[miningmx.com] – IVAN Glasenberg’s Glencore Xstrata was betting on a recovery in the thermal coal market spending $4.75bn to lift output just over a fifth, said Bloomberg News.
The Swiss group’s spend was in contrast to the approach of its rivals Anglo American, BHP Billiton and Rio Tinto which had suspended new investments, sold mines or halted some production, the newswire agency said.
“This is a classic counter-cyclical acquisitive strategy that Ivan Glasenberg has made his name in,’ Paul Gait, a mining analyst at Sanford C. Bernstein told Bloomberg News. “Everybody is bearish thermal coal,’ he said.
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