Glencore to reveal decision on coal demerger next week

30th Jul 2024 07:54

(Sharecast News) - Commodities miner and trader Glencore held annual production guidance and said it would reveal whether a planned demerger of its coal and carbon steel assets would go ahead at interim results next week.

The company lifted coal guidance to reflect the acquisition of Teck Resources' steelmaking coal unit.

"Across the portfolio, our full-year 2024 production guidance has been maintained and we have added additional steelmaking coal volumes in H2 2024, following successful closing of the EVR acquisition on 11 July 2024," said chief executive Gary Nagle.

"As anticipated, 2024 is expected to be a year of two halves, whereby the tracking of our year-to-date production versus guidance is expected to be caught up during the second half of the year."

Reporting by Frank Prenesti for Sharecast.com