COAL IS THE NEW BLACK
Chris McIntosh, Capitalist Exploits via Zero Hedge, 17 August 2022
So much for all the COP 26 banter late last year. Let me remind you. The elites all flew in on their private jets and promptly told us we’re all (royal we) getting off fossil fuels and killing coal.
So how’s that turning out?
The usage of coal is now at record highs:
Global Coal-Fired Electricity Generation Surges To Record High
Coal is largely an Asian story (namely China and India):
We wonder if coal miners’ production schedules have been geared up for the “death of coal being greatly overexaggerated?”
Over the last five years it has been very fashionable for big miners (Rio, BHP, Anglo American, etc.) to offload their thermal coal assets to smaller miners.
Smaller miners have less access to capital for development and exploration, so we suspect that even with a big surge in demand for coal, there won’t be an accompanying increase in supply.
That certainly is what the market looks like right now.
And with that the only thing that moves is price. And that means the existing companies will experience this awesomely wonderful thing called margin expansion. They print more money. Wonderful!
Capitalist Exploits/Glenorchy Capital Macro Fund Manager
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