Finance
Here's Who's Backing Coal as Some of the World's Biggest Banks Get Out
- Australia miners see Asian banks, PE firms filling the void
- Projects in Vietnam, Indonesia face risks from higher costs
Workers work on the coal carriages at a railway station in China's Jiangxi province.
Photographer: Feature China/Barcroft Media via Getty Images
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Moves by some of the world’s biggest banks to end coal financing for the sake of the planet was supposed to create major headaches for companies like Whitehaven Coal Ltd.
Yet there was the Australian miner on a conference call last month announcing the refinancing and extension of a A$1 billion ($650 million) credit line, backed mostly by Chinese and Japanese lenders.
“Our banking relationships are strong, we are really well supported,” Chief Financial Officer Kevin Ball said. “That might come as a little bit of a surprise to people who aren’t familiar with coal.”