From Breakingviews - Glencore deal epitomises net zero’s reduced status
to its shareholders, only for the newly independent group to crank up production. Glencore boss Gary Nagle took a different approach, arguing that his group would be a responsible owner by gradually winding down its coal business, which digs up about 110 million tonnes of the black rock every year. Glencore would close 12 mines while halving the company’s annual greenhouse gas emissions by 2035.
. The Canadian miner has exposure to metals like copper but also produces over 20 million tonnes of metallurgical coal, which is used for making steel. When Teck rebuffed the offer - currently worth $23 billion - Nagle said he might bid just for the company’s coal arm, an option he had previously described as a “” preference. Either way, the plan raises the prospect of Glencore bulking up in coal before offloading some or all of the enlarged business.
True, a listing of Glencore’s enlarged coal business might not happen for a few years. And the company’s preference would be for the spun-off entity to stick to its current owner’s responsible wind-down template. But if Glencore was no longer calling the shots, it wouldn’t be able to stop the company from bulking up in coal if it wanted to.
A few years ago, this strategy would have risked a backlash from Glencore shareholders. And it’s true that some are still unhappy. A
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