News Wrap

IN THIS morning’s News Wrap: Whitehaven chief calls for pushback against ‘green imperialism’; Indian coal supply badly in need of competition; and Intrepid plans merger and $110m buyback.

Lou Caruana

Whitehaven chief calls for pushback against ‘green imperialism’

Whitehaven Coal boss Paul Flynn says the coal industry should fight harder against the global campaign urging investors to dump investments in fossil fuels, which he labels “green imperialism at its worst”, according to the Australian Financial Review.

He says the global divestment movement is “very selective” with their case, and the coal industry needs to dedicate more time and money to countering it.

“This is green imperialism telling us what to do,” he said.

“I wouldn’t tell people how to invest their money and they shouldn’t purport to be doing that either.”

Indian coal supply badly in need of competition

The Indian supreme court had found that state had awarded more than 200 licences to develop coal fields in an “arbitrary and illegal” manner over the two decades from 1993, according to the Australian Financial Review.

Many of the disputed licences were given to owners of steel, power or cement plants for their exclusive use. India’s inefficient, state-run coal miners – such as Coal India, which produces four-fifths of India’s coal – could not be trusted to develop reliable supply.

Intrepid plans merger and $110m buyback

Intrepid’s compensation settlement for the loss of its Tujuh Bukit copper-gold project in Indonesia is to underpin a $110 million share buyback, as well as being recycled in to the Kitumba copper project in Zambia through an agreed merger with Kitumba’s owner, Blackthorn, according to The Australian.

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