Glencore: Environmental Justice Risks in 2022

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Glencore plc, $79 billion market capitalization, $33.8 billion in fixed income securities, 81,300 employees, is a diversified natural resources company. In January 2022, Swiss multinational Glencore became the sole operator of Latin America’s largest openpit coal mine, Cerrejón, when it completed its purchase of the mine from Anglo American and BHP for an estimated final sale price of $230 million after adjusting for cash flows accruing to Glencore since the announcement of the sale. But after thermal coal prices surged to a record high over the period – underpinned by a global energy crunch – Glencore said the cash payment on completion of the deal totals just $101 million.