Teck Resources agrees to sell steelmaking coal business in deals valued at $9B US
Teck Resources agrees to sell steelmaking coal business in deals valued at $9B US
Last year, coal accounted for 60 per cent of Teck’s revenue and 75 per cent of its profit. (from the Globe and Mail)
This sounds like a massive downsizing. Is Teck in need of cash or is this a strategic move? Most of these mines produce metallurgical coal so not used for power generation. Do they see that steel production wil switch off coal? Are there even good alternatives to metallurgical coal?
Are there even good alternatives to metallurgical coal?
It would seem that the answer is at least a qualified "Yes".
Some companies are already starting to use hydrogen in their process. Obviously, the source of that hydrogen is a concern. According to this article in the Narwhal, there is at least one company using only green hydrogen (from renewable sources).
Blake Shaffer, assistant professor of economics at the University of Calgary, told The Narwhal in February the expansion of metallurgical-coal mining in Alberta is an example of the province “chasing the next thing that’s going to die.”
Man, it's fascinating, in a sad way, to see Alberta do this over, and over again. It's like every chance they get to rule the roost of a new green product, they refuse, block it, and then chase some industry that's winding down.