Coal prices have fallen sharply since Glencore closed its purchase of Xstrata two years ago. In a rare public presentation, Glencore’s Australia-based head of global coal assets, Peter Freyberg, insisted coal was “a very, very important part” of the company, and that executives were considering options to acquire new assets or tie up with other producers with an eye to the long-term. When Glencore closed its purchase of fellow miner Xstrata PLC two years ago, Chief Executive Ivan Glasenberg said the blockbuster deal was “a big play on coal.” Since then, coal prices have fallen sharply, while Glencore’s market value has dropped close to its lowest level since it floated in London and Hong Kong in 2011. Both thermal coal, burned to generate electricity, and coking coal, used to make steel, are languishing due to oversupply caused by too many new projects coming on stream amid slowing demand, particularly […]