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Global Coal Roundup: Glencore CEO hints at his departure from mining company

Glencore PLC CEO Ivan Glasenberg hinted in a call with investors that he may leave sooner than expected. Glasenberg indicated that the company would likely promote someone internally to the post, saying that as soon as they are ready to step up, he will step aside.

* The U.K.'s Serious Fraud Office is also investigating Glencore on bribery suspicions. Bloomberg reported that the office was preparing a formal investigation of the mining giant in 2018 over business dealings with Israeli billionaire Dan Gertler and former Congo President Joseph Kabila.

* The secretary-general of the United Nations said climate change mitigation will be "doomed" unless the world stops burning coal, The Associated Press reported. Speaking at the 25th annual session of the Conference of the Parties to the UN Framework Convention on Climate Change, or COP25, Antonio Guterres said the world now needs to reduce emissions by 7.6% annually, more than twice the amount it would have needed to reduce by a decade ago.

* While global carbon dioxide emissions continue to increase and are projected to peak this year, they are growing at a slower rate as the U.S. and the EU quickly move away from coal-fired generation, according to a report from the Global Carbon Project. That report projects that year-over-year global emissions will increase 0.6% this year, compared with a 2.1% increase from 2017 to 2018.


* The EU opted not to include coal or nuclear in an agreement on a classification system for green financing intended to increase sustainable investments in the region. Under the taxonomy, entities claiming to be sustainable will be required to reveal how environmentally friendly their investments are.

Spain: Iberdrola SA will close its remaining coal-fired power plants in 2020, replacing the units in northern Spain with wind and solar operations. CEO Ignacio Galán said the decision would make Iberdrola the world's largest electric utility without coal-fired generation.

Germany: Bloomberg News reported that German Chancellor Angela Merkel's Cabinet delayed a decision on legislation detailing the nation's plan to stop burning coal for power. An unnamed ministry official said the bill was taken off the Cabinet agenda amid disputes over some provisions and would likely be evaluated in 2020.

North America

Canada: Canadian National Railway Co. intends to spend C$125 million upgrading its rail infrastructure to help Teck Resources Ltd. increase its metallurgical coal shipments in British Columbia. The coal producer said the agreement should reduce its transportation costs and improve performance.


South Africa: A unit of Resource Generation Ltd. is working to finalize binding and security documentation for its Boikarabelo coal project in South Africa and plans to hold a shareholder vote in 2020. The entity entered into a nonbinding agreement with three potential funding partners that offered 4.2 billion South African rand for the operation.