MARKETS

Anglo CEO slams ETS during Senate enquiry

ANGLO Coal is battling for changes to the Rudd government’s proposed emissions trading scheme, which could clean out profits.

Blair Price
Anglo CEO slams ETS during Senate enquiry

According to ABC News, Anglo Coal chief executive officer Seamus French told a Senate enquiry into the scheme that under its current design it would cost the company $A118 million ($US86.78 million) per year to buy carbon permits, wiping out the average annual profit of the past five years.

He reportedly said there was no technology currently available to reduce Anglo’s operational emissions and called for the scheme to either include industry assistance to coal mining or to phase in the auction of carbon permits.

In March the Australian Coal Association estimated the scheme could tax the coal industry some $A5 billion over the next five years due to what could be considered “fugitive emissions”

TOPICS:

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Monthly Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Monthly Intelligence team.

editions

Mining Magazine Intelligence Future Fleets Report 2024

The report paints a picture of the equipment landscape and includes detailed profiles of mines that are employing these fleets

editions

Mining Magazine Intelligence Digitalisation Report 2023

An in-depth review of operations that use digitalisation technology to drive improvements across all areas of mining production

editions

Mining Magazine Intelligence Automation Report 2023

An in-depth review of operations using autonomous solutions in every region and sector, including analysis of the factors driving investment decisions

editions

Mining Magazine Intelligence Exploration Report 2023 (feat. Opaxe data)

A comprehensive review of current exploration rates, trending exploration technologies, a ranking of top drill intercepts and a catalogue of 2022 Initial Resource Estimates and recent discovery successes.