Energy traders lobby for urgent funds to avoid liquidity crisis
The European Federation of Energy Traders is petitioning for “emergency funding mechanisms” in order to prevent some traders from experiencing liquidity problems.
“I don’t believe for one moment this is linked to some of the higher level issues of relationships between China and the rest of the world.” - Mackenzie
According to Fitch Solutions, off-grid mines could benefit from reducing their dependency on diesel while taking advantage of the region's favourable climate conditions.
The mining and trading giant will cap its production of thermal and coking coal at about 150m tonnes per year, close to its planned output level for 2019.
CEO Andrew Mackenzie said it was too early to say what impact the recent Vale tailings dam disaster will have on efforts to restart BHP and Vale's jointly owned Samarco mine, shut since November 2015 after a dam collapse killed 19 people.
While South Africa has suffered electricity shortages for more than a decade, the utility is at a crisis point and is seen as the biggest threat to the economy.
The company said it failed to reach an agreement with a client in a dispute over a mining project in Latin America, prompting it to slash its profit forecast by more than 40% for the year.