‘Cash is king’: Why Glencore kept faith with coal

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Financial Times 12h ago

‘Cash is king’: Why Glencore kept faith with coal - Financial Times

Quick Summary:

Now, they are concerned whether Glencore will stick to its word to close seven more coal mines by 2035 to cut emissions in half and how the approximate 20mn tonnes of steelmaking coal inherited from Teck will fit into its climate strategy.

In the next two years, Glencore — the world’s biggest publicly listed coal producer — made core earnings of $51bn and returned a record $17.4bn to shareholders thanks to skyrocketing coal prices after Russia’s invasion of Ukraine roiled energy markets.

At the peak of the environmental, social, and governance frenzy in 2021 as investors piled into green assets, Anglo American demerged its South African thermal coal mines with then chief executive Mark Cutifani citing the need to “act responsibly”.