Ukraine war boosts coal sales at Glencore

ONE of the world’s biggest commodities groups is fetching three times as much for its coal as demand for the dirty fuel booms in the wake of Russia’s invasion of Ukraine.

The FTSE 100 miner and trader Glencore said it had sold the fuel for an average of $236 (£195) per tonne during the first half of the year, which compares with the $72.25 per tonne it achieved in the same period in 2021.

Coal prices have jumped as power generators look for alternatives to natural gas as Russia restricts supplies to Europe in retaliation over sanctions. The supply of coal from Russia has also been more difficult since the war.

Glencore produced 55m tonnes of coal during the six months to the end of June, which was 14pc higher than last year after it bought out former partners in Colom- bia’s Cerrejon mine, BHP and Anglo-american. Most of the coal it produces is for power stations, but it also produces coking coal used to make iron and steel.

Gary Nagle, chief execu- tive, said its financial performance had been “very strong”. Its half-year results are due next week.