The Swiss coal giant Glencore is no longer in words, but in deeds, implementing a plan to abandon coal and switch to “green” resources. The information is provided by The Wall Street Journal with reference to the company’s CEO Gary Nagle.
Experts also recall that Nagle made a name and career by managing extensive coal mining and supply. Now it is he who heads the program to abandon it.
The exact amount of this transaction is not yet known, but, according to analysts, it will definitely not be a million dollar deal, but a multi-billion dollar deal, ridding Glencore of an environmentally unfriendly asset. Experts are confident that the company will now focus on strengthening its position as a supplier of rare earth metals needed for the production of electric vehicle batteries and other environmentally friendly technologies.