Glencore says its shareholders had a “clear preference” to retain the company’s coal division and use the cash from selling coal for shareholder returns and to fund investments in transition metals like copper. (The Logic)

Talking point: Glencore had once hoped to split off coal from its standalone company that would supply metals for the energy transition, and “oversee the responsible decline” of thermal coal. But CEO Gary Nagle said the “ESG pendulum has swung back over the last nine or 12 months” as the issue has been politicized. The Swiss mining company acquired Elk Valley Resources for US$7.3 billion from Vancouver-based Teck Resources last month, taking on the steelmaking-coal business as Teck focuses more on critical minerals. Glencore had previously planned to combine it with its other coal and carbon-steel materials businesses for a potential “demerger” into a new company. But facing economic uncertainty, Glencore said it plans to keep its business diversified and focus on a path of “demonstrable” returns.