双语报19-20第38期（706.经济学人-Glencoresmessage）

Bluebell’s diagnosis is straightforward. It says that Glencore’s decision to cling on to some coal assets until 2050 is “morally unacceptable and financially flawed”.

It believes that the firm’s exposure to coal has dragged down its valuation, overshadowing the promising role that its other mining assets, such as copper and cobalt, are playing in the clean-energy revolution.

It sees the appointment of Gary Nagle, only the fourth ceo in Glencore’s 47-year history following Ivan Glasenberg’s departure in June, as a unique opportunity to change course.

Eliminating the “coal discount” and further simplifying the business could put an extra 40-45% into shareholders’ pockets, it reckons.

So far, so simplistic. What it misses, though, is a recent sea change in investor views on the wisdom of owning coal.

After Rio Tinto became the first big miner to abandon coal in 2018, its rivals, Glencore included, all laid out plans to curb or terminate their coal exposure.

In mid-2021 Anglo took the biggest step by spinning off its South African coal assets into a newly listed company, Thungela Resources. Shareholders applauded every step of the way.

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这是《经济学人》2022年1月刊的一篇文章'Glencore’s message to the planet'第5、6段，共7句。

1、

{'diagnosis':'诊断'}

{'cling':'附着，依附'}

{'flawed':'缺陷，失效，削弱'}

Bluebell资本的诊断简单粗暴。嘉能可（Glencore）将一些煤炭资产保留到2050年的决定，“道德上不接受，同时财务上也有缺陷。”

2、

{'exposure':'曝光'}

{'copper':'铜'}

{'cobalt':'钴'}

其认为企业在煤矿的敞口拖累了公司的估值，掩盖了其他像铜和钴这样的矿产资源在清洁能源革命中扮演的角色。

3、

它认为Gary Nagle的任命，作为改变这一方式的独特的机会。Gary Nagle是继Ivan Glasenberg6月离职后嘉能可47年历史上的第四任CEO。

4、

{'Eliminating':'剔除'}

{'reckons':'预计、估计'}

它预计，剔除“煤炭折扣”的同时进一步简化商业能够为股东带来额外40-45%的收入。

5、

目前为止，非常简单。它错过的是近期投资者在拥有煤炭的智慧上发生的改变。

6、

{'curb':'遏制'}

{'terminate':'终结'}

Rio Tinto成为在2018年第一家放弃煤炭的大型煤矿企业之后，其竞争对手，包括嘉能可（Glencore）都制定了遏制或者说终结其煤炭敞口。

7、

{'applauded':'称赞'}

在2021年中，Anglo通过剥离其南非煤矿资产到一个新的上市企业Thungela Resources，向前迈了一大步。股东们对前进的每一步都表示赞赏。

--总结--

【词汇部分】

{'diagnosis':'诊断'}

{'cling':'附着，依附'}

{'flawed':'缺陷，失效，削弱'}

{'exposure':'曝光'}

{'copper':'铜'}

{'cobalt':'钴'}

{'Eliminating':'剔除'}

{'reckons':'预计、估计'}

{'curb':'遏制'}

{'terminate':'终结'}

{'applauded':'称赞'}

,