix
The owners corporation didn't come to mediation and tribunal ordered to fix all defects within 2 months (the deadline was 8th July 2016).
The owners corporation as usual didn't rush to comply with the order regarding two items: bathroom and planterbox. The windows works started end of April 2016.
At the same time owners corporation decided to check whether it's a warranty and original builder should fix the issues. That was also related to the fact that the variation was submitted by the current contractor who started fixing the defect.
So the owners corporation stopped all works in the middle and went off for a month to "make decision". The decision was made at the end of J…