The Turow coal-fired power plant is seen behind the Turow open-pit coal mine operated by the company PGE in Bogatynia, Poland, June 15, 2021. Picture taken June 15, 2021. REUTERS/David W Cerny/File PhotoJuly 29 - Heavy rainfalls, withering droughts and other extreme weather patterns across the globe are denting miners' profits and crimping supply of iron ore, copper and other widely-used minerals as climate change roils yet another industry.
It is an unusual situation for companies that have experience operating anywhere in the world, include miles underground and at the tops of mountains and in places where temperatures often range from 100 degrees Fahrenheit to 0F . But the first part of 2022 saw the mining industry - parts of which have long faced criticism for how coal production affects climate patterns - contend with a raft of weather-related incidents entirely outside its playbook. Executives detailed their weather-related troubles in earnings reports this week and warned they are likely to continue.
"The extremes that we saw in quarter one of this year outpaced all reasonable forecasting ability that we had," said Anglo CEO Duncan Wanbald.
Cry me a river Argentina! Things are rough all over.
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