Glencore Is Going to Get Crazy Rich on Coal Next Year

Glencore Plc’s coal mining business will eclipse its copper unit next year and become the world’s biggest commodity trader’s most profitable operation.

Despite making a lot of noise about its electric vehicle-focused mines such as nickel, copper, and cobalt, Glencore continues to buy more coal assets, adding rival Rio Tinto’s Australian operations to its portfolio this year. That, along with soaring coal prices, will see profit jump to $6.2 billion in 2019, according to a presentation.

Coal-mining profit will eclipse copper earnings—which are forecast by analysts to be about $5.5 billion—for the first time since the trading house sold ...