Obama vows to overhaul coal mining on public lands to 'invest in the future'

Pledge comes amid collapse in coal price but president says management of oil and coal should 'better reflect the costs they impose' on taxpayers and planet

Barack Obama promised an overhaul of coal mining on public lands on Tuesday, delivering a major blow to the ailing industry.

In his final State of the Union address, the US president said he would push for changes to the leasing of public lands for oil, coal, and gas leases at cut-rate prices, saying: "Rather than subsidize the past, we should invest in the future."