- Write by:
-
Friday, August 23, 2019 - 5:03:24 PM
-
886 Visit
-
Print
Mining News Pro - South Africa’s Exxaro Resources Ltd. said it’s working on a new strategy for its business founded on coal mining amid investor and public concerns about the impact of climate change.
The company said it’s planning “structural changes,” including clean-power initiatives, to make the business sustainable in the long term. In the meantime, Exxaro will extract “as much value as quickly as possible” from the assets it holds, especially thermal coal, Chief Executive Officer Mxolisi Mgojo said on Thursday.
South African businesses are responding to climate change as environmental groups sue the government for not cracking down on pollution from coal-fired power plants operated by Eskom Holdings SOC Ltd. and refineries owned by Sasol Ltd. South Africa introduced a carbon tax this year that will boost costs for the nation’s biggest polluters.
“The cost of insuring your mines is getting more expensive because of your carbon issues,” Mgojo said in an interview in Johannesburg.
The new carbon tax could ultimately reduce output and investment, according to mining lobby Minerals Council South Africa.
Exxaro will look at opportunities for Cennergi (Pty) Ltd., its clean-power joint venture with Tata Power.
Still, over the next few years, demand from the state-owned power utility will remain strong, according to Nombasa Tsengwa, executive head of coal at Exxaro. “Eskom is in need of coal and we’re in discussions with them,” she said.
Short Link:
https://www.miningnews.ir/En/News/414176
China’s steel industry is young compared to Europe’s, and its transition to net zero may be slower as it takes a ...
South African coal miner Exxaro Resources is considering potential deals to acquire copper and manganese assets as part ...
A Polish coal mine near the Czech border will be able to continue operating for now, the state news agency PAP reported ...
Activist investor Tribeca Investment Partners has called on Glencore to shift its primary listing from London to Sydney ...
Methane emissions from Indonesia’s expanding coal mining sector are significantly underreported, jeopardizing the ...
The United States and Canada announced Monday they have agreed to cooperate to reduce and mitigate the impacts of water ...
China is rapidly approaching peak coal consumption, but the fossil fuel’s role in helping to address energy security ...
New US sanctions on Moscow are more likely than previous ones to cut Indian imports of thermal coal from Russia because ...
In a South African first, a project funded by one of the country’s biggest coal mining companies has begun repopulating ...
No comments have been posted yet ...