THE LEX COLUMN: Ivan Glasenberg and the green magic wand
The boss of miner Glencore is making pledges on capping coal production that are out of character
In the Harry Potter stories, the polyjuice potion is highly potent. It gives the drinker the form of someone else. Ivan Glasenberg, boss of miner Glencore, must have had a sip. The hard-nosed former trader has begun to resemble the kind of CEO who speaks at summits on environmental, social and governance issues. Already party to the electric vehicle (EV) revolution, Glasenberg has pledged a production cap on dirty coal. Are you still in there, Ivan? Glencore’s full-year profits were a little worse than expected. Market oversupply of cobalt meant a hit to its earnings. The metal, a byproduct of its Congolese copper and an EV battery ingredient, is piling up. Net debt climbed slightly too. No matter. Like its peers, the Switzerland-based group throws off lots of cash and is planning a $2bn share buyback. Glencore’s bid for environmental credibility catches the eye more. It may also stick in the throats of some at group HQ in Baar. Coal not only makes the most money for the group, it a...