Glencore expects 12 coal mines to close in the next 12 years, despite the world’s largest mining company making record profits on high coal prices.

The Switzerland-based mining and trading house is among the most profitable coal mines in the world but said on Tuesday it would accelerate the closure of several mines by 2035 to meet its emissions targets.

Glencore’s coal business is expected to generate approximately $16.7 billion in earnings before interest, taxes and…

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