Swiss mining firm Glencore abandons coal business spin-off plan, opts for "managed decline" strategy.
Swiss mining firm Glencore has decided against spinning off its coal business, opting for a "managed decline" strategy instead, after consulting its shareholders. The majority of Glencore's investors see potential for lucrative earnings from the fossil fuel, following its recent acquisition of Teck Resources' coking coal assets. The company's board reserves the option to consider a demerger of all or part of the business in the future if circumstances change. Despite global efforts to curb carbon emissions, demand for coal is expected to remain near record highs, according to the International Energy Agency. Demand rose by 2.6% last year to an all-time high of 8.70 billion metric tons, driven by strong growth in China and India.
August 07, 2024
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