RBC Lifts Glencore Price Target on Potential Divestment of Coal Business

04:36 AM EST, 01/08/2026 (MT Newswires) -- RBC Capital Markets increased its price target for Glencore (GLEN.L, GLN.JO), expecting the mining giant to target copper growth and spin off its "undesired" coal business in 2026. "Glencore explored the idea of a coal exit back in 2023, but shareholder feedback was to keep it. The timing now is better with the coal business not the driver it once was and little in the outlook to suggest that this will change," analysts said Thursday. "Coal multiples are at far more reasonable levels than they were back in 2023 and recent history show the benefits of breaking up companies to focus on copper." The research firm is also of the view that the mining giant does not need its coal business to fund its estimated copper capital expenditure of $23.4 billion, as other divisions in the company generate "sufficient" free cash flow. Keeping the outperform rating, the price target was raised to 4.8 pounds sterling from 4.3 pounds.