London — Miner and trader Glencore said trade barriers were its “foremost risk”, but climate, political, legal and other risks had become more prominent. Glencore said in its annual report, published on Friday, that it was seeking to mitigate these challenges through conservative spending and strict compliance. It also said in February it would limit its coal capacity. Risk is high on the agenda for mining companies after the Vale dam's bursting in Brazil provided a stark reminder of the potential dangers in some parts of the world. Glencore, which operates in Democratic Republic of Congo (DRC) and is the world's biggest shipper of carbon-intensive seaborne coal, is viewed by analysts as having a high risk appetite. While that can drive profits, its share price has underperformed as the difficulty of mining in countries such as DRC has risen to the fore and as investors shun coal. Glencore said trade barriers “could reduce demand for certain of our commodities or restrict our suppli...

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