Browsing: Natural resources

A mining pit owned by Glencore PLC. The giant is a die-hard fossil fuels backer and won’t relinquish itself of “dirty” assets. www.theexchange.africa

Strong demand for its commodities was the result of supply chain disruptions being experienced the world over. Nagle who succeeded long time chief executive Ivan Glasenberg stated that coal was the star of the show for the company. The high demand for coal was the result of little to no activity being done by mining companies worldwide in terms of building coal mines.

These days coal is not only a dirty commodity but “coal mining” is a dirty word so to speak. It borders on profane in a world that is now strongly driven by ESG to even mention the development of a coal mine. That being the case many players in the coal mining space are finding it increasingly difficult to secure funding for coal mine development projects. 

This has played well into the hands of Glencore which has happily supplied the so-called dirty commodity to eager customers. Shareholders should be glad that the company has done this. In the event they are not happy that the company is selling this polluting fossil fuel they are well-advised to remember the US$ 4 billion payouts.