In 2018, coal was still the undisputed the king of commodities. According to accounting and consulting group PwC’s annual report on the global mining industry – presented to South African media at the Junior Mining Indaba in Johannesburg – “coal remains the largest revenue-generating commodity, supporting 38% of global electricity generation”.
These trends will raise understandable alarm bells among greens, given the concerns about the scientific link between greenhouse gas emissions from fossil fuels such as coal and climate change. But there is a disconnect between the revenue generated by coal and the capital expenditure that is being put into the industry. According to PwC, coal last year accounted for 23% of mining revenue generated by the top 40 miners but only 15% of capex.
Given coal’s outsized role in global power generation, that could change. With relatively little cash going to new projects, supply could become an issue, driving up prices to such an extent that bankers may just hold their nose while they write the cheques. But the PwC report sees coal consumption reaching a plateau in 2023 as renewable energy comes increasingly to the fore – and presumably this is a sector that bankers might not mind funding.
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