- Write by:
-
Friday, January 5, 2024 - 22:55:20
-
92 Visit
-
Print
Mining News Pro - China’s battery giants are at the forefront of the global energy transition, but on the stock market they’re being outshined by the dirtiest fossil fuel.
Coal miner China Shenhua Energy Co.’s market capitalization is closing in on that of Contemporary Amperex Technology Co. Ltd. after surpassing BYD Co. in late November. It’s a stark difference from February last year, when CATL’s valuation was more than double that of Shenhua’s.
The diverging fortunes underscore the staying power of fossil fuels even as the world tries to decarbonize. Shenhua, China’s largest listed coal miner, has seen its shares rise 23% in the past year as authorities pushed mining output to record highs in a drive for energy security. The company’s shares in Hong Kong are near the highest level in more than a decade.
CATL and BYD’s share prices have plunged even as they’ve experienced real-world success. CATL dominates global battery sales, but increased competition has sent prices for energy storage devices falling. BYD overtook Tesla Inc. last quarter to become the world’s biggest electric vehicle producer, but is mired in a price war with rivals.
Still, analysts are betting on a rebound for the companies behind the energy transition. The average 12-month price targets for CATL and BYD are 74% and 61% above current levels, according to data compiled by Bloomberg. By contrast, Shenhua shares closed just above the average target on Thursday.
Short Link:
https://www.miningnews.ir/En/News/627824
China’s central bank added 60,000 troy ounces of gold to its reserves in April, official data showed on Tuesday, ...
Around $7 billion of infrastructure investments in the Democratic Republic of Congo by Chinese companies in a revised ...
Coal India Ltd., the world’s largest producer of the commodity, reported a 26% increase in fourth-quarter profit, driven ...
China’s leading metals companies, including its state iron ore buyer, are considering their next moves following BHP ...
Jiang Weiping, the founder of major Chinese lithium producer Tianqi Lithium Corp., resigned as chairman after the ...
BHP Group can’t cherry pick Anglo American assets without paying a hefty premium, Anglo investors told Reuters, ...
Iron ore futures prices fell on Monday after weak industrial data in top consumer China and the completion of of ...
When former boss Mark Cutifani left Anglo American Plc in mid-April 2022, things had rarely looked better for the ...
Iron ore futures were poised for a third straight weekly rise as prices largely consolidated gains on Friday, with ...
No comments have been posted yet ...