Huge Glencore mine under threat as UniSuper will not back it
Pension funds and other large institutional money managers are facing growing pressure by clients to use their resources to fight climate change
18 September 2020 - 11:50
Melbourne — Glencore’s plans for a giant new coal mine in Australia’s Bowen Basin may suffer a setback after key stakeholder UniSuper Management said it won’t support the project.
The A$80bn ($59bn) pension fund told its investment partners that it won’t support the A$1.5bn Valeria project as the economics “don’t stack up”, chief investment officer John Pearce said in a University of Melbourne webinar on Thursday night...
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