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Saturday, February 8, 2020 - 10:48:05 AM
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Mining News Pro - Less than a month after vowing to unwind its investments in coal, BlackRock Inc. has cut its stake in the biggest U.S. miner.
According to Mining News Pro - The world’s largest asset manager now has about 4.87 million shares of Peabody Energy Corp., a 5% stake, according to a regulatory filing Friday. That’s down 14% from the end of December, making it the miner’s sixth-largest holder, according to data compiled by Bloomberg.
The move follows BlackRock’s announcement in January that it would put climate change at the heart of its strategy, a plan that includes exiting both debt and equity investments in thermal coal companies in its $1.8 trillion active portfolios. Financial companies around the world are facing increasing pressure to back away from the dirtiest fossil fuel to help fight global warming.
Climate is now a “defining factor” for the global economy, BlackRock Chief Executive Officer Larry Fink told shareholders in his annual letter.
A BlackRock spokesman did not have an immediate comment.
On Wednesday, Peabody’s biggest shareholder — activist investor Elliott Management Corp. — moved to increase control over the mining company. Peabody’s shares are down more than 70% in the past year as the coal industry faces waning demand from utilities and slumping prices.
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