Glencore

company

Glencore

Type: Company | Ticker: GLEN.L (LSE) | Sub-theme: Diversified (copper + cobalt + trading)

Glencore is the world's largest commodity trader and a major miner. It is the world's largest publicly-listed cobalt producer (from its DRC copper-cobalt operations, particularly Mutanda and Katanga). In copper, it operates Collahuasi (Chile, 44% stake), Antapaccay (Peru), and multiple Australian operations. Its trading arm (marketed copper, zinc, aluminum) is a separate earnings stream that generates significant counter-cyclical income.

Key Facts

  • Cobalt: largest public cobalt producer globally (DRC operations)
  • Copper: ~1.1M tonnes/yr equity copper production
  • Collahuasi (Chile, 44%): one of the world's largest copper mines
  • Coal: Glencore retained thermal coal operations (peer controversy); targeted phase-out by 2035
  • Trading: physical commodity marketing is a substantial EBITDA contributor ($3-4B/yr in normal markets)

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