Glencore hikes coal cost savings forecast by 50%

Recent mine acquisitions have helped Glencore Plc achieve 50% 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.