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Bloomberg ($): BHP Group is considering getting out of oil and gas in a multibillion-dollar exit that would accelerate its retreat from fossil fuels, according to people familiar with the matter. The world’s biggest miner is reviewing its petroleum business and considering options including a trade sale, said the people, who asked not to be […]
IEEFA
Wall Street Journal ($): Coal prices have climbed to their highest level in a decade, making the fuel a hot commodity in a year when governments are pledging reductions in carbon emissions. A shortfall of natural gas, rebounding electricity usage and scanty rainfall in China have lifted demand for thermal coal. Supplies have been crimped […]
Simon Nicholas
The growing and irreversible risks being faced by South African coal exporters
As Thungela Resources’ CEO attempts to talk up the future of the Anglo American coal spin-off, South Africa’s second largest coal export destination Pakistan is planning to bring coal imports to an end. Thungela CEO July Ndlovu recently stated that a “just transition” for developing nations requires the continued operation of existing coal-fired power plants […]
IEEFA
Wall Street Journal ($): For all the talk of a transition away from fossil fuels, players in the energy sector are still willing to bet there is more money to be made in oil and coal. Major oil companies such as BP PLC and Royal Dutch Shell PLC are selling billions of dollars of assets […]
IEEFA
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8 August 2020 (IEEFA Australia): Another global investor, the UK’s biggest public pension fund NEST, has withdrawn funds from BHP this week because the company is profiting “from digging coal”.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 […]
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 […]