Mining Journal’s Post

https://lnkd.in/e7rq4gFC Interesting example of good intentions with bad results. Banks have been boycotting coal mines. As a result they have used equity financing ( mainly retained earnings) so they dont have to refinance their debt at high interest rates so they are in better financial shape than most companies ( especially wind farms loved by ESG driven bankers.) . After COP26 Boris Johnson predicted the end of coal. As we learned from the Soviet experience : central planning does not work.

Shareholders back Glencore’s 2024-2026 Climate Action Plan  Investor approval: More investors are satisfied with Glencore's new plan to reduce carbon emissions compared to 2023. New targets: The plan includes a 25% emissions reduction by 2030 and a 15% reduction in Scope 1, 2 & 3 emissions by 2026. Net Zero goal: The plan aligns with Glencore's ambition to achieve net-zero emissions by 2050. Phasing out thermal coal: Glencore aims to close at least 12 thermal coal mines by 2035 and eliminate them completely by the mid-2040s. Steelmaking coal acquisition: Glencore is acquiring Teck Resources' steelmaking coal business, increasing its capacity but promising a separate climate plan for those assets. Potential coal spin-off: Glencore might spin off its coal assets into a separate company based on shareholder approval after the acquisition is finalized. . #GlencoreCATP #GlencoreCoalPhaseOut #InvestorSupportForClimateAction #ClimateAction #Sustainability #NetZero #EnergyTransition #ClimateChange #Sustainabilityeconomicsnews . Read full story: https://lnkd.in/gJQSf4zQ

#Coppershortage There is a lot of coverage these days around Copper shortage and its likely impact on energy transition. The world copper market is likely to face a 4-5 million ton deficit by 2030 and 54% of Copper production at risk from drought by 2050. Some early movers are already reacting - making supply chain resilience, exploring substitutes and light-weight materials, and collaboration to bring new mining assets online. As climate disruption intensifies, how will it affect our communities, our economies, our lives? Read PwC's latest. https://lnkd.in/dQzUgGcc

"Constructive dialogue with CA100+, ACCR and others on the practical approaches we are taking to address Scope 3 is helpful in shaping our strategy and our reporting in this area" Alf Barrios, Rio Tinto. “The multi-pronged approach of strong investor engagement, backed by a credible shareholder escalation, underpinned by steel decarbonisation research has catalysed action and this important result. In particular, it highlights the importance of escalation as a necessary and logical component of effective stewardship. Rio’s announcement sets a new standard for iron ore producers globally and puts the company on the path to unlocking large emissions reductions and better ensuring long term value through the energy transition.” Naomi Hogan, ACCR. via Climate Action 100+

Highly concentrated supply chains for critical minerals such as lithium, nickel, copper, and cobalt could derail #CleanEnergy investment plans and global climate ambitions if they are not expanded speedily and sustainably. Learn more in our latest perspective: https://macq.co/6045raKYU

🌐 Copper Crisis Unveiled: A Threat to Our Green Revolution! ⚡🚨 In the race for a sustainable future, a silent threat looms—our dwindling copper supply. This vital resource, crucial for electrification and powering electric vehicles (EVs), is in jeopardy, hindering our journey towards a greener tomorrow. 🛑 Warning Signs: Regulatory green lights for new copper mines hit a shocking 10-year low. Investors, crucial for mine development, turn away from commodities. EVs, the icons of sustainability, demand three times more copper than traditional vehicles. ESG concerns trigger protests, further complicating essential copper mining.   Industry leaders like Gary Nagle (Glencore), Jeremy Weir (Trafigura AG), and Joshua Meyer (FLSmidth) are sounding the alarm on an impending copper crisis. With risks of disrupting the energy transition and challenges in meeting climate agreements, urgent action is emphasized to address the substantial copper deficits predicted by Wood Mackenzie until 2030. ⏰ The Ticking Clock: Mainstream media remains silent on the looming copper crisis. Governments announce ambitious energy transition goals, overlooking the critical copper shortfall. Copper prices stay unaffected for now, but experts warn of a delayed reaction with potential dire consequences. #CopperCrisis #GreenRevolution #ActNow"

GLENCORE TO UPDATE CLIMATE PLAN IN 2024 AFTER INVESTOR PRESSURE Glencore will publish an updated climate action transition plan in March 2024, it said on Wednesday, after some investors rejected its climate progress report and it agreed to buy Canadian miner Teck Resources’ steelmaking coal business. More than 30% of Glencore’s investors, including major shareholder BlackRock, rejected the company’s climate report at its annual meeting in May, demanding more clarity on how it will meet its commitments to cut emissions. Around 29% of shareholders also backed a resolution seeking more disclosure on progress in scaling back its production of thermal…READ MORE HERE https://lnkd.in/dsNV6bwn

Check out our new investment report on Warrior Met Coal:

Insights from the latest report by PwC LLP sheds light on the critical challenges confronting the global copper mining industry. According to the findings, highlighted by Emma Cox, global climate leader at PwC UK, climate change presents significant risks to copper production, with half of the world's mines facing drought risk. As industry giants like First Quantum Minerals navigate these challenges, the call for prioritizing climate resilience and sustainable practices grows louder. Let's unite to tackle these obstacles and pave the way for a resilient and sustainable future in copper mining. #Copper #Mining #ClimateChange https://lnkd.in/gY23PMye

Not in Alberta — Coal Still King & Queen in the Alberta Tarsands Tarnation, Eh?⚠️🔥⛔️💨⚠️ The Washington Post: The USA just took its biggest step yet to end coal mining. The Biden administration’s decision ends new leasing in the Powder River Basin in Wyoming and Montana, the nation’s biggest coal-producing region. By Maxine Joselow: 
The Biden administration’s decision ends new leasing in the Powder River Basin in Wyoming and Montana, the nation’s biggest coal-producing region.

Image: The Eagle Butte Coal Mine, part of the Powder River Basin, in Gillette, Wyo., on Nov. 12, 2021. (Salwan Georges/The Washington Post)

In one of its biggest steps yet to keep fossil fuels in the ground, the Biden administration announced Thursday that it will end new coal leasing in the Powder River Basin, which produces nearly half the coal in the United States. 
Climate activists have long pushed the Interior Department to stop auctioning off leases for coal mining on public lands, and they celebrated the decision. It could prevent billions of tons of coal from being extracted from more than 13 million acres across Montana and Wyoming, with major implications for U.S. climate goals. 
A significant share of the nation’s fossil fuels come from federal lands and waters. The extraction and combustion of these fuels accounted for nearly a quarter of U.S. carbon dioxide emissions between 2005 & 2014, according to a study by the USA Geological Survey. 
In a final environmental impact statement released Thursday, Interior’s Bureau of Land Management found that continued coal leasing in the Powder River Basin would harm the climate and public health. The bureau determined that no future coal leasing should happen in the basin, and it estimated that coal mining in the Wyoming portion of the region would end by 2041. https://lnkd.in/gXpDmkzM