The guarantee is part of a larger $8.5 billion funding package proposed by the UK, US, Germany, France and the European Union.

The US government said that two former top Glencore executives were personally involved in corruption.

A fresh Australian government, along with an expanded slate of climate-focused independent and Greens legislators, should add further support to the nation’s energy transition.

China’s demand for thermal coal is likely to keep falling through the rest of the first half, as virus restrictions continue to mire the economy in a deep slump.

Production would initially start in the October to December quarter at an annualized rate of about 2 to 5 million tonnes.