The global energy trading system has adjusted seamlessly to Beijing’s ban on Australian coal and helped underpin record profits at the big fossil fuel producer.
Chinese President Xi Jinping’s ban on Australian coal is a gift that will keep on giving for shareholders of Glencore, the world’s largest supplier of seaborne thermal coal.
The ban opened up opportunities for Glencore to shift coal produced at its South African mines to China for the first time in seven or eight years.
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Tony Boyd is the former Chanticleer columnist. He has more than 35 years' experience as a finance journalist. Connect with Tony on Twitter. Email Tony at tony.boyd@afr.com
