Glencore has scrapped plans to spin off its coal business,with an unlikely coalition of investors and activists all opposed to the plan.
Australia’s biggest coal exporter says more than two-thirds of its shareholders want the company to hold on to its coal mines.
Empire Energy Group is a step closer to becoming the first gas producer from the Beetaloo Basin after securing a 10-year supply deal with the NT Government.
The Environment Protection Authority has warned that the rest of the NSW economy would have to make steeper cuts to greenhouse gas emissions to compensate if the proposal to continue Hunter Valley Operations goes ahead in its current form.
Whether successful or not,the Australian mining giant’s offer puts pressure on Anglo’s board and management to consider significant changes to its business.
Ivan Glasenberg wanted to buy Canada’s Teck Resources to bulk up Glencore’s base metals and coal operations. His successor now is halfway there.
One of Australia’s largest coal exporters will spin off its coal mines and more than 10,000 local employees into a New York-listed company.
Glencore announced the “operational changes” on Wednesday,saying it had notified workers the underground work would close after 60 years.
A shareholder vote in Canada has the potential to reshape both the hottest sector of the resources sector and its coldest.
Mining giant Glencore is facing a showdown with more than a dozen large institutional shareholders who have thrown their weight behind a landmark climate resolution.
Glencore’s position hinges on uncertainty around the location of an 1826 massacre when a posse of mounted police and settlers killed up to 18 Indigenous people.