Investors are looking to cash in following a blistering rally in industrial metals markets.

The miner expects surplus to be about 100,000 metric tons this year, down from a previous estimate of 190,000 tons.

The Woodsmith currently gives work to around 2,000 people.

Several of Glencore’s largest shareholders believe the company should retain its coal assets.

Stichting Pensioenfonds ABP has now exited all liquid assets in oil, gas and coal.

Ministers in Canberra and Brussels signed an MOU on Tuesday, which will be followed by the joint development of “concrete actions” over the next six months.

The Retortillo project received preliminary approval in 2013, but Spain's Energy Ministry denied final approval in 2021 and 2023.