Why Glencore is keeping its coal assets - for now

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Glencore, a global mining and commodity trader, said coal will remain in its portfolio after shareholders showed overwhelming support for the company strategy to run down its coal mines until closure.

"We believe the 'run-down' strategy is the responsible strategy for both our business and for the world. We put it to our shareholders at the AGM, we've got a 94% approval, and we're confident that our strategy is the right one," Glencore’s South African-born CEO Gary Nagle said at the company’s Investor Day and Climate Report presentation on Thursday.

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