Despite making a lot of noise about its electric vehicle-focused mines such as nickel, copper and cobalt, Glencore has continued to buy more coal assets, adding rival Rio Tinto’s Australian operations to its portfolio this year. That, along with soaring coal prices, will see profit jump to $6.2 billion next year, according to a presentation.
Coal-mining profit will eclipse copper earnings — which are forecast by analysts to be about $5.5 billion — for the first time since the trading house sold shares in London in 2011.
