Glencore To Buy Australian Coal Mine From Rio Tinto In $1.7bn Deal

Miner and commodities trader Glencore has bought Rio Tinto’s Hail Creek coal mine in Australia for $1.7 billion, which increases the Swiss firm’s presence in the coal sector just as is rivals move away from the fuel. In 2017, the Hail Creek mine produced 9.4 million tonnes of coal, 5.25 million tonnes of which were coking coal and 4.13 thermal. 
 

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Interesting investment while the vast majority of Australia’s energy industry gets on with the shift to renewables...
 

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When we talking about Australia agree that there are still vested interests in coal (and renewables) with the plethora of state and fed subsidies on offer. In same time they have should look at what is best for nation. The way I see it (not just for Australia) we should look to maximise growth in living standards while minimizing env. impacts.

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Of course, politics will play main role in all story about coal and renewables. Same approach like everywhere on the Earth. Few days ago, Labor's reign in South Australia is over, with the Liberal Party winning the state election. Under the leadership of LP the state was on the verge of becoming a renewables "Mecca" for Australia. Now it's back to the old fossil fuel day. This Glencon contract confirms that.

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