Coal news and updates

Glencore Boss Defends Coal Business After Activist Push to Exit

Glencore Plc’s new chief executive officer 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.  Gary Nagle, who stepped into the top job at the end of June, said it was in the best interests of both the company and the planet for Glencore to run down the mines over the next 30 years. The company’s biggest investors agree with the strategy, he said. 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 gotten 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.