Point Roberts, WA and Delta, BC - February 4, 2020 (Investorideas.com Newswire) Investorideas.com, a global news source and leading investor resource covering cleantech and renewable energy stocks (Renewableenergystocks.com) issues today's edition of the Cleantech and Climate Change Podcast, talking about today's problems and solutions for the future.
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Note all prices are as of the close of market Monday February 3, 2020
Years ago, I did not think that I would be covering both Tesla (NASDAQ:TSLA) and Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) in a cleantech podcast. The times they are a changing - and a long time coming; for the better.
Electric car maker Tesla (NASDAQ:TSLA) took the market by storm closing at $780.00, up a jaw dropping $129.43 or (+19.89%). Elon Musk is smiling somewhere saying 'how do you like them apples?'
With a flurry of headlines out under their symbol like "Super Bowl 2020 ads pushed electric vehicles like never before," "Is Tesla on Track to Join the Elite S&P 500 Index This Year?" and
"Tesla Gains Most Since 2013 on Panasonic Profit, Bullish Target" it's no wonder he's smiling- and so are all the investors that have gone along for the ride.
A perfect storm of analyst upgrades, reports of Baillie Gifford & Co, (Tesla's largest stakeholder after CEO Elon Musk), increasing his ownership and news from Panasonic (OTC: PCRFY) reporting a 3% rise in third-quarter operating profit, in part due to cost cuts and success with its joint battery business with Tesla, (Panasonic closed up on the OTC at $10.61+0.64 (+6.42%) haven't hurt either.
Senior Research Analyst Bill Selesky at Argus Research moved his firm's target price for Tesla to $808, up from his previous target of $556.
Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) and The AES Corporation (NYSE: AES) announced today that their Chilean affiliates, Compania Minera Teck Quebrada Blanca S.A. ("CMTQB") and AES Gener S.A (AES Gener), have entered into a long-term power purchase agreement for the Quebrada Blanca Phase 2 copper project ("QB2") in Chile, enabling the transition to renewable energy for approximately half the power required for operation of QB2.
Under this arrangement, CMTQB will source 118 Megawatts (MW) for Quebrada Blanca Phase 2 from AES Gener's growing renewable portfolio of wind, solar and hydroelectric energy, in addition to the 21 MW of solar power already contracted from AES Gener. Once effective, more than 50% of QB2's total operating power needs are expected to be from renewable sources.
The transition to renewable power will replace QB2's previous fossil fuel power sources which will avoid approximately 800,000 tonnes of greenhouse gas (GHG) emissions annually. That is equivalent to the emissions of about 170,000 combustion engine passenger vehicles - equal to permanently parking more than half of all the cars in the City of Vancouver or all the cars in the Tarapaca Region of Chile where QB2 is located.
"Switching to renewable power for QB2 is part of Teck's ongoing work to reduce emissions, achieve carbon neutrality across our business, and support global action on climate change," said Don Lindsay, President and CEO of Teck. "This agreement secures reliable, long-term power for our major copper growth project at no additional cost, while helping to reduce our environmental footprint. We will continue to explore further opportunities to increase the use of renewable energy as part of Teck's ongoing focus on decarbonisation."
They also reported,"As part of our commitment to climate action and responsible resource development, Teck Resources Limited announces an objective to be carbon neutral across all operations and activities by 2050."
"Setting the objective to be carbon neutral by 2050 is an important step forward in our commitment to reducing emissions and taking action on climate change," said Don Lindsay, President and CEO. "Climate change is a global challenge that our company and our industry need to contribute to solving. We will pursue the technologies and measures necessary to reduce carbon emissions across our business, while continuing to responsibly provide the metals and minerals necessary for the world's transition to a low-carbon economy."
Teck Resources closed up slightly at $12.95+$0.04 (+0.31%) on the NYSE.
So for investors that are already investing in renewable energy, it's a major milestone to see the mining industry making commitments to transition into a cleaner way of operating.
As far as Tesla goes - apparently the road to greener days is being paved for investors that believed in Elon Musks' dream. Ride on, ride on, ride on....
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Thanks, that's it for today. Do something good for this beautiful planet each and every day.
Podcast host: Dawn Van Zant
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