Glencore: a balancing act
GLENCORE announced its decision to cap coal production at current levels after heavy pressure from investor signatories of the Climate Action 100+ initiative – but the global miner remains comfortably set with its Australian assets to cater for an expected increase in coal demand. Glencore is Australia’s largest thermal coal producer with more than 75 million tonnes of coal produced by the company’s Australian assets annually. In 2018, Glencore acquired 49 per cent of Rio Tinto’s Hunter Valley Operations (HVO), an 82 per cent share of the Hail Creek coal mine and 71.2 per cent of the greenfields Valeria coal project. The acquisitions confirmed the company’s commitment to Australia’s coal industry just months before it announced it would cap coal…