coalinvesting
The Canadian government has greenlit Swiss mining giant Glencore's (LSE:GLEN,OTC Pink:GLCNF) US$6.93 billion acquisition of Teck Resources' (TSX:TECK.A,TSX:TECK.B,NYSE:TECK) steelmaking coal unit, but with stringent conditions to ensure job preservation and national benefits. Glencore will take over Teck's Elk Valley Resources, but must adhere to several conditions, outlined by Industry Minister Francois-Philippe Champagne. "Today I approved under strict conditions a much narrower transaction whereby Glencore will acquire Teck Resources' metallurgical coal business," Champagne stated. The comp...
Investing News Network
A recent report from the Institute for Energy Economics and Financial Analysis (IEEFA) has identified over 800 coal power stations in emerging economies that could be profitably replaced by renewable energy. The report, titled "Accelerating the Coal-to-Clean Transition," highlights the substantial economic returns in transitioning from coal to renewable energy. According to IEEFA’s findings, renewable energy projects can produce profit margins that not only cover the costs of decommissioning coal plants, but also generate substantial profits for operators. Currently only 10 percent of the worl...
Investing News Network
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