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It was a landmark year for the Swiss-headquartered mining and trading giant Glencore as CEO Ivan Glasenberg announced he would step down after nearly two decades in the top job. Gary Nagle, who previously headed up the company’s coal operations, took over on July 1, 2021. Despite benefiting from the boom in commodity prices in the second half of 2020, it still took a $1.9 billion annual loss—on the back of a $404 million loss the year prior—largely owing to write-downs in its coal and copper businesses. Meanwhile, Glasenberg said the company—one of the world’s largest producers and exporters of coal—will target net zero by 2050, and would put its coal business into “managed decline.”
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