Under pressure from investors and environmentalists, Anglo American exited its South African coal business this week, but the spinoff could have an unforeseen outcome: higher output of the most polluting fuel. Anglo’s CEO Mark Cutifani said it was a “responsible transition” from thermal coal, but July Ndlovu, the head of spinoff Thungela Resources, has a different perspective. Ndlovu wants South Africa’s biggest coal exporter, which began trading in Johannesburg and London on Monday, to develop new resources and buy rivals. AdvertisementMINE INVESTMENT“Anglo was not going to invest in the future of these mines necessarily,” Ndlovu said. We know how to convert resources into production.”The CEO expects seaborne coal demand to remain constant for at least a decade.

Source: The North Africa Journal June 11, 2021 08:46 UTC