Glencore, page-2

Thank you George for that. It is interesting that Glencore includes met coal :"This included each material investment in the exploration, acquisition or development of fossil fuel, including thermal and coking coal production." (see above)
This, however, does not preclude them from trading more coal. Last year 35%( approx) of Glencore's profit came from trading.. Bear in mind that Glencore was originally a trading company.

IMO,the classic economic formula , supply/demand/price will prevail and it is difficult to see demand from China & India reverse trends in the foreseeable future particularly for met coal. So long as the OBOR program & India's GDP growth remain on track, there should be an increased
demand for met coal which will have a positive effect on price, IMO.

The only negative issue is the narrowing  availability of long term finance for development but of course that has been said for decades about investment in tobacco and alcohol with little effect.