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☆ Navigating the energy transition
▼ + stars: | 2024-01-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNavigating the energy transitionCNBC's Steve Sedgwick speaks to Marco Alvera, CEO at TES, Vaishali Sinha, co-founder at ReNew, Alfred Stern, CEO at OMV, Bold Baatar, CEO at Rio Tinto Copper, and Henrik Andersen, CEO at Vestas.

Persons: Steve Sedgwick, Marco Alvera, Vaishali Sinha, Alfred Stern, Henrik Andersen Organizations: TES, Vaishali, Rio Tinto Locations: Rio, Vestas

☆ Will leaders stay focused on the green agenda? Watch CNBC’s Sustainable Future Forum from Davos 2024
▼ + stars: | 2024-01-25 | by ( Cnbc.Com Staff | ) www.cnbc.com time to read: +2 min

CNBC's "Sustainable Future Forum" returned as a special event live from the 54th Annual Meeting of the World Economic Forum in Davos, Switzerland. CNBC convened top policymakers and business leaders to evaluate the outcomes of COP28 and examine what needs to happen in 2024 to ensure pledges are upheld, and progress is made. This panel examines what needs to happen to stay on course. watch nowNavigating the Energy TransitionCOP28 climate summit reached a historic deal to transition away from fossil fuels but did the agreement go far enough? Guests on the panel included: Marco Alvera, CEO, TES Vaishali Sinha, co-founder, ReNew Alfred Stern, CEO, OMV Bold Baatar, CEO, Rio Tinto Copper Henrik Andersen, CEO, Vestas

Persons: Badr Jafar, Daniel F, Feldman, John Kerry, Biden Rachel Kyte, Sanda Ojiambo, Tania Bryer, Kofi Annan, Marco Alvera, TES Vaishali Sinha, Alfred Stern, OMV, Rio Tinto Copper Henrik Andersen, Vestas Organizations: Economic, CNBC, Crescent Petroleum, Business, Philanthropy, Conference of, UN, Partner, Staff, Initiative, Energy, TES Vaishali, Rio Tinto Copper Locations: Davos, Switzerland, Dubai, Covington, Rio

☆ Why the U.S. has a serious mining worker shortage
▼ + stars: | 2023-12-08 | by ( Shawn Baldwin | ) www.cnbc.com time to read: +1 min

More than half the nation's mining workforce, about 221,000 workers, is expected to retire by 2029, according to the Society for Mining, Metallurgy & Exploration, and the number of candidates willing to fill those slots is shrinking. "Our workforce is aging," said Bold Baatar, chief executive of copper at Rio Tinto. At the same time, demand for rare earth minerals such as lithium, cobalt and copper, critical components used to make batteries for electric vehicles and smartphones, is on the rise. Globally, at least 384 new mines will need to be built to meet demand for electric vehicles by 2035, according to Benchmark Mineral Intelligence. To better understand the role miners play in the transition to green energy, CNBC got a behind-the-scenes look at Rio Tinto's copper mining operation in Utah.

Persons: Baatar Organizations: Society for Mining, Exploration, Rio Tinto, Benchmark Mineral Intelligence, CNBC Locations: Rio, Utah

☆ Rio Tinto sees robust short term outlook for copper
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +2 min

[1/4] A worker stands at a processing facility at Oyu Tolgoi copper mine in the Gobi Desert, Mongolia March 13, 2023. RentsendorjKHANBOGD, Mongolia, March 14 (Reuters) - The short-term outlook for copper is "pretty healthy," with global stockpiles trending down and mine disruptions having eroded supply from Latin America, Rio Tinto's head of copper Bold Baatar said on Tuesday. "Physical stocks of inventories of copper are at multi-year lows," he said, adding that copper demand in China was "relatively strong." "So at the moment, even in the short-term outlook, there's a pretty healthy demand picture," Baatar said. Reporting by B. Rentsendorj at Oyu Tolgoi and Mai Nguyen in Hanoi; Editing by Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

HOUSTON, March 8 (Reuters) - Copper mining giants are scrambling to attract and retain workers, especially in the United States, amid rising global demand for the red metal for the green energy transition. While regulatory push back and water supply have been among the mining industry's historical challenges, access to talent has emerged as another worry. Workers are needed with skills to build and run mines producing lithium, nickel, copper and other metals to feed the green energy transition. We're just trying to make our work as attractive to people as we can," said Adkerson, who has run the company since 2003. Freeport peer Rio Tinto Ltd (RIO.AX)(RIO.L) has more than 4,000 employees in Utah, where the company runs the Kennecott copper mine.

But that copper sits below the federally owned Oak Flat Campground, a place some Apache consider home to deities. The mine would create a crater 2 miles (3 km) wide and 1,000 feet (304 m) deep that would destroy that worship site, which the San Carlos Apache tribe strongly opposes. Some other Apache tribes in the area support Rio's project, but the San Carlos Apache have vowed to block it. Rio said it will continue to try to win the San Carlos Apache's approval. Several courts have ruled against the San Carlos Apache and their allies, which have appealed to the full 9th U.S.

☆ CERAWEEK Biden climate law will stumble without permitting reform, industry warns
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +3 min

HOUSTON, March 6 - The Biden administration's climate law, which provides hundreds of billions of dollars in clean energy incentives to fight global warming, won't be fully effective without permitting reform, executives told the CERAWeek energy conference on Monday. "If the permitting reform doesn't happen, the IRA may not get its full use and benefit," Bold Baatar, who runs the copper business at mining giant Rio Tinto Plc (RIO.AX)(RIO.L), told the Houston conference. White House Energy Adviser John Podesta told the conference permitting reform was high on the administration's agenda. "The permitting process for clean energy infrastructure, including transmission, is plagued by delays and bottlenecks," Podesta said. "I was a little bit nervous, because when John Podesta kept talking about permitting reform, he only talked about renewables," Sullivan told the conference.

☆ Rio Tinto completes $3.3 bln Turquoise Hill deal for larger share in Mongolia project
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +1 min

[1/2] The Rio Tinto logo is displayed on a visitor's helmet at a borates mine in Boron, California, U.S., November 15, 2019. Turquoise Hill shareholders last week voted in favour of Rio Tinto's $3.3 billion bid to take the Canadian company private after months of back and forth. 2 shareholder Pentwater Capital Management accused Rio of concealing delays and huge cost overruns at Oyu Tolgoi. BHP Group last month made a renewed $6.5 bln play for copper miner OZ Minerals, potentially allowing the miner to consolidate its copper assets in South Australia if the deal goes through. Shares of Rio Tinto finished 0.8% higher on the Australian Stock Exchange.

☆ Rio Tinto’s Mongolian purgatory is finally over
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: +2 min

LONDON, Dec 9 (Reuters Breakingviews) - Finally, something has gone right for Rio Tinto (RIO.L) in Mongolia. Rio boss Jakob Stausholm squeaked home with 60.5% of minority votes cast, just over the 50% threshold. It’s a massive win for Stausholm and Rio copper boss Bold Baatar. Oyu Tolgoi still needs more than $3.5 billion of funding. Instead, Rio is handing them C$43 per share in cash – a 70% premium to the price in March.

Buying out the Turquoise Hill minority shareholders is Stausholm’s other initiative. Imagine minority shareholders vote down the offer, but Rio then has Turquoise Hill issue fresh equity. With minimal net debt, the miner had enough cash to buy more Turquoise Hill equity. Rio shareholders soon will see just how well Stausholm plays. Pentwater Capital Management and SailingStone Capital Partners, which own respective 15.2% and 2.2% stakes in Canada-based Turquoise Hill, have resisted the offers.

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