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Beleggen in steenkool
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Re: Beleggen in steenkool
Colombia verkoopt geen steenkool meer aan Israël wegens 'genocide' in Gaza
Door onze economieredactie
9 jun 2024 om 07:22
Colombia verkoopt geen steenkool aan Israël "zolang het land de volkerenmoord in de Gazastrook voortzet", zegt de sociaaldemocratische president Gustavo Petro.
Petro beschuldigde Israël er al eerder van genocide te plegen op de Palestijnen. Daarom verbrak hij begin mei de diplomatieke betrekkingen.
Colombia heeft vorig jaar voor circa 415 miljoen euro aan steenkool verkocht aan Israël. Dat land was daarmee de grootste importeur van steenkool uit Colombia.
De Israëlische premier Benjamin Netanyahu heeft Petro eerder uitgemaakt voor een "antisemitische aanhanger van Hamas".
Door onze economieredactie
9 jun 2024 om 07:22
Colombia verkoopt geen steenkool aan Israël "zolang het land de volkerenmoord in de Gazastrook voortzet", zegt de sociaaldemocratische president Gustavo Petro.
Petro beschuldigde Israël er al eerder van genocide te plegen op de Palestijnen. Daarom verbrak hij begin mei de diplomatieke betrekkingen.
Colombia heeft vorig jaar voor circa 415 miljoen euro aan steenkool verkocht aan Israël. Dat land was daarmee de grootste importeur van steenkool uit Colombia.
De Israëlische premier Benjamin Netanyahu heeft Petro eerder uitgemaakt voor een "antisemitische aanhanger van Hamas".
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Re: Beleggen in steenkool
Petro is dan ook heel anti-Israël omdat zijn revolutionaire beweging gefinancierd werd door oliegeld.Expat schreef: ↑09 jun 2024 18:39 Colombia verkoopt geen steenkool meer aan Israël wegens 'genocide' in Gaza
Door onze economieredactie
9 jun 2024 om 07:22
Colombia verkoopt geen steenkool aan Israël "zolang het land de volkerenmoord in de Gazastrook voortzet", zegt de sociaaldemocratische president Gustavo Petro.
Petro beschuldigde Israël er al eerder van genocide te plegen op de Palestijnen. Daarom verbrak hij begin mei de diplomatieke betrekkingen.
Colombia heeft vorig jaar voor circa 415 miljoen euro aan steenkool verkocht aan Israël. Dat land was daarmee de grootste importeur van steenkool uit Colombia.
De Israëlische premier Benjamin Netanyahu heeft Petro eerder uitgemaakt voor een "antisemitische aanhanger van Hamas".
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Re: Beleggen in steenkool
Vietnam coal power project moving forward after phase-out deal
(June 24): Plans to build a long-delayed coal power plant in Vietnam are moving forward 18 months after the country agreed to a multibillion dollar deal to move away from the fossil fuel.
The Song Hau 2 thermal power plant has signed a grid connection agreement with Vietnam’s main utility and secured a US$980 million (RM3.1 billion) loan to purchase equipment, developer Toyo Ventures Holdings Berhad (KL:TOYOVEN) said in exchange filings on the Bursa Malaysia earlier this month. The US$2.7 billion coal-powered project, which has been in development for more than a decade, would generate 2.1 gigawatts of power in the southern province of Hau Giang.
Vietnamese authorities and Toyo Ventures officials didn’t immediately respond to a request for comment.
The project is progressing more than a year after Vietnamese officials signed a US$15 billion climate finance package with rich nations to help speed its transition away from coal, the most-polluting fossil fuel. If the plant is built, it could put Vietnam in breach of that agreement, according to climate advocacy group Energy Shift Institute.
As part of the deal, known as a “Just Energy Transition Partnership,” Vietnam promised to keep its headline coal generation capacity at 30.2 gigawatts by 2030, about seven gigawatts less than what it had previously planned. Given the nation’s current coal fleet and what’s already under construction, Song Hau 2 could push the country over that limit, said Christina Ng, managing director of Energy Shift Institute.
https://theedgemalaysia.com/node/716560
(June 24): Plans to build a long-delayed coal power plant in Vietnam are moving forward 18 months after the country agreed to a multibillion dollar deal to move away from the fossil fuel.
The Song Hau 2 thermal power plant has signed a grid connection agreement with Vietnam’s main utility and secured a US$980 million (RM3.1 billion) loan to purchase equipment, developer Toyo Ventures Holdings Berhad (KL:TOYOVEN) said in exchange filings on the Bursa Malaysia earlier this month. The US$2.7 billion coal-powered project, which has been in development for more than a decade, would generate 2.1 gigawatts of power in the southern province of Hau Giang.
Vietnamese authorities and Toyo Ventures officials didn’t immediately respond to a request for comment.
The project is progressing more than a year after Vietnamese officials signed a US$15 billion climate finance package with rich nations to help speed its transition away from coal, the most-polluting fossil fuel. If the plant is built, it could put Vietnam in breach of that agreement, according to climate advocacy group Energy Shift Institute.
As part of the deal, known as a “Just Energy Transition Partnership,” Vietnam promised to keep its headline coal generation capacity at 30.2 gigawatts by 2030, about seven gigawatts less than what it had previously planned. Given the nation’s current coal fleet and what’s already under construction, Song Hau 2 could push the country over that limit, said Christina Ng, managing director of Energy Shift Institute.
https://theedgemalaysia.com/node/716560
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Re: Beleggen in steenkool
Canada approves Glencore takeover of Teck coal unit, with conditions
TORONTO/BENGALURU (July 4): The Canadian government has approved Glencore's US$6.93 billion acquisition of miner Teck Resources' steelmaking coal unit with strict conditions to preserve jobs, the country's industry minister said on Thursday.
To secure the approval, Glencore has agreed to maintain Canadian headquarters for Elk Valley Resources (EVR) for at least 10 years, ensure that a majority of the directors of EVR are Canadians, and maintain significant employment levels at EVR for no less than five years, the ministry said.
"Today, I approved under strict conditions, a much narrower transaction whereby Glencore will acquire Teck Resources' metallurgical coal business," Industry Minister Francois Phillip Champagne said in a statement.
He flagged that going forward, Canada will set a high bar on net-benefit reviews when assessing mergers and acquisitions of important Canadian companies in the critical minerals space.
"Henceforth, such transactions will only be found of net benefit in the most exceptional of circumstances," Champagne said.
Glencore and Teck did not immediately respond to email queries from Reuters.
In November, a Glencore-led consortium sealed one of the mining sector's biggest deals, agreeing to acquire Teck Resources' steelmaking coal unit for US$9 billion.
Swiss miner Glencore will get 77% of the business in a US$6.9 billion cash deal, while 20% will go to Japan's Nippon Steel, which already holds a 2.5% stake.
South Korea's POSCO will swap a stake in two of Teck's coal operations for 3% in the steelmaking coal business Elk Valley Resources.
Uploaded by Liza Shireen Koshy
https://theedgemalaysia.com/node/717992
TORONTO/BENGALURU (July 4): The Canadian government has approved Glencore's US$6.93 billion acquisition of miner Teck Resources' steelmaking coal unit with strict conditions to preserve jobs, the country's industry minister said on Thursday.
To secure the approval, Glencore has agreed to maintain Canadian headquarters for Elk Valley Resources (EVR) for at least 10 years, ensure that a majority of the directors of EVR are Canadians, and maintain significant employment levels at EVR for no less than five years, the ministry said.
"Today, I approved under strict conditions, a much narrower transaction whereby Glencore will acquire Teck Resources' metallurgical coal business," Industry Minister Francois Phillip Champagne said in a statement.
He flagged that going forward, Canada will set a high bar on net-benefit reviews when assessing mergers and acquisitions of important Canadian companies in the critical minerals space.
"Henceforth, such transactions will only be found of net benefit in the most exceptional of circumstances," Champagne said.
Glencore and Teck did not immediately respond to email queries from Reuters.
In November, a Glencore-led consortium sealed one of the mining sector's biggest deals, agreeing to acquire Teck Resources' steelmaking coal unit for US$9 billion.
Swiss miner Glencore will get 77% of the business in a US$6.9 billion cash deal, while 20% will go to Japan's Nippon Steel, which already holds a 2.5% stake.
South Korea's POSCO will swap a stake in two of Teck's coal operations for 3% in the steelmaking coal business Elk Valley Resources.
Uploaded by Liza Shireen Koshy
https://theedgemalaysia.com/node/717992
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Re: Beleggen in steenkool
Nooit zoveel steenkool verbruikt in wereld als vorig jaar
Het wereldwijde steenkoolverbruik is in 2023 toegenomen met 2,6 procent, tot een recordniveau. Dat blijkt woensdag uit cijfers van het Internationaal Energieagentschap (IEA).
De stijging van het verbruik van steenkool, vooral in China en India, is in de eerste plaats te verklaren door een forse toename van de elektriciteitsproductie, zo blijkt uit het rapport.
De verbranding van steenkool voor de productie van elektriciteit is verantwoordelijk voor een groot deel van de uitstoot van CO2, die de aarde doet opwarmen.
China was vorig jaar op zijn eentje goed voor meer dan de helft van het wereldwijde verbruik van steenkool. Een verwachte toename van de elektriciteitsvraag in China met 6,5 procent dit jaar maakt een daling van het steenkoolverbruik er volgens het IEA weinig waarschijnlijk.
In Europa neemt het steenkoolverbruik voor de productie van elektriciteit dan weer fors af. Vorig jaar was er een daling met 25 procent, en die zou zich volgens het IEA dit jaar voortzetten.
In de VS was er eveneens een aanzienlijke daling van het steenkoolverbruik, maar door een stijgende vraag naar elektriciteit zou die dalende trend dit jaar volgens het IEA vertragen.
"Onze analyse geeft aan dat de wereldwijde vraag naar steenkool stabiel zou blijven tot 2025", aldus het IEA.
https://www.msn.com/nl-be/financien/nie ... 0b51&ei=25
Het wereldwijde steenkoolverbruik is in 2023 toegenomen met 2,6 procent, tot een recordniveau. Dat blijkt woensdag uit cijfers van het Internationaal Energieagentschap (IEA).
De stijging van het verbruik van steenkool, vooral in China en India, is in de eerste plaats te verklaren door een forse toename van de elektriciteitsproductie, zo blijkt uit het rapport.
De verbranding van steenkool voor de productie van elektriciteit is verantwoordelijk voor een groot deel van de uitstoot van CO2, die de aarde doet opwarmen.
China was vorig jaar op zijn eentje goed voor meer dan de helft van het wereldwijde verbruik van steenkool. Een verwachte toename van de elektriciteitsvraag in China met 6,5 procent dit jaar maakt een daling van het steenkoolverbruik er volgens het IEA weinig waarschijnlijk.
In Europa neemt het steenkoolverbruik voor de productie van elektriciteit dan weer fors af. Vorig jaar was er een daling met 25 procent, en die zou zich volgens het IEA dit jaar voortzetten.
In de VS was er eveneens een aanzienlijke daling van het steenkoolverbruik, maar door een stijgende vraag naar elektriciteit zou die dalende trend dit jaar volgens het IEA vertragen.
"Onze analyse geeft aan dat de wereldwijde vraag naar steenkool stabiel zou blijven tot 2025", aldus het IEA.
https://www.msn.com/nl-be/financien/nie ... 0b51&ei=25
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Re: Beleggen in steenkool
Glencore abandons plan to exit coal after investors say no
(Aug 7): Glencore plc has abandoned plans to spin off its coal unit just nine months after saying it would exit the profitable but polluting business, following discussions with its shareholders who pushed back against the move.
Glencore’s announcement last year that it would split itself in two by hiving off coal marked a major strategic pivot for the company, as well as a watershed moment for the wider mining industry as the biggest shipper of coal — and one of its biggest champions — prepared to follow its rivals in exiting.
The investor-led U-turn highlights the conundrum facing fossil fuel companies and the shareholders that own them. From coal to oil, producers have come under pressure to cut their emissions — but that would mean missing out on the bumper profits they’re still pumping out.
For many investors, Glencore offers a unique proposition: a miner that produces metals like copper that are needed to decarbonise the global economy, while also generating huge coal profits. The company has spent the last month consulting shareholders, and the majority of those that expressed a clear opinion were in favour of keeping the coal unit to help fund growth in metals and support shareholder returns, Glencore said on Wednesday.
Glencore’s coal business is one of its most profitable units, driving record returns in recent years. It has benefitted significantly from the energy crisis in the wake of Russia’s invasion of Ukraine, as well as a dearth of new production as rivals and banks turn their back on the sector. And while the west is seeking to wean itself off the dirtiest fuel, global demand for coal is at record levels.
The announcement in November that Glencore planned to spin off its coal business promised to represent a defining moment in the tenure of chief executive officer Gary Nagle, who took the helm three years ago from longtime CEO and top shareholder Ivan Glasenberg. The remaining company would have been one of the biggest miners and traders of copper, nickel and cobalt — all essential commodities for the energy transition — but without the financial cushion provided by coal.
On Wednesday, Nagle indicated shareholders have made the right decision, telling reporters that “common sense has prevailed”.
Asked about what had changed to explain the pivot, the CEO said the “ESG pendulum had swung back” in the past year, and that investors recognized that Glencore was the best owner of the coal business.
Glencore announced the decision on coal alongside its first-half financial results, which included core earnings of US$6.34 billion (RM28.33 billion), down 33% from a year earlier. Its sprawling commodity trading business also reported a sharp drop in earnings as the volatility that its traders thrive on began to fade, with profit of US$1.5 billion in the first half. Glencore rose 0.8% by 8.21am in London.
Built on coal
Coal has always formed a central part of Glencore’s business and an exit seemed an unlikely proposition for a company that was built on the dirtiest fuel.
Glasenberg, who led the company for two decades, was a former coal trader who would often point to the insatiable demand from Asia even as the west moved to step back from coal. Glasenberg’s last deal while preparing to step down in 2021 was the purchase of a thermal coal mine in Colombia. Nagle, his hand-picked successor and a fellow South African, also started his career in the coal business and has also long defended the fuel.
Glencore has said repeatedly that it would exit if there was pressure to do so from investors, but for years the company kept digging up coal while most of its biggest rivals sold out. (Glencore’s plan was instead to run its existing operations until they were depleted.)
That appeared to change when Glencore tried to buy Teck Resources Ltd a year ago, with a proposal to split the combined company into two separate coal and metals producers.
Glencore failed to win Teck, but it did walk away with its coal mines as a consolation prize. It announced at the same time that it planned to separate out the coal business anyway within two years after the deal closed. The decision was based on positive feedback from investors to its original plan for Teck, the company said on Wednesday.
Yet over the months that followed, it became increasingly clear that investors were not ready to say goodbye. Bloomberg reported in April that several of the company’s top holders favoured keeping the coal business.
After Glasenberg, who owns 9.9%, Glencore’s biggest shareholders are Qatar’s sovereign wealth fund, Capital Group and BlackRock Inc. If Glencore had gone ahead with its spinoff, many investors including BlackRock would have seen their exposure to the profitable coal business cut off because of policies that prevent them from owning pure-play coal companies.
Buying Teck’s mines saw Glencore take control of a large suite of coking coal mines — used to make steel — that’s now added to its own business that was predominantly based around thermal coal that is burned to generate power.
The discussion over the future of Glencore’s coal mines highlights a wider debate about whether investors and mining companies should reduce their exposure to the business, which creates the risk that they are replaced by operators and shareholders who are less concerned about cutting global emissions.
The mining world has also changed since Glencore announced it was planning to spin off its biggest earner. BHP Group, the largest miner, failed in an attempt to buy rival Anglo American plc in a US$49 billion deal earlier this year, and dealmakers at rivals are also eyeing potential mergers and acquisitions as a new era of dealmaking takes hold across the industry.
For Glencore, slimming down and losing much of its firepower would have limited its options to compete with its biggest peers in any potential M&A.
“Scale is important in this industry,” said Nagle.
Uploaded by Felyx Teoh
https://theedgemalaysia.com/node/722000
(Aug 7): Glencore plc has abandoned plans to spin off its coal unit just nine months after saying it would exit the profitable but polluting business, following discussions with its shareholders who pushed back against the move.
Glencore’s announcement last year that it would split itself in two by hiving off coal marked a major strategic pivot for the company, as well as a watershed moment for the wider mining industry as the biggest shipper of coal — and one of its biggest champions — prepared to follow its rivals in exiting.
The investor-led U-turn highlights the conundrum facing fossil fuel companies and the shareholders that own them. From coal to oil, producers have come under pressure to cut their emissions — but that would mean missing out on the bumper profits they’re still pumping out.
For many investors, Glencore offers a unique proposition: a miner that produces metals like copper that are needed to decarbonise the global economy, while also generating huge coal profits. The company has spent the last month consulting shareholders, and the majority of those that expressed a clear opinion were in favour of keeping the coal unit to help fund growth in metals and support shareholder returns, Glencore said on Wednesday.
Glencore’s coal business is one of its most profitable units, driving record returns in recent years. It has benefitted significantly from the energy crisis in the wake of Russia’s invasion of Ukraine, as well as a dearth of new production as rivals and banks turn their back on the sector. And while the west is seeking to wean itself off the dirtiest fuel, global demand for coal is at record levels.
The announcement in November that Glencore planned to spin off its coal business promised to represent a defining moment in the tenure of chief executive officer Gary Nagle, who took the helm three years ago from longtime CEO and top shareholder Ivan Glasenberg. The remaining company would have been one of the biggest miners and traders of copper, nickel and cobalt — all essential commodities for the energy transition — but without the financial cushion provided by coal.
On Wednesday, Nagle indicated shareholders have made the right decision, telling reporters that “common sense has prevailed”.
Asked about what had changed to explain the pivot, the CEO said the “ESG pendulum had swung back” in the past year, and that investors recognized that Glencore was the best owner of the coal business.
Glencore announced the decision on coal alongside its first-half financial results, which included core earnings of US$6.34 billion (RM28.33 billion), down 33% from a year earlier. Its sprawling commodity trading business also reported a sharp drop in earnings as the volatility that its traders thrive on began to fade, with profit of US$1.5 billion in the first half. Glencore rose 0.8% by 8.21am in London.
Built on coal
Coal has always formed a central part of Glencore’s business and an exit seemed an unlikely proposition for a company that was built on the dirtiest fuel.
Glasenberg, who led the company for two decades, was a former coal trader who would often point to the insatiable demand from Asia even as the west moved to step back from coal. Glasenberg’s last deal while preparing to step down in 2021 was the purchase of a thermal coal mine in Colombia. Nagle, his hand-picked successor and a fellow South African, also started his career in the coal business and has also long defended the fuel.
Glencore has said repeatedly that it would exit if there was pressure to do so from investors, but for years the company kept digging up coal while most of its biggest rivals sold out. (Glencore’s plan was instead to run its existing operations until they were depleted.)
That appeared to change when Glencore tried to buy Teck Resources Ltd a year ago, with a proposal to split the combined company into two separate coal and metals producers.
Glencore failed to win Teck, but it did walk away with its coal mines as a consolation prize. It announced at the same time that it planned to separate out the coal business anyway within two years after the deal closed. The decision was based on positive feedback from investors to its original plan for Teck, the company said on Wednesday.
Yet over the months that followed, it became increasingly clear that investors were not ready to say goodbye. Bloomberg reported in April that several of the company’s top holders favoured keeping the coal business.
After Glasenberg, who owns 9.9%, Glencore’s biggest shareholders are Qatar’s sovereign wealth fund, Capital Group and BlackRock Inc. If Glencore had gone ahead with its spinoff, many investors including BlackRock would have seen their exposure to the profitable coal business cut off because of policies that prevent them from owning pure-play coal companies.
Buying Teck’s mines saw Glencore take control of a large suite of coking coal mines — used to make steel — that’s now added to its own business that was predominantly based around thermal coal that is burned to generate power.
The discussion over the future of Glencore’s coal mines highlights a wider debate about whether investors and mining companies should reduce their exposure to the business, which creates the risk that they are replaced by operators and shareholders who are less concerned about cutting global emissions.
The mining world has also changed since Glencore announced it was planning to spin off its biggest earner. BHP Group, the largest miner, failed in an attempt to buy rival Anglo American plc in a US$49 billion deal earlier this year, and dealmakers at rivals are also eyeing potential mergers and acquisitions as a new era of dealmaking takes hold across the industry.
For Glencore, slimming down and losing much of its firepower would have limited its options to compete with its biggest peers in any potential M&A.
“Scale is important in this industry,” said Nagle.
Uploaded by Felyx Teoh
https://theedgemalaysia.com/node/722000
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Re: Beleggen in steenkool
China's coal output up 2.8% in July despite surging hydropower generation
BEIJING (Aug 15): China's coal output rose 2.8% in July from a year earlier, as mines ramped up production to ensure steady supply amid record-breaking heat, statistics bureau data showed, even though thermal power output fell while hydropower generation surged.
The world's largest coal producer mined 390.37 million metric tonnes of the fuel last month, according to the National Bureau of Statistics data on Thursday, down from June's 405.38 million tonnes, which was the highest level since December 2023.
China's national energy regulator said late in July that it was coordinating power plant coal inventories to keep them at a minimum of 200 million tonnes because of continuing hot weather.
Average daily coal output in July stood at 12.59 million tonnes, according to Reuters calculations, down from 13.5 million tonnes a day in June but up from 12.18 million daily tonnes a year earlier.
Thermal power output disappointed the coal industry in July, however, falling for a third straight month as more electricity was generated by hydropower because of heavy rains in July.
China's thermal power generation fell 4.9% to 574.9 billion kilowatt-hours (kWh), even as total power generation rose 2.5% to 883.1 billion kWh, the statistics showed.
Meanwhile, hydropower generation for the month rose 36.2% on the year to 166.4 billion kWh.
China's growing coal-to-chemicals industry is offsetting some of the slowing demand for coal-fired power, with coal consumption in the chemicals industry growing 21% in the first half of the year, wrote Lauri Myllyvirta, senior fellow at the Asia Society Policy Institute.
"China's energy security drive and falling coal prices relative to oil prices have driven a boom in this industry," Myllyvirta said.
Analysts have said that they expect China's coal output to keep increasing through the third quarter on the hotter weather, and as production recovers from a slump earlier in the year due to safety inspections.
Production was lower particularly in China's coking coal hub of Shanxi province, which produced 29% of China's coal last year. Output was limited there, after the local government told miners to curb excess production and announced stepped-up safety checks over the March-May period.
Output for January-July fell 0.8% from the year earlier to 2.66 billion tonnes, the statistics bureau data showed.
Uploaded by Liza Shireen Koshy
https://theedgemalaysia.com/node/722879
BEIJING (Aug 15): China's coal output rose 2.8% in July from a year earlier, as mines ramped up production to ensure steady supply amid record-breaking heat, statistics bureau data showed, even though thermal power output fell while hydropower generation surged.
The world's largest coal producer mined 390.37 million metric tonnes of the fuel last month, according to the National Bureau of Statistics data on Thursday, down from June's 405.38 million tonnes, which was the highest level since December 2023.
China's national energy regulator said late in July that it was coordinating power plant coal inventories to keep them at a minimum of 200 million tonnes because of continuing hot weather.
Average daily coal output in July stood at 12.59 million tonnes, according to Reuters calculations, down from 13.5 million tonnes a day in June but up from 12.18 million daily tonnes a year earlier.
Thermal power output disappointed the coal industry in July, however, falling for a third straight month as more electricity was generated by hydropower because of heavy rains in July.
China's thermal power generation fell 4.9% to 574.9 billion kilowatt-hours (kWh), even as total power generation rose 2.5% to 883.1 billion kWh, the statistics showed.
Meanwhile, hydropower generation for the month rose 36.2% on the year to 166.4 billion kWh.
China's growing coal-to-chemicals industry is offsetting some of the slowing demand for coal-fired power, with coal consumption in the chemicals industry growing 21% in the first half of the year, wrote Lauri Myllyvirta, senior fellow at the Asia Society Policy Institute.
"China's energy security drive and falling coal prices relative to oil prices have driven a boom in this industry," Myllyvirta said.
Analysts have said that they expect China's coal output to keep increasing through the third quarter on the hotter weather, and as production recovers from a slump earlier in the year due to safety inspections.
Production was lower particularly in China's coking coal hub of Shanxi province, which produced 29% of China's coal last year. Output was limited there, after the local government told miners to curb excess production and announced stepped-up safety checks over the March-May period.
Output for January-July fell 0.8% from the year earlier to 2.66 billion tonnes, the statistics bureau data showed.
Uploaded by Liza Shireen Koshy
https://theedgemalaysia.com/node/722879
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Re: Beleggen in steenkool
Whitehaven Coal sells stake in Blackwater for US$1.1b
(Aug 22): Whitehaven Coal Ltd has agreed to sell 30% of one the world’s biggest metallurgical coal mines to Japan’s top two steel makers, in a US$1.10 billion (RM4.82 billion) deal that helps the Australian miner pay down the cost of acquiring the operations just a few months ago.
Nippon Steel Corp will buy 20% of the Blackwater mine in the Queensland state, while JFE Steel Corp will purchase 10%, the Australian miner said in a statement on Thursday. The Japanese companies are already long-term buyers of Blackwater coal, and the transaction is expected to be completed in the first quarter of 2025.
The global coal industry is undergoing significant changes as miners grapple with the world’s looming shift away from fossil fuels. Anglo American plc is selling its coal division, Glencore plc decided to keep hold of its unit, while BHP Group Ltd offloaded mines including Blackwater to Whitehaven for US$3.2 billion in April.
The latest deal “will immediately strengthen Whitehaven’s balance sheet and provide enhanced financial flexibility”, the company said in a stock exchange filing. The miner had about A$1.30 billion (US$878 million or RM3.84 billion) in debt as of June 30. Its shares had risen 5.4% to A$7.57 by 12.10pm Sydney time on Thursday.
For the Japanese steel makers, the transaction offers a stronger footing in the Australian mining heartland that provides much of the metallurgical coal for their huge blast furnaces. While the steel industry is moving slowly towards decarbonisation, mills will still need huge quantities of coal for many years to come. Blackwater produces more than 12 million tons a year for export to Asian steel mills.
Nippon Steel has a “strong sense of urgency” to shore up its supplies of metallurgical coal amid the threat of shrinking investment in new mines, the Japanese firm said in a statement. The company doesn’t have specific plans to acquire more mine assets, but “if there are good projects, we will consider them”, Ryuichi Nagai, the managing executive officer, said at a briefing in Tokyo.
The value of the 30% stake sale was a “positive surprise” for Whitehaven, Citigroup Inc analyst Kate McCutcheon wrote in a note, while Jefferies Financial Group Inc analyst Daniel Roden said the price was better than expected.
“The deleveraging could accelerate capital returns in the near term, and see a rotation of yield investors” into Whitehaven’s stock, Roden wrote in a note.
Whitehaven’s purchase of Blackwater and another coal project from BHP turned it from a New South Wales coal producer to one that gets the majority of its revenue from Queensland. Earlier this month, Whitehaven announced redundancies across both mines that would affect nearly 200 workers.
Uploaded by Tham Yek Lee
https://theedgemalaysia.com/node/723821
(Aug 22): Whitehaven Coal Ltd has agreed to sell 30% of one the world’s biggest metallurgical coal mines to Japan’s top two steel makers, in a US$1.10 billion (RM4.82 billion) deal that helps the Australian miner pay down the cost of acquiring the operations just a few months ago.
Nippon Steel Corp will buy 20% of the Blackwater mine in the Queensland state, while JFE Steel Corp will purchase 10%, the Australian miner said in a statement on Thursday. The Japanese companies are already long-term buyers of Blackwater coal, and the transaction is expected to be completed in the first quarter of 2025.
The global coal industry is undergoing significant changes as miners grapple with the world’s looming shift away from fossil fuels. Anglo American plc is selling its coal division, Glencore plc decided to keep hold of its unit, while BHP Group Ltd offloaded mines including Blackwater to Whitehaven for US$3.2 billion in April.
The latest deal “will immediately strengthen Whitehaven’s balance sheet and provide enhanced financial flexibility”, the company said in a stock exchange filing. The miner had about A$1.30 billion (US$878 million or RM3.84 billion) in debt as of June 30. Its shares had risen 5.4% to A$7.57 by 12.10pm Sydney time on Thursday.
For the Japanese steel makers, the transaction offers a stronger footing in the Australian mining heartland that provides much of the metallurgical coal for their huge blast furnaces. While the steel industry is moving slowly towards decarbonisation, mills will still need huge quantities of coal for many years to come. Blackwater produces more than 12 million tons a year for export to Asian steel mills.
Nippon Steel has a “strong sense of urgency” to shore up its supplies of metallurgical coal amid the threat of shrinking investment in new mines, the Japanese firm said in a statement. The company doesn’t have specific plans to acquire more mine assets, but “if there are good projects, we will consider them”, Ryuichi Nagai, the managing executive officer, said at a briefing in Tokyo.
The value of the 30% stake sale was a “positive surprise” for Whitehaven, Citigroup Inc analyst Kate McCutcheon wrote in a note, while Jefferies Financial Group Inc analyst Daniel Roden said the price was better than expected.
“The deleveraging could accelerate capital returns in the near term, and see a rotation of yield investors” into Whitehaven’s stock, Roden wrote in a note.
Whitehaven’s purchase of Blackwater and another coal project from BHP turned it from a New South Wales coal producer to one that gets the majority of its revenue from Queensland. Earlier this month, Whitehaven announced redundancies across both mines that would affect nearly 200 workers.
Uploaded by Tham Yek Lee
https://theedgemalaysia.com/node/723821
- quince
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Re: Beleggen in steenkool
August 22, 2024 - US coal miners Arch Resources and CONSOL Energy to merge
The merged entity will produce and export a range of coals, from metallurgical to high calorific value thermal variants.
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