Latest news with #coal
Daily Mail
6 hours ago
- Automotive
- Daily Mail
Elon Musk weighs in on Aussie miner's expletive spray about the future of coal
An Aussie miner's expletive-filled spray about the decline of coal has drawn the attention of climate-conscious billionaire Elon Musk. Gerry Noonan, a mining industry veteran, founded his company Geotech in 1972 and now serves as a technical manager at Mining Equipment Safety (ME Safety). In an interview with global mining equipment supplier Epiroc, he complained about the move away from the use of coal as a primary energy source. 'We have coal, because we have the biggest coal deposits in the world, but we're not allowed to burn the f***ing stuff, so the world's rooted, really,' he said. 'It's alright to be idealistic, but you have to be realistic. And until the lights go out, the idiots that want to be green on everything and not do mining and not do coal, not do anything, they're going to have to go back and use candles and live in tents.' 'You might f***ing laugh, but it's true,' he told the interviewer. The clip resurfaced on Thursday after it was shared by Money of Mine podcast co-host Travis Ricciardo, gaining attention on social media including from Elon Musk. 'If he looks up, he will see something called 'The Sun',' Musk posted on X. Ricciardo fired back: 'Coal is ancient solar power, compressed over millions of years. 'A natural wonder that affords reliable energy when the sun goes down.' '(Musk is) not an idiot, but he is a f***wit.' During the original interview, Mr Noonan lashed out at Australia's uranium policy. 'We're not allowed to use uranium, we've got the biggest uranium deposits in the world in Australia and we're not allowed to mine the f***ing stuff,' he said. 'So, it's all fed. When half these c***s die, the world will be a better place, and those of us that survive will get going again.' He also mocked his lawyer neighbour during the rant, taking issue with their suggestion that people build electric-vehicle charging plugs along highways. 'I said, "But if you haven't got a f***ing source from a power station, plugs on the highways aren't going to do jacks***".' Daily Mail Australia has contacted Geotech and ME Safety for comment. The federal government has a target of reaching 82 per cent renewable energy in the national grid by 2030, up from 43 per cent this year. Almost half of renewable energy investors rate Australia as only 'somewhat attractive' for future projects, The Clean Energy Investor Group revealed earlier in July. The group, whose 26 members have combined investments of about $38billion, were quizzed on topics including the biggest challenges, opportunities and locations for renewable energy. Of the 13 investors who responded, almost half (46 per cent) rated Australia as a 'somewhat attractive' destination for clean energy investments, while 23 per cent remained neutral and another 23 per cent classified the nation as 'very attractive'. Electric vehicles also accounted for a record high of 10 per cent of Australian sales in 2024, still falling well short of the 20 per cent of new purchases globally.
Yahoo
a day ago
- Business
- Yahoo
Coal Isn't Dead--It's Setting Records Again
Global coal demand is on track to set another record in 2025despite a slowdown from China, its biggest consumer. That's the latest update from the International Energy Agency, which now expects this year's demand to also reach a new high. China's coal usage is projected to fall 0.5% in 2024, but that's more than offset by rising consumption elsewhere. In the U.S., where President Donald Trump has been vocal about backing fossil fuels, coal demand surged 12% in the first half of the year as electricity usage picked up. Europe is seeing similar trends, with weak wind output forcing utilities to fall back on more traditional power sources. India is also contributing to the upside, with coal demand forecasted to rise 1.3% this year. In total, the IEA estimates that global coal use climbed 1.5% in 2023 to a record 8.79 billion metric tonsup from its previous 8.77 billion-ton estimate. The agency noted that electricity demand globally is growing faster than new capacity from renewables like wind and solar, leaving coal to fill the gap. Even as governments push decarbonization goals, the shortfall in clean energy infrastructure is keeping the world's dirtiest fuel in play longer than many expected. The IEA now sees a possible inflection point in 2026but the outlook hinges heavily on China. If demand there stabilizes or picks up again, the forecast could shift. For investors, that opens the door to both risks and opportunities across the energy and utility space. Traditional players like Peabody Energy (BTU) could benefit in the short term, while the broader electrification storyincluding players like Tesla (NASDAQ:TSLA)still depends on how quickly renewable generation can catch up. In the meantime, the market is watching China's next moves. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CTV News
a day ago
- Business
- CTV News
Union Pacific beats quarterly profit estimates on strong coal shipments
Union Pacific, the largest U.S. freight railroad operator, beat second-quarter profit estimates on Thursday, powered by higher revenue from coal shipments and improved pricing. Coal shipment volumes, a weak spot for U.S. railroad operators, have picked up after U.S. President Donald Trump signed executive orders aimed at boosting coal production. Union Pacific, seen as a barometer for U.S. economic activity, also benefited from strong volumes in its grain products segments and industrial chemicals shipments. While the policy shift has provided a recent boost to rail carriers, the North American railroad industry has struggled with volatile freight volumes, rising labor and fuel costs and growing pressure from shippers over service reliability. The West Coast rail giant has reportedly been in early-stage talks with its East Coast peer, Norfolk Southern, to explore a cross-continental railroad merger, possibly creating a single-line network stretching from coast to coast. However, a merger with Norfolk would be subject to severe antitrust scrutiny from regulatory bodies such as Surface Transportation Board, which oversees railroads. Union Pacific's quarterly profit rose to US$3.03 per share, beating analysts' average estimate of US$2.91 per share, according to data compiled by LSEG. Adjusted operating ratio, a key metric for measuring the operational efficiency of a railroad, rose by 230 basis points to 58.1 per cent from a year earlier. Total operating revenue for the quarter ended June 30 came in at US$6.15 billion, compared with the average estimate of US$6.16 billion. The company said operating revenue was driven by higher volume and 'solid' core pricing gains. --- Reporting by Anshuman Tripathy in Bengaluru; Editing by Sriraj Kalluvila and Saumyadeb Chakrabarty
Bloomberg
2 days ago
- Business
- Bloomberg
China's Coal Price Surge May Lose Steam Without Policy Support
A rally in Chinese coal prices following government moves to tackle excess supply will probably be fleeting without policies that support demand, according to the leading industrial group. The National Energy Administration started inspections across eight provinces and regions this month, warning it may shutter coal mines that are producing above permitted levels. Since news of the crackdown emerged on Tuesday, coking coal futures in Dalian have surged more than 15%.
Globe and Mail
2 days ago
- Business
- Globe and Mail
Coal company wins $142.8-million from Alberta government over policy flip-flop
A coal company that was suing Alberta as part of a $16-billion lawsuit has reached a $142.8-million settlement over the government's flip-flop on coal policy. Atrum Coal Ltd. has agreed to drop its lawsuit and surrender its coal leases back to the government in exchange for the cash, according to a notice on the company's website. The province paid Atrum $136.8-million earlier this month, but will retain $6-million of the full settlement amount until reclamation works on the site are complete. Atrum said in the notice it would distribute the proceeds of the settlement to its shareholders, minus obligations such as taxes, director compensation, legal fees and amounts needed to cover reclamation works. Details of those amounts and timelines will be released at a later date. The company is one of two that have reached settlements with the province. The other is Evolve Power Ltd. (formerly Montem Resources Ltd.), though it has not yet posted details on its deal with the province. The Alberta government has not yet answered questions from The Globe and Mail about the Atrum settlement. Alberta regulator approves controversial coal exploration applications at Grassy Mountain At the heart of the lawsuits was a series of changes made to provincial coal policy by the United Conservative Party government. In 2020, it nixed land protection rules that dated back to 1976, prompting a furious public backlash that forced the government to reverse its decision the following year. The government then cancelled leases earmarked for potential new mines and declared an indefinite moratorium on coal exploration. In January this year, the Alberta government scrapped the series of ministerial orders that banned coal development in the foothills of the Rocky Mountains, returning to an older policy that in part relies on land categories to govern where mines are built. Companies that had already spent millions developing mine plans moved to recoup some of those costs by suing the province. The result was two lawsuits: one filed in 2023, the other in 2024. The first suit was a joint case involving four separate submissions to Alberta's Court of King's Bench by Evolve, Atrum and its subsidiary Elan Coal Ltd., Cabin Ridge Project Ltd. and Black Eagle Mining Corp. All were pursuing mines for metallurgical coal, which is used for making steel. The other suit was filed in June, 2024, by Northback Holdings Corp. It argued that the joint federal-provincial review of its proposed Grassy Mountain mine in the Crowsnest Pass was flawed and that dozens of provincial officials acted in bad faith when they 'consistently assured Northback that the Grassy Mountain Project would be subject to a fair and transparent regulatory process.'
