The mining giant’s chief executive, Gary Nagle, has warned that investment would become harder to justify on the back of the government’s policy interventions
Glencore chief executive Gary Nagle has told senior members of the Albanese government that Australia’s appeal as an investment destination is waning on the back of numerous policy interventions, as he ruledMr Nagle visited Canberra last week as the government was putting the final touches on a deal with the Greens to win Senate support for a policy that would require the nation’s 215 biggest polluters to cut greenhouse gas emissions by 43 per cent by 2030.
Mr Nagle said he would be concerned if special treatment for some sectors shifted the burden of emissions reduction onto less fashionable sectors.“On emissions policy, we strongly believe that, were any special treatment or exclusions be given to particular sectors, such ring-fencing should not increase the burden of emissions reduction on others. Any emissions policy should be as broad-based and equally applied as possible,” he said.
Glencore announced a record $US17.3 billion full-year profit in February on the back of high coal prices, up from $US4.9 billion the previous year.Glencore rivals BHP as Australia’s biggest coal producer since acquiring mines Rio divested in 2017 and 2018. While Glencore could theoretically fit those BHP mines under the voluntary, volumetric cap it imposed on its own coal production in 2019, Mr Nagle said the only coal acquisitions he would make were in mines where it already owned a stake. He pointed to the 2021 acquisition of BHP and Anglo American’s stakes in Colombia’s Cerrejon thermal coal mine; Glencore had owned 33 per cent of the mine at the time of the acquisitions.
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