Browsing: Teck

Glencore spin off of coal the result of mounting shareholder pressure.
  • Glencore spin off of its coal business is the result of mounting pressure from its shareholders over Environmental Social and Governance (ESG) and climate concerns.
  • The company resolved to spin off its coal activities after finalizing its acquisition of the coal assets belonging to Teck, a Canadian mining company.
  • Glencore had initially sought to acquire Teck Resources entirely but was thwarted by the target company’s controlling shareholder.
  • Shareholders in the company have since 2021 rejected the company’s climate report and its disclosures leading to the resolution to spin off its coal business.
Glencore spin off, the background

Glencore, one of the largest mining companies in the world, that is listed on the Johannesburg Securities Exchange and the London Stock Exchange announced that it would demerge its coal assets and list them as a separate business on the NYSE and JSE in two years’ time.

This follows pressure from shareholders that …