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"The number one financier of coal power in the U.S. wants people to look the other way while it bankrolls climate chaos and destruction. Citigroup's announcement of a new clean energy target today, absent a similarly ambitious commitment to reducing fossil fuel exposure, amounts to greenwashing, plain and simple.
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COL Financial provides the best online platform, delivering essential research and analysis, as well as direct access to market data and statistics to keep you ahead in your investments. Open your account and build your personal wealth with COL Financial. Get Started. Attend our Free Seminars ...
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A -20% cut to second half output Narrabri will hit cost guidance by -5% in FY21 and this also includes the need to refurbish key components because of wear and tear. Hence, the June quarter appears similarly difficult although the company expects improvements in FY22 because of better drilling delineation of seam structures.
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The report shows that even as high-profile bankruptcies and costly environmental cleanup settlements illustrate the growing risks involved with lending to coal companies, U.S. banks provided $31 billion in financing for coal in 2013. Mountaintop removal coal mining. Photo credit: Vivian Stockman / Ohio Valley Environmental Coalition
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May 28, 2018In November 2015, for example, Morgan Stanley said it would reduce financing for projects using "mountaintop removal," in which mountains are dynamited to reveal coal seams. In March 2016, JPMorgan...
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Commerzbank analysts say the bump in coal prices comes from strong Chinese imports as that government tries to consolidate its coal sector. It recently cut the number of working days in coal mines,...
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The International Energy Agency has forecast that global demand for coal will grow by 4.5% this year, with Asia making up 80% of that rise. Meanwhile, the International Panel on Climate Change has ...
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Despite gold's price slump, strong copper and iron ore prices lifted MINING.COM's ranking of the world's 50 most valuable miners to a new record high of $1.35 trillion.
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Morgan Stanley, JP Morgan Chase, Wells Fargo, and Citi all followed suit. Bank of America was the holdout among major U.S. banks, ... and 131 companies are divesting from coal mining and/or coal-fired power plants. ... potentially cutting the company's capital development projects by up to 50% in just two years. These reductions in capital ...
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Mining financial modeling course overview. Master the art of building a financial model to value a mining company, complete with assumptions, financials, valuation, sensitivity analysis, and output charts. In this mining financial modeling course, we will work through a case study of a real mining valuation for an asset by pulling information ...
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Mar 17, 2017The coal company Cloud Peak Energy paid $51 million to BNSF railway and a harbor terminal manager to extricate itself from a plan to boost its coal exports from the West Coast to Asia. The price of...
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Meanwhile, the International Panel on Climate Change has called for global coal-fired electricity generation to fall from 38% to 9% by 2030. HSBC and Citi did not immediately respond to a request ...
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Citigroup Inc and Trafigura Group were one, pitching a coal-focused company to investors early this year, with the idea that it could snap up cheap mines and run them for cash - not growth - before eventually closing them. But there's also growing evidence that investors are changing their approach.
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Citigroup said it was actively supporting a shift to a low-carbon economy and would continue efforts to bolster the "significant progress" made reducing its credit exposure to the coal mining...
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New York - Citigroup today released a new policy to cut its lending to the global coal mining industry. The bank updated its environmental policy framework, stating that it had begun to cut its credit exposure to coal mining and that "going forward, we commit to continue this trend of reducing our global credit exposure to coal mining companies."
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Citigroup has pledged to cut lending to coal mining companies, citing the "tremendous" challenge of tackling climate change. Citi's move follows a wider campaign for divestment and comes after US...
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However, the broker did downgrade its price assumptions for other commodities like aluminium, alumina and thermal coal. While Citi didn't change its recommendation on other mining stocks, it did ...
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Outgoing Glencore CEO Ivan Glasenberg just announced a final deal in the coal sector before leaving the company. Coal prices are at a 13-year high as recovery from the pandemic revives power use around the world. There are signs that many investors are still willing to bet on coal. Ivan Glasenberg is Mr Coal.
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JPMorgan Chase announced two weeks ago that it would no longer finance new coal-fired power plants. The retreat follows similar announcements by Bank of America, Citigroup and Morgan Stanley that they are backing away from coal. Wall Street's broad retreat is an ominous sign for the industry. "There are always going to be periods of boom and bust," said Chiza Vitta, a metals and mining ...
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Between Bank of America, JPMorgan, Wells Fargo, Citigroup, and Goldman Sachs, they loaned about 6 billion dollars to coal mining companies in 2014 alone. Coal is the dirtiest form of energy we currently use. Many of these companies practice mountaintop removal, which is just blatant destruction of our wild lands.
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Aug 25, 2022Citigroup cut shares of New Hope ( OTCMKTS:NHPEF - Get Rating) from a neutral rating to a sell rating in a research note issued to investors on Wednesday, The Fly reports. New Hope Price...
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Australia's mineable black coal deposits date between 280-150 million years old; our brown coal deposits are much younger (150-50 million years old). The only brown coal currently mined in Australia is from open-cut mines in Victoria. Australia has coal resources in most states, with the vast majority located in Qld (63%) and NSW (23%).
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MILAN (Reuters) - Italy's biggest bank Intesa Sanpaolo on Tuesday said it would end with immediate effect the financing of coal mining with a view to phasing out exposure to the sector by 2025....
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Mar 21, 2016On Wednesday the world's largest private-sector coal company, Peabody Energy, said that it might have to file for bankruptcy protection, following a path already taken by three of the nation's...
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The OECD disagreed, and its findings discounted the $3.2bn that Japan provided to the coal sector in 2013/14 towards the $100bn per year target that rich countries have set themselves for 2020. But...
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• Contributing to climate change: Banks and the companies they fund continue to engage in mountaintop-removal coal mining and to build carbonspewing coal-fired power plants, despite the threat of climate change. Dirty Money, a 2012 report released by the Rainforest Action Network (RAN), BankTrack, and the Sierra Club, grades US Banks based on ...
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-Australian coal exporters need to cut supply ... Citi believes this is the best time to invest in cyclical mining stocks as risk appetite is low and the shares are trading at a deep discount to valuation. Excluding value for Vickery and Winchester South, the life-of-mine valuation would be $2.42 compared with the current share price of $1.40 ...
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Citigroup was calculated to have supplied $24bn for large coal power plant operators, making it the largest supporter in this category. JPMorgan Chase was ranked the largest backer of so-called...
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In mid-June, Arch Coal announced that it had completed the acquisition of rival International Coal Group with a volume of $ 3.4 billion. This deal makes the company the second-largest US producer of metallurgical coal, which is mainly used for steel production. The already strong growth will be further accelerated by the acquisition.
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In April of this year, the Chinese central government introduced a policy to cut coal mine output by double digits, introducing a 276-days-a-year work cap. That's why China's domestic coal production is down 10.7 percent year on year. Coal consumption in China, by comparison, is down but by nowhere near this magnitude.
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In the past, a move to increase its exposure to coal might have drawn criticism from climate-focused investors. The company already agreed in 2019 to cap its coal production, under pressure from Climate Action 100+, an investor group with 545 members managing a combined US$52 trillion of assets. As Anglo and BHP pushed to sell the mine, Climate ...
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Increasing losses on coal mining has seen the pro-coal government oppose European Union policies on state subsidies and climate polices rather than substantially restructure the coal and energy sector. (Platts,Euractiv) resources Big Shift, Christian Aid, September 2015.
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Feb 24, 2022Citi, which operates in 96 countries and generates 34% of its revenues from emerging markets, said on 19 January it would cut the financed emissions of its $49.5bn global energy portfolio by 29% by 2030 from a 2020 baseline. This amounts to a reduction of around 41.7 million tonnes of carbon dioxide equivalent (mtCO2e) to 102.1mtCO2e.
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Citigroup on Monday announced a new policy to cut its lending to the global coal mining industry—a development hailed by environmental groups as an acknowledgement that "the scale of the challenge posed by climate change calls for the financial sector to transition away from financing high-carbon energy sources in addition to scaling up ...
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Morgan Stanley also pledged to reduce its exposure to coal-mining. Citigroup announced it would earmark $100 billion over 10 years for "lending, investing and facilitating" activities focused ...
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To its credit, BofA also tries to explain why it does business with the coal industry in the face of criticism from environmental groups. "If large financial institutions were to unilaterally discontinue financing the coal industry, it would have negative consequences for the U.S. and global economies," the BofA report says.
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Victory! PNC Bank has just joined six other major banks — including Bank of America, Citi, Morgan Stanley, JPMorgan Chase, Wells Fargo and Credit Suisse — in issuing a new policy on MTR coal mining. This is a big victory for the massive coalition that has been working to stop the deliberate destruction of Appalachia that has been occurring one mountain at a time at the hands of some of the ...
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This policy change makes Citigroup the third global bank to commit to broad industry-wide cuts to coal mining finance this year, and the first to do so since the launch of the global Paris Pledge calling on banks to end financing for coal mining and coal-fired power.
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Answer (1 of 7): These days they aren't, but many technologically based industries of the industrial revolution were. Coal was the source of many of the raw materials needed for making products such as steel, ammonia fertilizer, hydrogen, methanol, coal tar derivatives etc. as well as power and s...
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