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Glencore chief Glasenberg hands reins over to coal chief Gary Nagle

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Glencore PLC (LON:GLEN) shares rose as the mining and commodities giant announced that Ivan Glasenberg is to retire as chief executive in the first half of next year.

Gary Nagle, the head of the company’s coal operations, is to take over and will spearhead the company’s transition to a zero-emissions business, which it also detailed today.

Nagle has worked for Glencore for twenty years and will move from Australia to Switzerland early next year to help with the handover.

Tony Hayward, Glencore’s chairman, said: “Gary Nagle has held senior roles in coal and ferroalloys in Colombia, South Africa and Australia.

He has been on the board’s radar for more than several years and was selected following a succession process overseen by the board.

Ivan Glasenberg said: “I have worked with Gary since he joined the company twenty years ago. 

“I have always regarded it as a critical part of my job to develop the next generation of leadership at Glencore.

Earlier in the day, the mining titan ruled out the near-term sale of its coal mines as it unveiled its plan to become a net-zero emission company by 2050.

Glasenberg said: “Under all credible scenarios, fossil fuels (oil, gas and coal) will continue to be an important part of the global energy mix for many years to come.  

“We do not believe that selling our coal mines would help reduce the associated emissions.   

“Responsible stewardship of our coal assets and responsible reduction of our coal portfolio, while maintaining a focus on our high-quality coal assets in Australia, supports our ambition to reduce our total emissions to achieve net zero by 2050.”

Glencore said its green pathway involves reducing emissions by 40% by 2035 and a gradual reduction in coal production alongside increased investment in battery metals.

“We are one of the largest producers and suppliers of copper, cobalt and nickel – metals that are essential to batteries used for electric vehicles and energy storage, as well as the infrastructure required for the transmission of renewable energy. 

Glasenberg added that world is going to require many times more metal than is currently produced and Glencore has a large production footprint and pipeline of projects in the commodities needed to build renewable energy grids, electrify transport and meet everyday needs.”

Shares in the Switzerland-based FTSE 100 company rose 3.3% to 238p.

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