It increased its cash-scrip offer by nearly 11% to A62 cents, trumping Gold Road's all-cash A56c per share bid.

The worst performers among 53 major metal companies ranked for risks and readiness in a net-zero emissions scenario were an Australian iron ore miner and steelmakers from Russia and India.

Exit is looking less certain as record prices and shifting investor attitudes put the brakes on its planned retreat from the dirtiest fuel.

Jakob Stausholm last month laid out plans to spend $7.5 billion to decarbonize its assets over the next decade.

Politicians promised to stop financing overseas coal plants, tackle methane leaks and take greater action this decade to limit global warming.

Shares in Vulcan stopped trading on Wednesday after having soared 82% this year.