Australia’s national investment fund makes first bet on mining
Australia’s National Reconstruction Fund will invest $26 million to boost mining equipment manufacturing in the state of Queensland.
Whitehaven Coal on Friday urged its shareholders to vote against a resolution at its annual general meeting that pushed for disclosing a plan annually on how it would meet certain goals of the Paris Agreement on climate change.
Australia’s biggest independent coal miner called the resolution, which seeks a plan demonstrating how it would wind up its production assets and operations in a manner consistent with the goals of the Paris Agreement, a “misrepresentation”.
The resolution is promoted by Market Forces, which represents 0.003% of voting shares in the firm, the company said.
“The Paris Agreement does not dictate how emissions reductions should be achieved,” the New South Wales-based miner said in a statement, adding that it had no intention of shutting down its mining operations.
The company is holding its AGM on Oct. 22.
Miners in Australia are resisting calls from increasingly vocal activist investors over issues due to social license to operate.
Rio Tinto Ltd opposed a proposal in May led by Market Forces that recommended the world’s biggest iron ore miner commit to targets that would scale back emissions of its customers.
(By A K Pranav; Editing by Anil D’Silva)
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