Stockpiles of coal at a terminal in Australia.The Swiss miner and trading house, based in Zug, also has a vast network of metals mines and industrial facilities, including battery recycling, aluminium smelting and copper and cobalt mining. Its commodity trading arm ships raw materials around the world and trades products from crude oil to carbon; the division accounted for one-fifth of the group’s earnings last year.
“When you look at the structure of Glencore, you see there is a lot of value trapped there,” said Chris LaFemina, analyst at Jefferies Financial Group Inc.. “The coal business appears to be depressing the valuation of the entire business.” The miner’s near-50 per cent stake in Viterra, an agricultural trading house, was also undervalued, he added.Article content
“This resolution is hugely important for assessing transition risk,” said Naomi Hogan, strategic projects lead at the Australasian Centre for Corporate Responsibility, which co-ordinated the resolution. “Both for now and for anything that happens next — for current shareholders and for future shareholders.”The resolution does not call for Glencore to spin out its coal business.
While the disclosures called for are not vastly different from what Glencore already discloses, proxy advisers pointed out that additional information would be helpful for evaluating future climate measures.Article content
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: tbnewswatch - 🏆 75. / 51 Read more »