M Resources buys methane-heavy coal mines, bets on unproven teal steel for Whyalla

Australian coal trader M Resources has acquired a portfolio of coal mines known for high fugitive methane emissions. Founder Matt Latimore is pitching an experimental teal steel process that would use methane pyrolysis to turn captured emissions into hydrogen for steelmaking at the Whyalla facility, which M Resources is also bidding to acquire. The approach is unproven at commercial scale and would require over AUD 500 million in retrofits. If it works, it could offer a transitional model for heavy industry in developing nations. If it fails, it becomes a cautionary tale about relying on unproven carbon capture for steel decarbonization.