LONDON, May 29 (Reuters) - Glencore ( GLCNF ) said on

Thursday it had restructured its coal business by moving its

recently acquired Canadian mines into a single unit run out of

Australia, making it easy to manage.

The Swiss-based miner and trader bought Canadian miner Teck

Resources' ( TECK ) steelmaking coal assets for $6.9 billion and

initially outlined a plan to spin off all its coal assets, which

was later abandoned.

"Combined with the acquisition of EVR we commenced a process

to restructure the coal business and align it with the

management structure given the coal industrial assets are

managed out of Australia," a Glencore ( GLCNF ) spokesperson said.

Glencore ( GLCNF ) also owns coal mines in South Africa and is one of

the largest producers and exporters of thermal coal, mining 99.6

million metric tons in 2024, down from 106.1 million in 2023.

Glencore ( GLCNF ) last year walked back on plans to spin off coal

assets after securing backing from a majority of its investors

who still anticipate lucrative earnings from the fossil fuel.

Glencore ( GLCNF ) said because this process was already underway when

it completed the acquisition of Teck's assets, a decision was

made to continue with the restructuring and have the coal

business under a single unit in Australia.

"We chose to complete the restructure despite the

shareholder engagement resulting in a decision not to proceed

with the spin-off," the spokesperson said.