Glencore says ESG mood has ‘evolved’ and it will keep coal mining

Glencore has abandoned a plan to spin off its sprawling coal mining operations and says shareholders’ views on the matter have “evolved” over the past year, with a clear majority in favour of keeping the company’s most lucrative division.

Glencore directors have surveyed investor attitudes towards coal since finalising the acquisition of Teck Resources’ coal division on July 11. Glencore chairman Kalidas Madhavpeddi said investor views were “very” clearly in favour of retention.