Orica (ASX:ORI) said that the reduced pace of energy transition could further support the outlook for coal, although the firm had reduced reliance on thermal coal, while increasing exposure to growth commodities such as gold and copper, according to a Wednesday Australian bourse filing.

Thermal coal represented 14% of the firm's revenue by commodities in 2024, down from a 26% share in 2014. Over the same period, the share of both copper and gold grew to 23%, from 14% and 17%, respectively.

It reported a strong outlook for key commodities. Its global material moved outlook for selected commodities outside China and Russia from the current year to 2030 anticipates a 0.8% fall for thermal coal and a 3.6% increase for future-facing commodities, such as lithium, cobalt, nickel, and zinc.

The firm's shares fell over 2% in recent trading on Wednesday.