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Global coal roundup: Allianz to phase out coal risks by 2040

A roundup of international coal news from April 30 to May 7.

Europe

Germany: Allianz Group will stop insuring single coal-fired power plants and coal mines, both planned and in operation, effective immediately, as part of plans to phase out coal-related risks from its property and casualty business and proprietary investments by 2040. Companies that fail to adjust their greenhouse gas emissions to the 2-degree C target enshrined in the Paris Agreement on climate change over the coming decades will be gradually removed from Allianz's investment portfolio, the company said.

Australia

The joint venture between Yancoal Australia Ltd. and Glencore PLC unit Glencore Coal Pty. Ltd. on the Hunter Valley coal operations in New South Wales, Australia, is now effective. Yancoal now holds a 51% interest in the joint venture, and the Swiss commodities giant holds the remaining 49%.

The Supreme Court of Queensland, Australia, overturned a previous land court ruling that recommended scrapping the A$900 million expansion of New Hope Corp. Ltd.'s New Acland coal mine, the Australian Associated Press reported May 2. The matter was sent back to the land court for further consideration.

The Australian Securities and Investments Commission filed fresh allegations against Rio Tinto, former CEO Thomas Albanese, and former CFO Guy Elliott. The commission alleges that Rio Tinto engaged in "misleading or deceptive conduct" by not recognizing an impairment over its Rio Tinto Coal Mozambique unit, and that Albanese and Elliott failed to take all reasonable steps to comply with the relevant accounting standards, allowing the company to "engage in such conduct."

An updated estimate increased resources 23% at Bowen Coking Coal Ltd.'s Cooroorah coal project in Queensland, Australia, mainly resulting from an initial estimate of 37 million tonnes for a previously unexplored zone of the Mammoth seam. Coororrah now hosts indicated and inferred resources totaling 154 million tonnes, comprising 68 million tonnes in the indicated category and 86 million tonnes in inferred.

Africa

South Africa: Hot on the heels of an out-of-court settlement between the South African gold mining sector and workers who contracted lung diseases over the course of their duties, coal miners in the country are set to seek compensation as well, Mining Weekly reported May 4.

This feature was updated as of 9:35 a.m. ET on May 7. Some external links may require a subscription.