Glencore to manage all its coal assets out of single Australian unit
LONDON, May 29 (Reuters) - Glencore (GLEN.L), opens new tab said on Thursday it has restructured its coal business by moving its recently acquired Canadian mines into a single unit run out of Australia, making it easy to manage.
The Swiss-based miner and trader bought Canadian miner Teck Resources' coal assets for $6.9 billion and had initially outlined a plan to spin off all its coal assets, which was later abandoned.
"Combined with the acquisition of EVR we commenced a process to restructure the coal business and align it with the management structure given the coal industrial assets are managed out of Australia," a Glencore spokesperson said.
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