Glencore Emerging A Big Winner From Coal Consolidation [Forbes]
GLENCORE PLC UNSP/ADR (GLNCY)
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Source: Forbes
Tim Treadgold Contributor i Opinions expressed by Forbes Contributors are their own. The inconvenient truth of coal prices which refuse to fall as demanded by environmental activists and some investors and governments is proving to be a rather convenient fact for one of the world's biggest mining and commodity trading companies, Glencore. While other big miners have been selling coal assets Glencore has been buying and if recent indications are correct it now controls enough of the seaborne coal market to have a noticeable effect on price. Bulk carriers are loaded with coal for export at the Australian port of Newcastle. Photographer: Brendon Thorne/Bloomberg An example cited in a research report published this week was how Glencore was able to delay settlement in annual coal-price negotiations with Japanese buyers in order to win a higher price. Macquarie, an Australian investment ban
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