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Glencore hikes coal cost savings forecast by 50 percent

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Glencore hikes coal cost savings forecast by 50 percent

Glencore hikes coal cost savings forecast by 50 percent
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Arnd Wiegmann(Reuters)
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MELBOURNE (Reuters) - Recent mine acquisitions have helped Glencore Plc <GLEN.L> achieve 50 percent more cost savings in its coal business than it had targeted, the world's biggest exporter of coal for power plants said on Wednesday.

Glencore had expected to achieve annual cash savings of more than $300 million in its coal business by the end of 2018 in a two-year cost-cutting drive, but on Wednesday said it now expects savings of more than $450 million by year-end.

(Reporting by Sonali Paul; editing by Richard Pullin)

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