At Glencore's aging Mt Owen open-cut coal mines north of Sydney, a team of scientists and engineers is restoring woodlands to mined-out fields, aiming to burnish the company's environmental credentials with climate activists and shareholders who want it to back away from coal. But just hundreds of metres away, active mines still churn out nearly 7 million tonnes of coal a year, and are due to keep producing for 15 more years, as they fuel the company's profits from surging coal prices. Keen both to maximise profit and to satisfy activist shareholders demanding action on the climate, Glencore has said it plans to hit net-zero carbon emissions by 2050 and "responsibly deplete its coal assets over time".
(Bloomberg) -- South Africa is being hit by the worst power outages in more than two years as the state electricity company contends with multiple plant breakdowns after illegal protests followed a deadlock in wage negotiations.Most Read from BloombergRussia Slips Into Historic Default as Sanctions Muddy Next StepsBig Tech Sinks Stocks Bruised by Recession Jitters: Markets WrapChina Cuts Travel Quarantine in Biggest Covid Zero Shift YetMichael Burry of ‘The Big Short’ Fame Warns Fed May Alter Co
The spot price of Australian thermal coal is higher than that of coking coal, an unprecedented situation that highlights just how the global market for the polluting fuel has been upended by Russia's invasion of Ukraine. But while moves in the various spot prices tend to gather media headlines, it's worth noting that they cover only a tiny volume of the whole seaborne market for thermal coal, a fuel for power stations. What are far more significant are annual contract prices agreed between Australian miners and Japanese utilities in an opaque process that sets the cost of thermal coal for much of Asia.