Why Glencore is finally ditching coal
Gary Nagle, Ivan Glasenberg’s successor, has inked a deal that will finally hive off the company’s increasingly unpopular thermal coal business, as it transforms into a leaner, greener, machine
23 November 2023 - 05:00
Three years after deciding to retain coal production, Glencore has unveiled a proposal to ditch the fossil fuel.
Under a deal announced on November 14, it will buy the Elk Valley Resources (EVR) metallurgical coal business of Canadian firm Teck for $6.93bn in cash, and combine it with its existing thermal coal production by the first half of next year. ..
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