{"id":236,"date":"2020-12-31T12:14:37","date_gmt":"2020-12-31T11:14:37","guid":{"rendered":"https:\/\/a2kadvisory.com\/?p=236"},"modified":"2021-03-01T10:02:52","modified_gmt":"2021-03-01T09:02:52","slug":"glencore-taps-coal-head-gary-nagle-as-new-ceo","status":"publish","type":"post","link":"https:\/\/a2kadvisory.com\/fr\/2020\/12\/31\/glencore-taps-coal-head-gary-nagle-as-new-ceo\/","title":{"rendered":"Glencore taps coal head Gary Nagle as new CEO"},"content":{"rendered":"
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Mining and commodities trader Glencore (LON: GLEN) said on Friday<\/a> that Gary Nagle, the head of its coal division, would replace Ivan Glasenberg as the company\u2019s top boss early next year.<\/p>

Glasenberg, who has led Glencore since 2002, said in 2018 that he would step down in three to five years<\/a>. At the time, he added the firm had already begun training a small group of front runners to take over the post.<\/p>

\u201cIt\u2019s time to hand over to a new generation and a new leader,\u201d Glasenberg said on an investor call. \u201cWe\u2019ve decided that over the next six months I will be working closely with Gary Nagle, who will be taking over from me.\u201d<\/p>

Nagle, like Glasenberg, is South African and holds degrees in commerce and accounting from the University of Witwatersrand.<\/p>

Just as the departing CEO, Nagle built his career by rising through the ranks of Glencore\u2019s coal department, where he has worked for the past 20 years.<\/p><\/div><\/div><\/div><\/div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Zero emissions by 2050<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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The announcement came as the Swiss firm revealed an ambitious plan to\u00a0reach net-zero emissions by 2050<\/a>\u00a0through reducing its direct and indirect carbon footprint by 40% by 2035, compared to 2019 levels.<\/p>

Glencore, one of the world\u2019s largest coal producers, also said it would focus on investing in metals considered \u201cvital\u201d for the transition to a lower carbon world.<\/p>

While the company noted that thermal coal\u2019s weight on the group\u2019s earnings has dropped between 10 and 15%, from 25-40%, it said it did not believe that selling its coal mines would help reduce associated emissions.<\/p>

The company has already made some concessions. It promised in February last year to cap coal production, not to make any further coal acquisitions that would add to overall output, and to align its business strategy with Paris climate targets.<\/p>

\u201cOur ambition to be a net zero total emissions company by 2050 reflects our commitment to contribute to the global effort to achieve the goals of the Paris Agreement,\u201d Glasenberg\u00a0said in an update to investors<\/a>.<\/p>

Glencore, also a major cobalt and copper miner, highlighted the company\u2019s current exposure to those two metals, which are essential in the production of electric vehicles batteries and renewables.<\/p><\/div><\/div><\/div><\/div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Growing trend<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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The mining and metals sector is\u00a0facing greater scrutiny<\/a>\u00a0from communities at host countries, end consumers and society at large, demanding a lower carbon footprint \u00a0as well as transparent, ethical supply chains.<\/p>

Most top miners are well aware of the need for change, and have already kicked off company-wide initiatives.<\/p>

BHP (ASX, LON, NYSE:\u00a0BHP), the world\u2019s no. 1 miner, has\u00a0committed $400 million over five years<\/a>\u00a0to reduce greenhouse gas emissions from its operations and mined commodities.<\/p>

It has\u00a0also vowed to reduce its Scope 3 emissions<\/a>\u00a0\u2014 those generated when customers burn or process the raw materials it mines \u2014 which are 40 times greater than those generated by its mines and oilfields.<\/p><\/div><\/div><\/div><\/div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Rio Tinto (ASX, LON, NYSE: RIO), the world\u2019s second-largest mining company, has vowed\u00a0to spend $1 billion<\/a>\u00a0over the next five years to reduce its carbon footprint and have \u201cnet zero\u201d emissions by 2050. The company, however, has yet to commit to tackle its Scope 3 emissions.<\/p>

Fortescue Metals Group (ASX: FMG), the\u00a0world\u2019s fourth-largest iron ore producer,\u00a0brought forward in June a\u00a0self-imposed deadline<\/a>\u00a0to be carbon-neutral. It now expects to reach such goal by 2040, 10 years earlier than its closest rivals BHP, Rio Tinto and Vale.<\/p>

Anglo American (LON: AAL) has also set 2040 as deadline to become carbon-neutral mining. It has spent this year taking actions towards achieving that goal, including installing floating solar panels\u00a0on a copper mine\u2019s waste pond.<\/p>

Both the management transition and the \u201cgreener\u201d objectives announced by Glencore today come as the company faces pressure on multiple fronts, including\u00a0corruption probes<\/a>,\u00a0pollution accusations<\/a>\u00a0and a share price that has lost half its value during the past decade.<\/p><\/div><\/div><\/div><\/div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Source : mining.com<\/a>\/ Image : Gary Nagle. (Image courtesy of Glencore | Twitter.)<\/p><\/div><\/div><\/div><\/div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"

Mining and commodities trader Glencore (LON: GLEN) said on Friday that Gary Nagle, the head of its coal division, would replace Ivan Glasenberg as the company\u2019s top boss early next year.<\/p>","protected":false},"author":1,"featured_media":708,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"right-sidebar","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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Glencore taps coal head Gary Nagle as new CEO<\/a><\/blockquote>