Coal deal floats Glencore's boat

Coal deal floats Glencore’s boat
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Glencore further increased its exposure to coal by acquiring a strategic stake in a business that provides shipping, freight and cargo services at Australia’s biggest coal port.
Less than a month after it acquired BHP and Anglo American’s stakes in Colombia’s Cerrejon thermal coal mine, Glencore has become the dominant shareholder in the privately held Australian company Newcastle Coal Shippers Pty Ltd (NCS).
The Swiss miner was able to grow its stake via a two-step deal with rival coal miner Yancoal, which saw Yancoal transfer its stake in NCS to a different wholly-owned subsidiary in May, then sell that subsidiary to Glencore last week.

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