, known for his aggressive forecasts over a nearly three-decade career there, is joining a Canadian company that is set to launch a futures market tied to the needs of the energy transition.as a non-executive director starting Oct. 1, the company says in a new filing. Mr. Currie announced his retirement as global head of commodities research at the Wall Street investment banking giant in August.
“Having the world’s most influential commodity economist on our board gives our stakeholders a better path toward achieving that mission, bringing guidance and strategy oversight as we set out to influence and disrupt entrenched market practices,” Mr. Crumb said. The Abaxx exchange would give project developers price certainty necessary for the trillions of dollars in infrastructure needed to achieve the global goal of net-zero greenhouse gas emissions by 2050, he said. Gas producers have traditionally been able to fund new projects relatively quickly through hedging gas contracts, but LNG plants, for example, often require multiyear purchase agreements to allow developers to obtain financing to start construction, he said.
Mr. Crumb, who has worked with well-known names in mining such as Mr. Friedland and the Lundin family, noted the nickel market currently serves different supply chains: one for pig iron and stainless steel, and another for nickel that’s highly refined and purified for batteries. Abaxx contracts will be for the nickel sulphate used in batteries, a major area of growth for the metal.
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