The company has abandoned plans to further develop the Dendrobium Next Domain project in Australia
South32 has abandoned plans to further develop an Australian metallurgical coal project and said it will shift investment to “metals critical to a low-carbon future”.
It’s the latest sign that some miners are turning away from funding projects to ramp up output of the fossil fuel that’s crucial in the steelmaking process. The announcement echoes the company’s decision last year to put on hold plans to develop the Eagel Downs metallurgical coal mine in Queensland, which it holds in a joint venture with Chinese steelmaker Baowu, on the grounds that it wouldn’t deliver an adequate return on investment.
A week earlier, Tata Steel MD Thachat Viswanath Narendran urged Australian miners to ramp up investment in coking coal used in steelmaking, telling The Australian Financial Review demand would remain strong for decades despite a push to phase out the carbon-emitting the fossil fuel. Coking coal is used in steelmaking, and differs from thermal coal which is used to generate electricity.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Skills push to move Eskom away from coalEskom is working with the South African Renewable Technology Centre to upskill its workers and adapt to the shift to renewable energy, moving away from coal power stations.
Read more »
Coal miners look beyond boom to renewablesSA's coal mining companies, enjoying a windfall from record prices after Russia’s invasion of Ukraine resulted in a global supply crisis, are looking beyond the boom and investing in renewable energy projects.
Read more »
Gold prices edge up as dollar rally easesMetal investors on guard for further losses
Read more »
PAUL MASHATILE: Recovery may be slow and imperceptible but it is under wayThere are green shoots for our economy that could lead to sustained and shared growth
Read more »
Shoprite links R3.5bn debt to sustainability targetsSA’s largest retailer finalises sustainability-linked loans linked to its green push
Read more »
Vytjie Mentor dies after long illnessFormer senior ANC MP passed away in hospital on Tuesday morning
Read more »