The letter also stated that the shareholder dissatisfaction with Glencore’s strategy to cease investments in coal, cap its production and run coal reserves to their depletion by 2050 has risen to 30 per cent this year from about five per cent in 2021.
The company said the move was designed to unlock more shareholder value by creating a company for investors who want a clean break from fossil fuels. In March, Glencore said it wanted to take over Teck and undergo its own separation. Glencore, which posted revenue of about US$250 billion last year compared to Teck’s US$13 billion, produces an array of commodities including, gold, copper, cobalt, zinc, nickel, oil and coal.Article content
Glencore’s plan differs from Teck’s in that the two new companies would not depend on the other for revenue.
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