Reported 2 months ago
Glencore has decided not to separate its coal business after most investors showed support, recognizing the continued profitability of coal amid rising prices. The company, which recently acquired Teck Resources' coking coal assets, believes that coal will remain integral to the energy mix for several years. CEO Gary Nagle indicated that investors are now more receptive to coal's role in energy supply despite previous environmental concerns. Although Glencore reported a net loss of $233 million recently, it anticipates that retaining its coal assets will provide the best path for creating shareholder value.
Source: YAHOO