In order to control the loading and unloading operations at the Solntsevsky coal mine and Shakhtersk coal seaport, a pilot project is being introduced by the Eastern Mining Co.
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CONSOL Energy Inc. (CEIX) has reported financial and operating results for 4Q20 and fiscal year ended 31 December 2020.
4Q20 highlights:
Consummated the CONSOL Coal Resources (CCR) merger transaction with strong shareholder support.
Net income and net income attributable to CONSOL Energy Inc. Shareholders of US$14.7 million and US$13.1 million, respectively.
Cash and cash equivalents of US$50.9 million as of 31 December 2020.
Gross payments on total debt of US$26 million during the quarter.
Coal shipments recover to 5.9 million t compared to 4.5 million t in 3Q20 and 2.3 million t in 2Q20.
Net leverage ratio1 of 2.5 x as of 31 December 2020.
Net cash provided by operating activities of US$66.9 million.
Any feasible pathway out of the climate crisis involves dramatically lowering our consumption of fossil fuels. It’s astonishing, then, that many countries not only don’t reflect the damage caused by burning fossil fuels in the taxes imposed on them, but actively subsidise their extraction and use. Despite an agreement at the G20 in 2009 to eliminate fossil fuel subsidies, the US, China and Russia alone spent US$909 billion (£656 billion) on them in 2017, the most recent year available – that’s nearly 40% more than in 2009.
Governments can subsidise the fossil fuel production through transferring funds directly to companies, assuming some of their risk or selectively reducing their taxes. They can undercharge them for using goods or assets supplied by the state too – by letting oil companies drill on public land without paying royalties, for example. Governments can alternatively provide consumer subsidies by lowering taxes on fuel or electricity or setting their prices.
Africa deserves affordable energy and LNG is the first step Africa has the lowest electricity consumption per capita of any region, having barely improved in the past 30 years 11 February 2021 - 18:56 Greg Nott and Tristan Marot Picture: REUTERS/HEINZ-PETER BADER
About 17% of the world’s population belongs to the beautiful continent of Africa. And although Africa has the potential to be a global economic powerhouse, we currently only generate about 5.9% of the world’s energy supply.
Eighty percent of Sub-Saharan companies suffered recurrent electricity supply disruptions in 2018, which resulted in significant financial losses for corporate companies and, more importantly, for small businesses. Worse than that, there are currently 630-million African citizens without power. The UN’s sustainable development goal number 7 is eliminating energy hunger by 2030. Are we going to hit our target or will this remain a pipedream?