These assets are better off being in the hands of those who...

These assets are better off being in the hands of those who appreciate them. If they are clownish enough to write it down to zero , and note that is managements call , the auditors only sign off that the accounts produced by mgt are true fair which gives plenty of latitude to value it at nothing if they are silly enough to do so . The auditors are really only worried about over valuation of assets not under valuation.

I don’t know much about S32 but if woke management have taken it over they are probably so caught up in the delusion of Agw theory that they cant see the real world reality that this transition away from fossil fuels is going to take many years longer than the climate loons hope .

Even if you model that all the west converts off fossil fuels over the next 20 -25 years ( which I doubt) , the problem you still have is very large parts of Asia ( India and China in particular as well as number of other Asian countries) right now consume far less energy per capita per day than the average person in the west . This per capita consumption of energy will go up to match ours in time and you can’t do that and do a complete fossil fuel substitution at the same time over the next 20 -30 years in these developing countries or you risk complete failure of your system. Added to that the cost economics to do this at a reliability level provided by existing fossil fuels and it is simply beyond the means of most developing countries to even try to go 100% renewable or net zero 2050 ( or whatever silly slogan you want to use ) .

Note that I haven’t even mentioned Africa yet . It would seem many in the west are expecting they are going to live in energy poverty for at least another hundred years to appease the co2 phobics here in the west .

This is exactly why too this idea has spawned about climate reparations . The good modellers know net zero 2050 is a total pipe dream unless these next waves of industrialisation to happen in Asia ( as people go up the daily energy consumption curve ) and Africa just even starts on the bottom rung of that curve , much less accelerates up that curve like countries in Asia are , it will require an enormous amount of cheap energy that can only come reliably and cheaply from fossil fuels. This effect swamps all decarbonisation efforts in the west when you realise the peoples in Africa and Asia are more than half the worlds population.

Hence this idea of climate reparations to give these countries a tonne of western money for free so they might try and go for the expensive sources of energy first such as renewables with storage rather than fossil fuels , which would be the default choice if left to market economics .

But reality I argue will still kick in and as long as the oil / gas producers of the world are pumping oil and gas , developing countries most likely will still predominantly go the fossil fuel route ( no matter how much climate reparations are thrown at them ) at least for their base load sources of energy unless there is some sort of major energy revolution or wind / solar (counting the cost of storage all the pundits always exclude) becomes orders of magnitude cheaper over the next couple of decades . Also you can count nuclear out for a quick global solution simply because it takes decades to build and commission Nuclear plants .

An Indonesian company which our major shareholder is , doesn’t come to the table with all the silly preconceived biases that many folk here in the west have or with the guilt complex many also bring to the Agw debate ( I use the word debate as no science is ever settled no matter what the believers tell you) and hence I am sure they can see this transition off fossils fuels globally will take many more years than most are predicting . So in a way I am very glad we have the share register we have because hopefully it will allow us to keep and retain rational management to assess opportunities on other coal assets as they come up .