Big shareholders in Glencore want the company to retain its coal mines, pushing back against a strategic option floated by chief executive Gary Nagle to sell the Swiss group’s network of mines in NSW and Queensland.
Mr Nagle promised to survey Glencore shareholders on their appetite for a coal demerger after finalising the $US6.93 billion ($10.55 billion) acquisition of Teck Resources’ Canadian coal mines on July 11.
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Peter Ker covers resource companies for The Australian Financial Review, based in Melbourne. Connect with Peter on Twitter. Email Peter at pker@afr.com