| Norway’s $900 billion sovereign wealth fund warned mining companies they could be in for a valuation discount amid growing investor opposition to coal production. “Systematic divestment programs may introduce a ‘coal discount’ within the mining sector,” Norges Bank Investment Management, which manages the fund, said in a letter to the biggest miners it holds stakes in.
The fund said it expects the miners “will be motivated to identify the anticipated costs of separating the mining of coal from the company’s mining operations and to disclose any timeline under consideration.” The Feb. 5 letter, signed by Chief Executive Yngve Slyngstad, as well as a separate Feb. 4 letter sent to utilities, both mentioned in a parliamentary hearing this month, were obtained by Bloomberg through a freedom of information request. NBIM declined to say which or how many companies it had sent the letters to...............................................Full Article: Source
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