The company, run by former coal trader Ivan Glasenberg, made a surprise eleventh-hour $3.5-billion bid for a huge patch of thermal coal-rich ground on Australia’s east coast controlled by Rio Tinto Group and Japan’s Mitsubishi Corp. Rio is considering the proposal, which trumps an agreement made with a unit of China’s Yanzhou Coal Mining Co.
The move puts Glencore at odds with most peers as coal loses ground to renewable sources in the global energy mix. The Swiss commodity trader and biggest exporter of thermal coal, used mainly for power stations, has consistently said coal is essential to the needs of the developing world in the long term, thanks to growing demand in Asia. Read more
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