Bang on.
The knock-on effects of this are surprisingly nasty, though. Whole swaths of country identify as mining country. Taking that away from them with economics is an assault on their culture, and the people concerned react like any culture that senses its core is under attack.
You can treat them as something obsolete, a dying beast we can circle like vultures. Or you can find a way to get them off of coal that doesn't involve invalidating how they think of themselves.