Displaying items by tag: Boral

Australia: Boral and carbon capture specialist Calix have received US$21m in government funding for the launch of carbon capture and storage (CCS) feasibility study at the producer's Berrima cement plant in New South Wales. Local press has reported that Boral aims to establish a 100,000t/yr-capacity capture facility at the plant. Initially, the project will involve commercial model and pilot design to assess the engineering and commercial viability of the project. This phase is scheduled for completion in June 2023.

Chief operating officer Darren Schulz said "This is game changing technology for our industry and will play a critical role in supporting customers' sustainability targets. Together, Boral and Calix have access to the required infrastructure, technology and operational expertise required to deliver this project and lead the way in reducing emissions across the industry." Schulz concluded "If successful, we believe this project will enable the national rollout of carbon capture technology to Australia's cement and lime industry creating smarter and more sustainable solutions for our customers."

Australia: Tino La Spina has resigned as the Chief Finance & Strategy Officer of Boral. The board of the company intends to provide notice of termination on 1 July 2022. La Spina, who was previously the chief executive officer (CEO) of airline Qantas International took the role at Boral in late 2020. Jared Gashel will immediately assume the role of Acting Chief Financial Officer until a permanent appointment is made. Gashel is currently working as Executive General Manager, Group Finance and Property.

In a statement, Boral’s chief executive officer Ryan Stokes said, “In a tough external operating environment, we have decided to accelerate transformational change.” Stokes became CEO of Boral in mid-2021 when his family’s company Seven Group became a majority shareholder.

Australia: Boral has updated the market that ‘exceptional’ wet weather on the East coast of Australia ‘significantly’ disrupted its New South Wales and South East Queensland operations in February and early March 2022. The Australian newspaper has reported that CEO Zlatko Todorcevski has forecast that the disruption to cement production and deliveries will have a negative impact of US$17.1m on the producer’s earnings in the first quarter of 2022. Coal and diesel costs have also risen ‘sharply’ so far in the quarter, to partly offset which the company has raised its cement prices. It now forecasts full-year earnings from continuing operations, excluding property, of US$108 – 115m.

Australia: Boral plans to install chlorine bypass technology at its Berrima cement plant in New South Wales. The Illawara Mercury newspaper has reported that the installation will help the plant to double its alternative fuel (AF) substitution rate to 100%. This is one of the ways in which the producer aims to reduce its Scope One and Two emissions by 46% between 2020 and 2030.

In mid-February 2022, Boral acquired new land at the site of its Dunmore quarry, also in New South Wales.

Australia: Boral’s earnings in the first half of its financial year have fallen as it has completed the sales of its North American fly ash business. Its revenue from continuing operations fell slightly to US$1.08bn in the six months to 31 December 2021. However, its earnings before interest, taxation, depreciation and amortisation (EBITDA) for continuing operations dropped by 16% to US$138m from US$164m in the same period in 2020. Cement and concrete sales volumes remained stable and rose slightly respectively.

“With the completion of the divestment of our North American Fly Ash business on 11 February 2022, we have now finalised the strategic realignment of our portfolio to focus on our Australian construction materials business,” said Boral’s chief executive officer Zlatko Todorcevski. “We are focused on building a more competitive and profitable business that is positioned for success and delivers increased returns to shareholders.” He blamed falling earnings on construction shutdowns and growing energy prices despite changes to the business.

Australia: Boral has selected Earlytrade to digitise its supplier payment and progress claim processes. The supplier says that it will help protect Boral's supply chain against inflation and insolvency trends. It will roll out its early payment technology for 5000 suppliers of Boral products, as well as subcontractors, across Australia.

US: Eco Materials Technologies has finalised its US$1.05bn acquisition of Boral’s US fly ash business and launched an oversubscribed US$525m green bond issue. The issue will help it to become a global green cement production leader, according to the group. The Australian Financial Review newspaper has reported that subscriptions were four times the available bonds.

Australia: Boral says that its emissions reduction targets have been approved by the Science Based Targets Initiative (SBTi) as being consistent with the levels required to meet the goals of the Paris Agreement. Boral released its targets in August 2021 when it said it intends to reach net-zero emissions by no later than 2050. It subsequently joined the SBTi’s Business Ambition for 1.5°C and the United Nations Framework Convention on Climate Change Race to Zero campaign.

The Australia-based building materials company plans to reduce its Scope One and Two emissions by 46% by 2030. It also plans to decrease its relevant Scope Three emissions per tonne of cementitious materials by 22%. It intends to do this by: transitioning to 100% renewable electricity by 2025 and increasing alternative fuels usage at its Berrima plant kiln; growing the proportion of revenue from its lower carbon concrete product range and optimising the efficiency of its cement plant; reducing transport emissions in its own and contractor fleet; prioritising lower carbon intensity suppliers; and exploring and testing emerging carbon capture use and storage technologies.

Boral’s Chief Finance and Strategy Officer, Tino La Spina, said “Boral is determined to become a leading innovator in sustainability through decarbonisation of cement and concrete and increasing our contribution to a more circular economy” He added “We continue to support our customers in their transition to net zero, broadening our range of high performing lower carbon concrete products to cater for all building and infrastructure applications, and offering Climate Active−certified net carbon neutral concrete.”

US: Australia-based Boral has agreed to sell its US fly ash business to Eco Material Technologies for US$755m. The parties expect to conclude the transaction by the start of 2023. The proceeds of the sale will add to Boral’s surplus capital.

Boral’s chief executive officer Zlatko Todorcevski said “Together with the sale of our North American building products business and our stake in Meridian Brick, we will have divested the North American businesses for more than US$3bn.” He added “This is a significant milestone that supports our strategy to refocus on our construction materials business in Australia.”

Australia: Boral plans to run a pilot scale carbon capture and storage unit at its integrated Berrima Cement plant in New South Wales. The project follows an allocation of a US$1.7m grant from the Australian Government’s carbon capture and utilisation and storage (CCUS) Development Fund in June 2021. The pilot intends to develop and test a re-carbonation strategy for CO₂ storage. Captured CO₂ will be stored in recycled concrete, masonry and steel slag aggregates. In its 2021 sustainability report, the buildings materials company said that, “The relatively low capital and operation costs, abundance of selected waste materials and the financial return potential due to the increased value of processed aggregates are key drivers for adoption of this technology.”