Coal divestment hits South Africa | Business | M&G

If you’re a global mining giant, you want out of coal quick sticks for the simple reason that the major investment funds will no longer put their money into fossil fuels, especially coal. Global funds have announced that their collective $11-trillion under management will no longer fund investments that contribute to the climate catastrophe that is global warming.

Closely held Seriti has entered into exclusive negotiations to buy South32’s thermal coal assets after starting production in 2017 and 2018 with tied mines it bought from Anglo American for R3-billion. Should the South32 deal go ahead, Seriti will supply one-third of Eskom’s coal. The mining house said that it is planning “structural changes”, including clean-power initiatives, to make the business sustainable. Exxaro will extract “as much value as quickly as possible” from the assets it holds, particularly thermal coal, chief executive Mxolisi Mgojo said.

Seriti, which is poised to become South Africa’s second-largest coal producer, is exploring alternative methods of funding, including from equipment suppliers, and will hold off on a listing, as coal is being shunned by financiers because of its environmental impact. “We think that the large equipment manufacturers see an opportunity in the — call it the shrinking ability of coal companies to raise capital — to provide capital themselves behind their fleets,” he said.

Wasn't this also the plans of the guptas? to have the monopoly over the market and raping ever new comer in the business...

Justified by some which means you are against it as usual anything to benefit blacks you will fight it

Nonsense. Coal fired power stations still generate 85% of power worldwide and not likely to go down soon

Why can SASOL buy those mines and covert coals into oil like they doing.

CoruscaKhaya Stranded assets! Divesture from coal assets, class action from victims of pollution, possibly being sued by Enviromentalists, etc. These are realities that will face investors in coal assets within 20 years. They will not make any money from this. S32 sold them a lemon!

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Hlongwa died serving the people of South Africa: Dlamini-Zuma - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Co-operative Governance Minister, Nkosazana Dlamini-Zuma says Bavelile Hlongwa died as she had lived, serving the people of South Africa.
Source: SABC News Online - 🏆 32. / 51 Read more »

Envoys sent to Africa to apologise for violence - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.President Cyril Ramaphosa says government is attempting to repair the damage caused by recent attacks on foreign nationals by sending a team of South African envoys to other African states. Ramaphosa was speaking after returning from Zimbabwe, where he apologised to the continent for the spate of attacks. How much is that nonsense going to cost us tax payers? And when done apologising, it happens again!....SMH We don't accept apologies from murderers Okay and then what’s next after the apologies Mr President?
Source: SABC News Online - 🏆 32. / 51 Read more »