Out of Favour

摘要

Anglo American has drawn a line in the sand for its thermal coal portfolio. With 14 more years of life in existing assets, the company made it clear last month that it would engage in incremental expansion where it made sense, but not in long-term growth projects. Anglo has halved its footprint in thermal coal over the past five years as part of what it calls a just transition, and a slide on long-life optionality shown during an interim financial results webcast did not name thermal coal as a growth product, only metallurgical coal, which also got the nod under the heading 'promoting a better global environment'.