Company does not expect to divest coal mining properties after acquiring Canadian mining firm Teck Resources
Glencore, the world's largest mining and finance company, said it will become an even bigger global coal producer once the completion of its purchase of Teck Resources goes through later this year.
Teck reported that in 2022, 60 per cent of its revenue came from mining coal used in the steelmaking process. "By buying Teck's business, in a deal set to close by the third quarter this year, it will add 20 million tons of annual steelmaking coal capacity and create a powerhouse that analysts say should generate $5 - $6 billion a year in free cash flow."
News reports quoted Glencore as saying that divesting the coal properties would do little to cut its overall carbon emissions. That position changed after the Teck deal was announced.
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