The Swiss commodity trader and biggest exporter of thermal coal said increased demand in Asia and needs of developing countries will keep the world's dirtiest fossil fuel growing until at least 2030.
Most of Glencore's peers, including BHP Billiton Ltd. (BHP) - Get Report and Rio Tinto, have moved to renewable sources. Global coal usage dropped a record 1.8% in 2015, according to a BP Plc (BP) - Get Report report, but price has surged 62% from the start of 2016.
Glencore said it will sell at least $1.5 billion in assets to complete the deal for the Australian land.
Shares of Glencore traded slightly up in late morning trading.
What's Hot on TheStreet
Apple and all of tech remains in focus: European tech shares such as SAP SE (SAP) - Get Report , Infineon Technologies AG (IFNNY) and ASML NV (ASML) - Get Report (ASML) - Get Reportfell sharply on Mondayafter last week's late Nasdaq rout. Not helping matters was a rare downgrade on Apple (AAPL) - Get Report on Sunday on fears the stock may be too richly valued.
Walmart is under siege from a German rival: Aldi is coming after Walmart's (WMT) - Get Report grocery market share, as the German discount retailersays it will invest $3.4 billionto expand its U.S. presence. The privately-held German grocery store said it plans to increase its store base to 2,500 by 2022. Aldi currently operates 1,600 U.S. stores.
GE's CEO is stepping aside: Industrial conglomerate General Electric (GE) - Get Report said Jeffrey Immelt, chairman and CEO,plans to step down. Immelt has been with GE since 1982 and has served as chairman and CEO since September 2001. John Flannery, the current president and CEO of GE Healthcare, was named chairman and CEO. He will become CEO effective Aug. 1, and also take over the chairman role effective Jan. 1, 2018, a day after Immelt officially retires.
TheStreet reported last week that General Electric may sell additional businesses as investor Trian Partners pressured Immelt to meet aggressive performance targets.
Visit here for the latest business headlines.