Hedge funds slash bullish wagers on gold over Trump election win
Hedge funds and other large speculators boosted net-long positions by 11% to 197,362 as of Nov. 12, the lowest in 14 weeks.
South Africa-based miner Gold Fields laid out new environment, social and governance (ESG) goals on Wednesday, saying it would cut net carbon emissions by 30% by 2030 and look to boost the proportion of women in its workforce.
The company, which operates gold mines in Africa, Australia and Latin America, said its investment to “decarbonise” will cost about $1.2 billion until 2030, with about a quarter to be funded by Gold Fields and the rest through power purchase agreements.
The goals come as companies globally focus more on reducing their impact on the environment and boosting workforce diversity.
Big mining companies such as Vale, Rio Tinto and BHP, which have been under pressure from activists to commit to stronger environmental goals, have committed to net zero emissions of greenhouse gases by 2050.
Gold Fields’ announcement also comes weeks after global leaders pledged to cut emissions to limit global warming at the COP26 climate conference in Glasgow, Scotland.
Gold Fields said it looks to raise the percentage of women in its workforce to 30% by 2030 from about 21% as of 2020.
(By Amna Karimi and Sinchita Mitra; Editing by Shailesh Kuber)
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