Glencore’s new chief executive has defended the company’s plan to run down its coal mines but said he would be prepared to spin off the business if it became a problem for its biggest shareholders.
Gary Nagle, who took the helm this summer, on Thursday said Glencore’s plan to close all of its coal mines within the next 30 years was the “responsible strategy for both our business and for the world”.
The comments come after Bluebell Capital Partners, a London-based activist fund, this week called on Glencore to divest the coal unit, saying its plans to keep producing the polluting fossil fuel for decades were “morally unacceptable and financially flawed”.
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