Fighting Drug addiction

-
 Here's the story: We sat down with a man who had a harrowing journey with addiction. He began by telling us about his early days in tertiary education, where he would occasionally smoke dagga with friends. However, his focus remained on his studies, and he worked hard to graduate and secure a qualification. After landing a job, he started building a life for himself. He got married, bought a property, and even splurged on a car. Life was good, and he felt like he was on top of the world. But one fateful night, while out with friends, he was introduced to heavier narcotics. At first, the experience was exhilarating. He described it as an elevation from the mild high of dagga to a level 5 high, where he felt invincible and euphoric. The effects would last for days, allowing him to party from Friday to Sunday without sleep. The problem, however, began to manifest on Mondays and Tuesdays every week, when the withdrawal symptoms would kick in, and he'd struggle to function at work....
Post a Comment

Anglo’s coal retreat may boost SA fossil-fuel output

-

 


accreditation
Felix Njini and Antony Sguazzin
0:00
play article
SUBSCRIBERS CAN LISTEN TO THIS ARTICLE
.
.
  • Anglo American exited its SA coal business this week - but there's a potential catch. 
  • The spinoff, Thungela Resources, could end up generating more greenhouse gases than the mines that have gradually been run down by Anglo. 
  • CEO July Ndlovu expects seaborne coal demand to remain constant for at least a decade.

Under pressure from investors and environmentalists, Anglo American exited its South African coal business this week, but the spinoff could have an unforeseen outcome: higher output of the most polluting fuel.

Anglo’s Chief Executive Officer Mark Cutifani said it was a “responsible transition” from thermal coal, but July Ndlovu, the head of spinoff Thungela Resources, has a different perspective. Ndlovu wants South Africa’s biggest coal exporter, which began trading in Johannesburg and London on Monday, to develop new resources and buy rivals.

“I didn’t take up this role to close these mines, to close this business,” Ndlovu said in an 8 June interview at Thungela’s new offices in Johannesburg’s Rosebank business district. “I took this role to do what is right for the people of this country.”

The CEO’s bullishness about an industry where prices are currently surging highlights the potentially unintended consequences of the world’s biggest mining companies stepping away from thermal coal. While Anglo’s exit burnishes its appeal to institutional investors with ambitious climate goals to meet, expansion at Thungela’s could mean the spinoff generates more greenhouse gases than had the mines been gradually run down by Anglo.

Mine investment

“Anglo was not going to invest in the future of these mines necessarily,” Ndlovu said. “We now are independent, where it makes sense we will absolutely invest in these mines. We know how to convert resources into production.”

The CEO expects seaborne coal demand to remain constant for at least a decade. Thungela’s annual exports total 16.5 million tons, most to Asian countries stretching from Pakistan to China and some to new markets in North Africa.

Still, embarking on expansion may put the company on a collision course with major investors such as Old Mutual Group, which manages about R380 billion of assets. Jon Duncan, Old Mutual’s head of responsible investing, said the expectation is that the market for seaborne thermal coal will decline and players like Thungela will need to wind down over time as the world transitions to cleaner energy.

“We see local coal producers like Thungela as yield companies; they should align their production with the requirements of climate science and national decarbonization policy, and importantly, pay out dividends while properly provisioning for the necessary rehabilitation and remediation,” he said in an interview. “I expect they would have a lot of very unhappy shareholders if they withheld dividends and blew capital on projects which have no return path.”

Own direction

That will no longer be Anglo’s concern, as it said Thungela will now make its “own decisions on its direction and growth.”

“For many countries, particularly in developing economies, access to reliable and affordable energy depends on access to thermal coal,” said Anglo, which still has coal assets in Colombia and Australia. “Many communities, and countries across the world benefit from thermal coal production through local economic development, employment, export earnings and the provision of essential services.”

Ndlovu is confident his company won’t struggle to find funding for expansion, saying lenders in coal-consuming countries in the Far East may fund new developments even if financial institutions in South Africa and Europe are reluctant to.

“If you have got good quality resource in the ground, I think it offers exciting opportunities,” he said.

For Anglo, that could risk reputational damage.

“Anglo was very clear that the demerger was all about ‘pursuing a responsible transition away from thermal coal as the world transitions toward a low-carbon economy,”’ said Tracey Davies, director of Cape Town-based shareholder activist organization, Just Share. “If Thungela now expands its operations, thereby increasing its carbon emissions, then Anglo’s claims ring hollow.”

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For only R75 per month, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
Subscribe to News24

Comments

Post a Comment

Popular posts from this blog

MultiChoice’s BEE scheme trying to find 22 000 shareholders who are missing out on millions

-
Image
  USINESS REPORT COMPANIES MultiChoice’s black economic empowerment scheme is looking for about 22 000 shareholders who owned shares and did not receive dividends of R207 million between 2006 and 2020. Picture: Karen Sandison/African News Agency(ANA) MultiChoice’s BEE scheme trying to find 22 000 shareholders who are missing out on millions By Edward West   Feb 16, 2021 CAPE TOWN - PHUTUMA Nathi, the MultiChoice black economic empowerment scheme of more than 80 000 shareholders, is looking for about 22 000 shareholders who owned shares and did not receive dividends of R207 million between 2006 and 2020. “This money belongs to our shareholders. We’re calling on them to contact us to get their money. In these tough economic times we want to do everything in our power to give them what is rightfully theirs,” Phuthuma Nathi chairperson Mandla Langa said in a statement yesterday. Phuthuma Nathi has been paying dividends every year since the start of the scheme in 2006. Am...
Read more

Car Hijackings in South Africa.

-
 Being a resident of the South African Community, l have came to realize that in some cases we have Car hijackings that will leave one to wonder what will have happened and where did those robbers comes from. The events unfold in a very fast and violent  manner which no-one will be prepared for. Its so traumatic, horrific and in some cases individuals end up loosing their lives.  l realized that these individuals who carry out such bad things works with someone who either will be seeing you close by or else you will be drinking on the same counter in a bar and he is relaying the information to those waiting for you outside. It's so unfortunate that some people that we meet are not there for the social life that you go for. They are on a mission to take you down. It is difficult to raise public awareness and advise people to be vigilant. However a few tips can try to raise awareness such as if you see that you are being followed drive to the nearest police station. In publ...
Read more

Which countries have the world’s largest coal reserves?

-
Image
  Visual Capitalist Elements   | September 15, 2021 | 8:58 am   Intelligence   Australia   USA   Coal   The Countries With the Largest Coal Reserves Cheap and abundant coal remains one of the largest sources of energy worldwide, even as governments set out goals to reduce greenhouse gas emissions. While jurisdictions in Europe and North America have been phasing out coal use in power generation, it has been on the rise in Asia. China and India are scrambling to provide electricity to a growing population and relying on coal power plants to meet demands despite the environmental costs. SIGN UP FOR THE ENERGY DIGEST Sign Up This infographic takes a look into the  BP Statistical Review of World Energy 2021 , and the 11 countries that make up  89%  of the coal reserves globally. Coal Reserves, by Country While countries need to phase out coal by 2040 to achieve the Paris Agreement goal of limiting global warming to 1.5ºC, consumption in key ...
Read more