Glencore PLC

GLEN: XLON (GBR)

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We Raise our Coal Miner Fair Values on Higher Assumed Midcycle Metallurgical and Thermal Coal Prices

Jon Mills

Jul 10, 2026

We have revised our midcycle coal prices. Inflation has recently pushed up and steepened cost curves. Higher royalties in Queensland—the world’s largest metallurgical coal exporter—also support prices and disincentivize investing in new supply.

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Glencore PLC

We Raise our Coal Miner Fair Values on Higher Assumed Midcycle Metallurgical and Thermal Coal Prices

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