Investors say no to Glencore plan to exit coal

Quick Summary:

Glencore Plc has abandoned plans to spin off its coal unit just nine months after saying it would exit the profitable but polluting business, following discussions with its shareholders who pushed back against the move.

Its sprawling commodity trading business also reported a sharp drop in earnings as the volatility that its traders thrive on began to fade, with profit of US$1.5bil in the first half.

And while the West is seeking to wean itself off the dirtiest fuel, global demand for coal is at record levels.

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Article Details

Category: EconomyBusiness

Markets: MalaysiaUkraine

Topics: CoalBusiness FossilFuels EnergyTransition Glencore /Business/Business News ESGConcerns ShareholderDecision Corporate News CommoditiesMarket MiningIndustry

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-09 @ 00:00:00 (13 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 497 words

Reading Time: 3 minutes read

Sentences: 18 lines

Sentence Length: 28 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © The Star

News ID: 21992352

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