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Glencore books huge profit from gas crisis

The exorbitant natural gas prices have led several countries to reverse course on coal. This has served to benefit mining company Glencore, which, unlike competitors, has decided not to cut down on coal production.

Photo: Loren Elliott/REUTERS / X03952

BY VICTOR EMIL KRISTENSEN, TRANSLATED BY CHRISTOFFER ØSTERGAARD

In recent years, there has been a strong focus on minimizing coal consumption given that the polluting energy source with large volumes of stored CO2 is also a leading cause of global warming. But the war in Ukraine and the extreme natural gas prices have sparked a renaissance for coal.

This has been a beneficial turn of events for the world’s biggest mining company, Glencore, as the crisis has generated strong demand for coal and sent prices soaring. The company booked adjusted earnings before interest, taxes, depreciations and amortizations of USD 18.9bn in the first six months of the year, more than double that of the first six months of 2021.

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