West Cumbria Coal Mine: Dodgy Mine, Dodgier Financier

The West Cumbria Coal Mine, the first new deep coal mine approved in the UK in 30 years, is developed by West Cumbria Mining Limited and controlled by the private equity firm EMR Capital. The project is projected to emit 8.8 million tons of CO2 annually, totaling approximately 200 million tons by 2049, and may emit fifteen times more methane than claimed. Reclaim Finance asserts the mine is unnecessary as existing metallurgical coal sources can meet global demand through 2050 and steelmakers can transition to electric arc furnaces. The project requires at least £241.7 million for full construction, but only £10.3 million was raised via private share sales in May 2023. Reclaim Finance calls on financial institutions and identified US investors in EMR Capital Resources Fund 1 to withdraw support.

• The West Cumbria Coal Mine is the first new deep coal mine approved in the UK in 30 years, contradicting the International Energy Agency's (IEA) Net Zero Emissions scenario which states that no new coal mines or extensions are needed to maintain a 1.5°C limit.
• The mine is estimated to emit 8.8 million tons of CO2 per year, totaling around 200 million tons of CO2 over its projected lifetime until 2049, and could potentially emit fifteen times more methane than the developer claims.
• The project is deemed unnecessary because existing metallurgical coal production is projected by the IEA to be sufficient for global demand through 2050, and steel production can shift toward electric arc furnaces powered by sustainable energy.
• West Cumbria Mining Limited is controlled by EMR Capital, which owns approximately 81% of the company's shares. The project is ultimately held by EMR Capital Resources Fund 1, based in the Cayman Islands.
• While the mine requires at least £241.7 million for full construction, only £10.3 million was raised through a private sale of shares in May 2023.

APA

Martin, L. (2023). West Cumbria Coal Mine: Dodgy Mine, Dodgier Financier. Reclaim Finance. https://reclaimfinance.org/site/en/2023/11/17/west-cumbria-coal-mine-dodgy-mine-dodgier-financier/

Chicago

Martin, Léo. West Cumbria Coal Mine: Dodgy Mine, Dodgier Financier. Reclaim Finance, 2023. https://reclaimfinance.org/site/en/2023/11/17/west-cumbria-coal-mine-dodgy-mine-dodgier-financier/.

Wikipedia

{{cite press release |last1=Martin |first1=Léo |title=West Cumbria Coal Mine: Dodgy Mine, Dodgier Financier |publisher=Reclaim Finance |date=17 November 2023 |url=https://reclaimfinance.org/site/en/2023/11/17/west-cumbria-coal-mine-dodgy-mine-dodgier-financier/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{martin2023west, author = {Martin, Léo}, title = {{West Cumbria Coal Mine: Dodgy Mine, Dodgier Financier}}, publisher = {Reclaim Finance}, year = {2023}, month = nov, url = {https://reclaimfinance.org/site/en/2023/11/17/west-cumbria-coal-mine-dodgy-mine-dodgier-financier/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }