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The last time commodity behemoth Glencore Plc tried to sell a stand-alone coal business to the public, its then chief executive officer claimed everyone was “horny as hell” for the fossil fuel. He wasn’t wrong. It was 2001, China was about to embark on a coal-fired industrialization, and Wall Street loved fossil fuels. Big Oil, rather than Big Tech, was king of the stock market.
Can the company swing the same argument in 2026? After announcing a deal to buy the coal business of Canadian miner Teck Resources Ltd., Glencore hopes to merge this with its own coal unit, before spinning it off and listing it on the New York Stock Exchange in a couple of years. Talk to Glencore executives, and they exude confidence that this plan will work. Coal is hugely polluting, but also a cash cow. They believe American investors love green — the green of the dollar, that is. And they’re probably not wrong, even if the company is making a hell of a planet-wrecking bet.
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