Billionaire Boss Ivan Glasenberg Makes One Last Coal Deal in Final Days at Glencore
- Glencore agrees to buy Cerrejon stakes from BHP and Anglo
- Deal will complete Anglo’s exit from mining thermal coal
Ivan Glasenberg attends the St. Petersburg International Economic Forum in St. Petersburg, Russia on June 4.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Glencore Plc will buy out two rivals in a giant Colombian coal mine, expanding its production of the most-polluting fuel as prices soar, despite global efforts to reduce usage.
In what’s likely to be the final deal announced by outgoing Chief Executive Officer Ivan Glasenberg, Glencore agreed to buy stakes owned by BHP Group and Anglo American Plc in the Cerrejon thermal coal mine for about $588 million, subject to purchase price adjustments.