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Reuters: Anglo American will divest from its South African and Colombian thermal coal operations by mid-2023, the miner said on Friday as it sought to demonstrate to investors its commitment to a shift towards clean energy sources. The global miner said a de-merger and listing on the Johannesburg Stock Exchange was the most likely route […]
IEEFA
Reuters: Cerrejon, one of Colombia’s biggest coal producers, said on Friday its export figure for the first half of 2020 was its lowest in 18 years due to a slump in coal demand, legal rulings and the COVID-19 crisis. The mine, located in the poor desert province of La Guajira, is owned equally by BHP […]
Press Release and Tim Buckley
Jumping Ship?
8 August 2020 (IEEFA Australia): Another global investor, the UK’s biggest public pension fund NEST, has withdrawn funds from BHP this week because the company is profiting “from digging coal”. This follows BHP being put on a watch list by the Norwegian Sovereign Wealth Fund as a firm not adopting business strategies aligned with the […]
Simon Nicholas
Appropriate post-coronavirus energy investment will both lower power prices and support jobs
The NSW government’s new strategic statement on coal exploration and mining has been unveiled, just as COVID-19 accelerates the energy transition away from fossil fuels. The statement optimistically maintains that global demand for thermal coal will only drop by one-tenth by 2050. Furthermore, the government is expecting that Australian thermal coal exports will be protected […]
IEEFA
Reuters: The world’s largest mining company BHP Group has hired Macquarie Bank and JP Morgan to sell its Australian thermal coal mine, three sources said, as miners face increasing pressure to reduce their exposure to fossil fuels. BHP’s Mt Arthur open cut mine, in the Hunter Valley region of New South Wales, supplies thermal coal […]
IEEFA
Reuters: Norway’s $1 trillion wealth fund is excluding some of the world’s biggest commodities firms from its portfolio, including Glencore and Anglo American, because of their use and production of coal. Underlining the growing role of climate considerations for long-term investors, the fund is also excluding German utility RWE, South African petrochemicals firm Sasol and […]
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Bloomberg: Anglo American Plc plans to exit its biggest thermal coal business within the next three years by spinning off its South African operations as the miner accelerates its retreat from the dirtiest fuel. Anglo has been increasingly vocal on its plans to stop mining thermal coal in the past year but has so far […]
IEEFA
PV Tech: Atlas Renewable Energy has signed an R$881 million (US$190 million), 15-year solar power purchase agreement (PPA) with the Brazilian arm of mining giant Anglo American. The deal will support the development of a 330MW PV plant in Pirapora Municipality in the southeastern state of Minas Gerais. The 613GWh-per-year deal – which is set […]
IEEFA
Bloomberg: The economic case against European coal is proving too much for even Glencore Plc. The world’s biggest coal shipper cut the value of its Colombian business — which mostly sells to Europe — by almost $1 billion as it adjusts to the struggling market. It also plans to stop mining coal in Colombia in […]
Simon Nicholas
NSW Minerals Council increasingly detached from major miners’ reality
The NSW Minerals Council is increasingly out of step with big miners despite an apparent win after lobbying the NSW Government in the wake of the Bylong coal mine refusal. The Minerals Council campaigned to remove Scope 3 emissions – emissions burnt overseas from exported Australian coal – from planning assessment considerations after the NSW […]
IEEFA Report: BHP coal assets worth a billion less than just two years ago
Jumping Ship?8 August 2020 (IEEFA Australia): Another global investor, the UK’s biggest public pension fund NEST, has withdrawn funds from BHP this week because the company is profiting “from digging coal”. This follows BHP being put on a watch list by the Norwegian Sovereign Wealth Fund as a firm not adopting business strategies aligned with the […]