Glencore is the world’s biggest thermal-coal shipper and its former boss, Ivan Glasenberg, has been a firm advocate of the business
Glencore’s new CEO defended the company’s sprawling coal business after it emerged this week that an activist investor was pushing for an exit from the dirtiest fuel.
Investors and the biggest mining companies have been grappling for years over who should own the world’s coal mines and some of Glencore’s rivals have already got out of the business because of pressure from shareholders. But more recently there has been a growing pushback from some climate activists and investors who are worried that the assets would actually produce more coal for longer under new owners.
“We believe the rundown strategy is the right one both for our business and the world,” Nagle said Thursday during his first investor day as CEO. “We don’t have any major investors asking us to spin off coal. They are saying the spin-off scenario is the wrong scenario.” Glencore is the world’s biggest thermal-coal shipper and its billionaire former boss Ivan Glasenberg — who remains its second-biggest shareholder — has been a firm advocate of the business. Glencore is poised to report record profits for the year and pay bumper dividends, driven in large part by a surge in coal prices.
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