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Glencore Plans to Cap Coal Output in Climate Shift, Sources Say

  • Company won’t make coal acquisitions that would add to output
  • Still, coal will remain very profitable business for Glencore
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The world’s biggest commodity trader is said to plan to cap coal output. Bloomberg’s Stuart Wallace reports.(Source: Bloomberg)
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One of the world’s biggest sellers of coal is yielding to investor pressure on climate change, the clearest sign yet that the movement is sweeping the natural resources industry.

Glencore Plc has promised to limit coal production and align the business with Paris climate targets. It’s a surprising about-face from a company that’s spoken glowingly of coal in the past and snapped up major Australian coal mines from rivals that were exiting the industry.