Ebene Magazine – Itochu plans to completely phase out thermal coal

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Ebene Magazine - Itochu plans to completely phase out thermal coal

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Itochu thermal coal reserves in Australia include Maules Creek and Ravensworth

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The announcement in a company presentation is the first confirmation of the complete withdrawal. Over the next three years, the company will sell its shares in Colombian and Australian mines.

It had already announced that it would not take any new interests in thermal coal and announced in February 2019 that it would stop the coal from selling its shares in Leaving Rolleston Mine in Australia.

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Instead, a priority action will be taken to « strengthen initiatives related to environmentally friendly products and businesses and services of the circular economy » that include water and waste management, sustainable materials, storage batteries and recycling.

Reuters reported that The announcement is part of a new three-year business strategy. Itochu has not set out the details of this plan, but is expected in April or May when it releases its earnings report for the year ended March 31st.

Itochu’s holdings include a stake in the Drummond operation in Colombia , which accounts for 6 million tons per year, and at the Maules Creek and Ravensworth mines in Australia with 900,000 t / year and 1.5 million t / year respectively.

Ravensworth in New South Wales is managed by Glencore. Maules Creek, also in NSW, is administered by Whitehaven.

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Ref: https://www.miningmagazine.com

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