Glencore Overview
Glencore is one of the world's largest diversified natural-resource companies. It is the only major producer that also runs a top-tier global commodity marketing (trading) franchise at scale. It produces, processes, recycles, sources, markets and distributes more than 60 commodities across more than 30 countries. Its industrial portfolio is anchored in copper (about 852kt in 2025, with a target of about 1.6Mt by 2035), cobalt (the largest Western-aligned producer, via the DRC), zinc, nickel, ferroalloys, steelmaking coal (77% of Elk Valley Resources) and seaborne energy coal, where it is the global leader. The marketing arm earns a structurally resilient US$2.3–3.5bn per year of EBIT through the cycle and outperforms in volatile markets, as in H1 2026 (US$3.3bn). This pairing gives Glencore unusual counter-cyclical cash flow and logistics optionality. It also creates persistent discounts for conglomerate complexity, coal exposure, governance history and jurisdictional risk. After the third collapse of merger talks with Rio Tinto in February 2026, management is pursuing a standalone, copper-led growth and capital-return strategy, alongside portfolio simplification and an Australian secondary listing.
The company's own description
In its standard boilerplate (FY2025 Preliminary Results and 2026 Half-Year Report), Glencore describes itself as one of the world's largest global diversified natural-resource companies and a major producer and marketer of more than 60 commodities. It says it operates through a network of assets, customers and suppliers spanning the globe, and that its industrial and marketing activities are supported by a global office network. The company names its principal customers as industrial consumers in the automotive, steel, power generation, battery manufacturing and oil sectors. It also states that it provides financing, logistics and other services to producers and consumers of commodities.
Independent characterisation
Glencore is best understood as two interlocking businesses on one balance sheet.
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Industrial activities (upstream mining and midstream processing). These are owned or operated mines, smelters, refineries and one oil refinery (Astron Energy, Cape Town). Earnings are driven by commodity prices less unit costs. This segment generated about 74% of Group Adjusted EBITDA in FY2025 (US$9.95bn of US$13.51bn).
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Marketing activities (physical commodity merchanting). This arm buys, blends, stores, ships, finances and sells third-party and own-sourced commodities. It earns margins from geographic, quality and time arbitrage, logistics optimisation and risk management. Earnings correlate with market dislocation and volatility rather than with price levels. It produced Marketing Adjusted EBIT of US$2.92bn in FY2025 and US$3.3bn in H1 2026 alone.
The Industrial segment supplies captive volume and optionality to Marketing. Marketing in turn provides price discovery, offtake reach, working-capital financing capacity and market intelligence that pure miners lack. This vertical integration is the core of the investment case and a key source of its controversy.
Revenue model
| Revenue type | Approximate mix | Comment |
|---|---|---|
| Physical commodity sales — Marketing (gross, pre-elimination) | about 89% of gross segment revenue (FY2025: US$219.6bn) | Very large gross revenue on very thin margin (Marketing EBIT/revenue about 1.3%) |
| Physical commodity sales — Industrial (gross) | about 25% of gross segment revenue (FY2025: US$61.3bn) | Most Industrial output is sold through Marketing; intersegment eliminations were −US$29.5bn |
| Technology licensing / services | n.d. (immaterial) | Glencore Technology, XPS consulting |
| Royalty income | n.d. (immaterial, emerging) | Example: the 1% NSR royalty retained on the Kidd exploration package (2026) |
Glencore earns essentially 100% "product" revenue: physical commodity sales. It has no material service, subscription or licensing revenue. The exception is Glencore Technology's licensing of proprietary process technologies (IsaMill, IsaSmelt, Albion Process, Jameson Cell), plus fees and royalties. Glencore does not report these separately, so they are n.d. and immaterial to group revenue.
Value-chain position
Glencore spans the full chain. It explores and mines; concentrates and smelts (Altonorte, Horne, Mount Isa, Kazzinc, Nikkelverk, Asturiana de Zinc, Portovesme, Nordenham); refines (CCR, Townsville, Astron's oil refinery); recycles (e-scrap at Horne and Nikkelverk, the Li-Cycle assets acquired in 2025, and a 45% stake in the ZEB Aluminum remelt plant from 2026); and ships, stores, finances and markets. It is also a major merchant of third-party metals, concentrates, crude oil, refined products, LNG, coal and alumina/aluminium.
Customer types and end-markets
Customers include steel mills (steelmaking coal, ferrochrome, vanadium); power utilities (energy coal); fabricators, wire-rod and cable makers (copper); galvanisers (zinc); battery and cathode makers (cobalt, nickel, lithium offtakes); automotive OEMs and their supply chains; oil refiners and fuel distributors; and governments and state traders. Group-level revenue concentration by customer is n.d. No single customer is disclosed as material.
Strategy
Stated strategy (FY2025 Annual Report, CMD Dec 2025, H1 2026 Report — themes paraphrased)
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Copper-led growth. Become one of the world's largest copper producers: more than 1Mt annualised by end-2028 and about 1.6Mt by 2035. The CMD forecast about 4% CAGR in copper-equivalent output from 2026 to 2029, with copper itself growing about 9.4% CAGR over that period. Growth is mostly brownfield, "capital-efficient" and partner-funded where possible (de-risking through partnering and investor opportunities).
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Integrated marketing franchise. Leverage logistics, risk management and market intelligence to deliver US$2.3–3.5bn per year of Marketing EBIT through the cycle. The range was upgraded in 2025, and FY2026 is expected to exceed the top end.
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Responsible coal run-down. Keep coal as a cash generator, including EVR steelmaking coal, while running thermal coal mines down by the mid-2040s. Coal funds transition-metal growth.
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Disciplined capital allocation. Net debt cap of about US$10bn; base distribution of US$1bn plus 25% of industrial free cash flow from marketing and industrial operations (policy as historically stated; exact FY2026 formula n.v.); top-ups from surplus capital, notably monetising the Bunge stake; buybacks.
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Portfolio optimisation and simplification. Divest non-core, sub-scale or end-of-life assets (Pasar, Puerto Nuevo, Kidd, Kazzinc in negotiation), and bring in strategic partners at the asset level (Orion CMC in the DRC).
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Operational excellence. "Simplified operating structures", structural cost savings of about US$1bn per year by 2026 across more than 300 initiatives (per company and analyst summaries of the CMD), and meeting production guidance (achieved two years running, 2024 and 2025).
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Ethics, compliance and ESG. Post-2022 compliance overhaul and the 2024–2026 Climate Action Transition Plan.
Initiative register (last 24 months)
| Initiative | Date | Description | Target / status |
|---|---|---|---|
| Copper growth pipeline | Dec 2025 | About US$14bn of copper project spend outlined (Financial Mail). Brownfield focus: KCC, Antapaccay/Coroccohuayco/Quechua, Collahuasi, Lomas Bayas, Alumbrera restart, Sudbury copper with Vale, El Pachón/MARA (Argentina) | 1Mt by end-2028; 1.6Mt by 2035 |
| Alumbrera restart | Dec 2025 | Restart of mothballed Argentine copper-gold mine | First production H2 2027 (accelerated) |
| KCC land access | Feb–May 2026 | Long-term titles and leases from Gécamines for tailings and waste capacity | Life of mine to mid-2040s; about 300ktpa Cu pathway |
| Orion CMC partnership | Feb 2026 (MoU) | 40% of KCC and Mumi to US-backed consortium at about US$9bn EV; Orion may direct its share of offtake under the US–DRC Strategic Partnership | Non-binding; due diligence and approvals pending |
| ASX secondary listing | Announced 5 Aug 2026 | CDI listing to access Australian superannuation capital (A$4.4trn, projected A$12.4trn by 2045 per company) | Admission confirmed; trading from 14 Oct 2026 |
| Shareholder returns | 2,026 | 17c/share FY2025 distribution (about US$2bn) plus 8.5c special (about US$1bn) plus US$500m buyback | About US$3.5bn announced for 2026 |
| Cost programme | 2025–2026 | About US$1bn per year structural savings | Being banked through 2026 (n.v. progress figure) |
| Marketing model change at Kazzinc | From 2026 | Competitive tenders for Kazzinc output (Glencore retains a right to match) | Linked to the Kazzinc sale |
| Recycling and circularity | 2025–2026 | Li-Cycle asset acquisition (2025); 45% of ZEB Aluminum (Apr 2026) | Scaling secondary feed |
| Transition-material offtakes | 2025–2026 | Vulcan (lithium), Centaurus (nickel), Larvotto (antimony-gold), Orion Minerals/Prieska (Cu-Zn) | Ongoing |
| Climate Action Transition Plan 2024–2026 | 2024 AGM | Industrial Scope 1–3 emissions targets vs 2019: −15% by 2026, −25% by 2030, −50% by 2035; net-zero ambition by 2050 | A new plan is due for the next cycle |
Management guidance and medium-term targets
| Metric | Guidance / target | Source |
|---|---|---|
| FY2026 illustrative Adjusted EBITDA | About US$19.7bn at prevailing prices | H1 2026 Report |
| FY2026 Marketing Adjusted EBIT | "Comfortably" above US$3.5bn (top of the US$2.3–3.5bn range) | H1 2026 results commentary |
| Spot illustrative annualised FCF | About US$7.0bn (Feb 2026, at about US$18.1bn EBITDA) | FY2025 Results |
| Net debt cap | About US$10bn (ordinary course) | Financial policy |
| Bond maturities | No more than about US$3bn in any year | FY2025 / H1 2026 |
| Copper production | 810–870kt (2026); more than 1Mt annualised by end-2028; about 1.6Mt by 2035 | CMD, FY2025 Results |
Products & Services
Glencore sells undifferentiated commodities, so the "catalogue" is a set of products by asset, product form and route to market. Pricing is market-referenced throughout (LME, COMEX, SHFE, Platts, Argus, globalCOAL/Newcastle, Fastmarkets), plus or minus quality and location differentials and treatment/refining charges (TC/RCs). Asset-level prices and contracts are n.d.
Industrial — Copper department
| Product / asset | Description and key specifications | Target customers | Status / latest | Flagship notes |
|---|---|---|---|---|
| Kamoto Copper Company (KCC), DRC (75% Glencore; Gécamines 25%) | Two open pits plus one underground mine. Produces copper cathode and cobalt hydroxide. 2025 copper output 188.7kt. | Cathode: global fabricators. Cobalt hydroxide: Chinese and Western refiners. | Land-access deal with Gécamines closed 27 May 2026; supports about 300ktpa copper and life of mine into the mid-2040s. | Subject to the 40% Orion CMC MoU (post-deal Glencore about 42% per press). |
| Mutanda Mining (Mumi), DRC (95%; DRC state 5%) | Three open pits. Copper cathode and cobalt hydroxide. | As above | Operating. Cobalt volumes managed under DRC export quotas (Glencore holds about 22% of the national quota). | Subject to the Orion MoU (post-deal Glencore about 57%). |
| Collahuasi, Chile (44%; Anglo American 44%; Japanese consortium 12%) | Large porphyry copper concentrate and molybdenum. | Asian smelters | Operating; H2 2026 weighted (improved water availability). | Tier-1 asset |
| Antamina, Peru (33.75%; with BHP, Teck/Anglo Teck, Mitsubishi) | Copper-zinc skarn; concentrates. | Smelters | H1 2026 output reportedly up about 50% on grades. | Tier-1 asset |
| Antapaccay, Peru (100%) | Open-pit copper concentrate; Coroccohuayco and Quechua (acquired 2025) as district growth. | Smelters | Operating; resource additions reported Jan 2026. | Brownfield growth hub |
| Lomas Bayas, Chile (100%) | Heap-leach SX-EW cathode. | Fabricators | Operating; resource additions. | — |
| Alumbrera, Argentina | Former copper-gold mine being restarted. | Smelters | Restart approved Dec 2025. First production now expected H2 2027, ahead of the original H1 2028 guidance. | CMD release cites about 75kt Cu and about 1kt Mo over a four-year operating window (the basis should be checked against the CMD deck). |
| El Pachón and MARA, Argentina | Large greenfield/brownfield porphyries. RIGI incentive applications filed Aug 2025. | — | Pre-development | Third-party summaries cite about US$9.5bn for the Argentine greenfield build (n.v. against company documents). |
| Sudbury copper (Nickel Rim South extension), Canada | Joint evaluation with Vale Base Metals using Glencore's shaft and infrastructure: about 880kt Cu over 21 years, capex about C$2.4bn (US$1.6bn) (Dec 2025). | — | Study | Capital-efficient brownfield |
| Altonorte smelter, Chile; Mount Isa copper smelter and Townsville refinery, Australia; CCR refinery and Horne smelter, Québec | Custom smelting and refining of concentrates and e-scrap. Anode and cathode products; sulphuric acid by-product. Glencore is net long sulphuric acid globally. | Fabricators, acid users (NorFalco markets acid in North America) | Operating. Pasar (Philippines) smelter sold in 2025. | Horne is a major e-scrap recycler. |
| Disposed or closed | Mount Isa copper mines (closed 2025); Kidd Creek mine and Kidd Met Site (sold 1 Jun 2026); Ernest Henry (sold 2022). | — | — | — |
Industrial — Zinc, lead and associated metals
| Product / asset | Description | Status |
|---|---|---|
| Kazzinc, Kazakhstan (about 70%) | Integrated zinc, lead, copper, gold and silver mining and smelting at Ust-Kamenogorsk, with a gold refinery. | Sale of the 70% stake to Shakhmurat Mutalip under negotiation (about US$4–4.5bn reported; unconfirmed by Glencore). Smelter explosion in May 2026 killed two. From 2026, output is being opened to competitive tenders; Glencore retains a right to match. |
| McArthur River, Australia | Open-pit zinc-lead concentrate. | Operating |
| Mount Isa zinc-lead (George Fisher), Australia | Zinc-lead concentrate. | Operating. Lady Loretta reached end of life in 2025. |
| European smelters: Asturiana de Zinc (Spain), Portovesme (Italy), Nordenham (Germany) | Refined zinc and lead; Portovesme also processes battery materials. | Operating |
| CEZinc (Canada), General Smelting | Refined zinc. | Operating |
| By-products | Gold (604koz in 2025), silver, cadmium, indium, germanium, sulphuric acid. | — |
Industrial — Nickel
Main assets: Sudbury Integrated Nickel Operations (Canada); Raglan Mine (Nunavik, Québec); Murrin Murrin (Western Australia, HPAL laterite); Nikkelverk refinery (Kristiansand, Norway: nickel, cobalt, copper and PGM refining plus recycling feeds); Koniambo (New Caledonia, on care and maintenance since Feb 2024). Products are Class 1 nickel cathode and briquettes, cobalt and PGMs. Customers are stainless and alloy makers and battery-precursor producers. FY2025 production was 71.9kt and 2026 guidance is 70–80kt.
Industrial — Ferroalloys
Glencore-Merafe Chrome Venture (South Africa) produces ferrochrome for stainless steelmakers; Glencore has the majority economic interest and Merafe is the JV partner. Rhovan (South Africa) produces vanadium pentoxide and ferrovanadium for steel and battery (VRFB) markets. Manganese and other alloys are marketed. Pricing is quarterly European benchmark or spot.
Industrial — Coal
Steelmaking coal: EVR (77%; Nippon Steel 20%, POSCO 3%) runs four mines in BC's Elk Valley: Fording River, Greenhills, Line Creek and Elkview. Australian steelmaking coal production was 7.3Mt in 2025. Products are hard coking coal and semi-soft coking coal for blast-furnace steelmakers in Asia, India and Europe. Guidance is 30–32Mt for 2026.
Energy (thermal) coal: Australia (Hunter Valley and Bowen Basin complexes: Bulga, Mangoola, Mt Owen, Ravensworth, Ulan, United Wambo, West Wallsend and others), Cerrejón in Colombia (100%; production cut by 5–10Mt per year from 2025; US$0.9bn impairment at FY2025) and South Africa. Products are high-CV seaborne thermal coal for utilities in Japan, Korea, Taiwan, SE Asia and India. Guidance is 96–101Mt for 2026. Glencore plans to run down its coal mines by the mid-2040s. It disposed of the Puerto Nuevo coal export terminal (Colombia) in 2025.
Industrial — Oil
Astron Energy (South Africa) runs a Cape Town refinery and retail and commercial fuels. Glencore also holds upstream interests (n.v. at asset level). "Trakk" is a branded oil-related offering listed on the company website; its scope is n.v. FincoEnergies (Netherlands), a marine and renewable fuels distributor, is reported as a majority-stake acquisition.
Marketing — Metals & minerals
The arm markets copper (concentrate, anode, cathode, scrap), cobalt hydroxide and metal, zinc and lead (concentrate and metal), nickel, chrome and vanadium, alumina and aluminium (including Century Aluminum offtake relationships), and iron ore. It holds a growing book of third-party offtakes for transition materials:
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Vulcan Energy lithium hydroxide offtake (36–44kt over eight years, 2025).
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Centaurus Metals' Jaguar nickel concentrate (binding, Mar 2026).
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Larvotto's Hillgrove gold-antimony concentrate (binding, Jun 2026).
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Talks on US antimony refining with Perpetua Resources (reported 2025).
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Prieska copper-zinc funding and offtake term sheet with Orion Minerals (up to US$250m, Sep 2025).
Marketing — Energy & steelmaking coal
The arm markets crude oil, refined products (diesel, gasoline, fuel oil, jet), LNG and gas, thermal and coking coal, and freight. Volumes are n.v. for the current period. Marketing Adjusted EBIT for FY2025 by sub-segment is n.v. In H1 2026 the energy book drove most of the 142% rise.
Technology, recycling and services
Glencore Technology: process technologies (IsaMill fine grinding, IsaSmelt, Albion Process, Jameson Cell flotation) licensed globally.
XPS (Expert Process Solutions): metallurgical consulting and testwork, Sudbury.
Recycling: e-scrap at Horne and Nikkelverk; battery recycling via the Li-Cycle assets acquired in 2025; 45% of ZEB Aluminum's recycling and remelt plant near Charleston, US (Apr 2026).
Pricing for licensing and services is n.d.
Financial Narrative
Sources. Company-reported APMs (Adjusted EBITDA, Adjusted EBIT, Net debt, FFO) come from Glencore Preliminary and Half-Year Results. IFRS line items come from S&P Global Market Intelligence's standardised statements (StockAnalysis.com, updated 5 Aug 2026). Standardised items such as "operating income", "gross profit" and "capex" may differ from Glencore's presentation. Glencore's own "net cash purchase of PP&E" was US$6.7bn in FY2024 and US$6.9bn in FY2025, versus S&P's standardised capex of US$5.6bn and US$5.9bn.
Income statement
Company-reported basic EPS: FY2024 −0.13 and FY2025 0.03, matching S&P. Glencore's FY2021 figure was US$0.38 and FY2023 was about US$0.35; the discrepancies are rounding and standardisation.
Growth rates. Revenue CAGR FY2021–FY2025 was about +5.0% per year. Adjusted EBITDA CAGR over the same period was about −10.8% per year. FY2025 Adjusted EBITDA was down 6% YoY and Adjusted EBIT down 14%.
Interim (H1 2026 vs H1 2025).
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Revenue: US$174,430m vs US$117,396m (+49%).
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Adjusted EBITDA: US$10,115m vs US$5,430m (+86%).
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Adjusted EBIT: US$6,651m vs US$1,801m (+269%).
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Pre-tax profit: about US$4.89bn vs a loss of US$1.13bn.
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Net income attributable: US$4,405m vs −US$655m. Pre-significant items it was US$3.7bn; significant items included disposal gains, recognition of deferred tax assets and impairments.
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Basic EPS: US$0.37 vs −US$0.05.
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FFO: US$8,129m vs US$3,147m (+158%).
Commentary. Glencore's headline margins are structurally thin because Marketing revenue is gross physical turnover. Adjusted EBITDA margin and segment margins are the meaningful profitability lenses.
FY2022: the energy-crisis peak delivered record net income of US$17.3bn and ROE above 38%.
FY2023–FY2024: coal-price normalisation, copper volume decline and impairments reduced earnings. The FY2024 net loss reflects significant items (impairments, including on coal and nickel assets) despite US$14.4bn of Adjusted EBITDA.
FY2025: a weak H1 (net loss US$0.7bn) was followed by a strong H2 (Adjusted EBITDA US$8.1bn, +49% vs H1). Net income was a marginal US$0.4bn after significant items, including a US$0.9bn Cerrejón impairment; pre-significant-items income was US$2.3bn.
H1 2026: a step-change in price-driven earnings and a near-record Marketing performance.
Balance sheet
The H1 2026 balance sheet (30 Jun 2026) showed total assets of US$155,447m, total equity of US$36,812m, net funding of US$42,418m, net debt of US$10,194m and committed liquidity of US$14.0bn.
Net debt versus gross debt — a critical distinction. Glencore's "Net debt" APM deducts readily marketable inventories (RMI), which are hedged, liquid commodity stocks financed within Marketing. It also includes marketing lease liabilities of about US$1.0–1.2bn. Gross debt is therefore about 3.5–4x the APM net debt. The group's financial policy combines a "through-the-cycle" net debt cap of about US$10bn, a maximum Net debt/Adjusted EBITDA of 2x, and minimum BBB/Baa ratings. Rising commodity prices mechanically inflate RMI and net funding (FY2025 RMI was up 12% as copper rose 44% to US$12,452/t) without raising APM net debt.
Cash flow
Company APMs for FY2025 vs FY2024: FFO US$8,714m vs US$10,529m; cash from operations before working capital, interest and tax US$10,591m vs US$11,180m; distributions plus buybacks US$3,466m vs US$1,894m. In FY2022 the cash-acquisitions line was a net inflow of US$321m, shown as −321.
Commentary. FY2025 reported free cash flow was negative (−US$0.3bn) only because of a US$1.0bn standardised working-capital outflow, chiefly RMI and receivables inflating with metal prices. On Glencore's own lens, FFO of US$8.7bn covered US$6.9bn of net capex, with US$3.5bn of returns, a US$1.6bn non-RMI working-capital release and US$1.0bn of net investment inflows (mainly US$940m of Viterra proceeds). That left APM net debt flat at US$11.2bn. Management's illustrative spot annualised FCF was about US$7.0bn in February 2026, based on about US$18.1bn of spot Adjusted EBITDA. The FY2024 acquisitions line reflects the US$6.9bn EVR purchase.
Ratios (analyst-computed from the tables above)
Ratio commentary.
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Returns fell from FY2022's windfall to barely positive in FY2025. This reflects the earnings trough and impairments rather than balance-sheet strain.
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Interest coverage on an EBITDA basis remained above 5x even at the trough.
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APM net debt/EBITDA was 0.83x at FY2025, falling to 0.56x at H1 2026 on an LTM Adjusted EBITDA of about US$18.2bn.
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Gross leverage has risen with commodity-financed inventories and EVR acquisition debt. This is the key metric credit investors monitor, alongside the about US$3bn per year bond-maturity cap.
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The cash conversion cycle of about 55–65 days is typical for a physical merchant carrying RMI.
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Segment Overview
| Segment | Sub-groupings | Contents |
|---|---|---|
Marketing activities | Metals & minerals; Energy & steelmaking coal | Physical merchanting of copper, cobalt, zinc, lead, nickel, ferroalloys, alumina/aluminium, iron ore; crude oil, refined products, LNG/gas, thermal and steelmaking coal; freight. Supported by logistics, storage and trade finance. |
Industrial activities | Metals & minerals; Energy & steelmaking coal | Copper (African Copper: KCC, Mutanda; Collahuasi 44%; Antamina 33.75%; Antapaccay; Lomas Bayas; Altonorte and Mount Isa smelters; CCR/Townsville refineries; growth projects). Zinc (Kazzinc, under sale negotiation; McArthur River; Mount Isa zinc-lead; European smelters). Nickel (Sudbury INO, Raglan, Murrin Murrin, Nikkelverk; Koniambo on care and maintenance). Ferroalloys (Glencore-Merafe Chrome Venture, Rhovan vanadium). Coal (Australian thermal and steelmaking, Cerrejón, South Africa, EVR). Oil (Astron Energy; upstream interests). |
Corporate & other | — | Head office, unallocated items, equity-accounted holdings (e.g. Bunge shares). |
Segment revenue (USD Mn)
| Segment revenue (USD Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Marketing activities revenue (USD Mn) | 177,583 | 215,102 | 186,708 | 201,323 | 219,556 |
Industrial activities revenue (USD Mn) | 60,810 | 78,332 | 60,421 | 59,074 | 61,264 |
Intersegment eliminations (USD Mn) | -30,461 | -34,755 | -26,741 | -25,981 | -29,523 |
Group revenue (USD Mn) | 203,751 | 255,984 | 217,829 | 230,944 | 247,535 |
Segment revenue growth (%)
| Segment revenue growth (%) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Marketing revenue YoY growth (%) | 0 | 21.1 | -13.2 | 7.8 | 9.1 |
Industrial revenue YoY growth (%) | 0 | 28.8 | -22.9 | -2.2 | 3.7 |
Segment profit (USD Mn)
| Segment profit (USD Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Marketing Adjusted EBITDA (USD Mn) | 4,220 | 6,800 | 3,900 | 3,790 | 3,560 |
Marketing Adjusted EBIT (USD Mn) | 3,700 | 6,380 | 3,450 | 3,190 | 2,920 |
Industrial Adjusted EBITDA (USD Mn) | 17,100 | 27,260 | 13,200 | 10,570 | 9,950 |
Group Adjusted EBITDA (USD Mn) | 21,323 | 34,064 | 17,102 | 14,358 | 13,511 |
Segment margins and mix (%)
| Segment margins and mix (%) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Marketing EBIT / Marketing revenue (%) | 2.08 | 2.97 | 1.85 | 1.58 | 1.33 |
Industrial EBITDA / Industrial revenue (%) | 28.1 | 34.8 | 21.8 | 17.9 | 16.2 |
Marketing share of Group Adj. EBITDA (%) | 19.8 | 20.0 | 22.8 | 26.4 | 26.3 |
Industrial share of Group Adj. EBITDA (%) | 80.2 | 80.0 | 77.2 | 73.6 | 73.7 |
Production (own sourced)
| Production (own sourced) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Copper (kt) | n.v. | n.v. | n.v. | 951.6 | 851.6 |
Cobalt (kt) | n.v. | n.v. | n.v. | 38.2 | 36.1 |
Zinc (kt) | n.v. | n.v. | n.v. | 905.0 | 969.4 |
Lead (kt) | n.v. | n.v. | n.v. | 185.9 | 178.9 |
Nickel (kt) | n.v. | n.v. | n.v. | 82.3 | 71.9 |
Gold (koz) | n.v. | n.v. | n.v. | 738 | 604 |
2026 production guidance
| 2026 production guidance | Low | High |
|---|---|---|
Copper (kt) | 810 | 870 |
Zinc (kt) | 700 | 740 |
Nickel (kt) | 70 | 80 |
Steelmaking coal (Mt), revised Jul 2026 from 30–34 | 30 | 32 |
Energy coal (Mt), revised Jul 2026 from 95–100 | 96 | 101 |
Interim production
| Interim production | H1 2025 | H1 2026 |
|---|---|---|
Copper, Q1 only (kt) | 167.9 | 199.6 |
Steelmaking coal (Mt) | 15.7 | 13.5 |
Energy coal (Mt) | 48.3 | 47.4 |
Gold (koz) | 301 | 168 |
Income statement (USD Mn unless stated)
| Income statement (USD Mn unless stated) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue (USD Mn) | 203,751 | 255,984 | 217,829 | 230,944 | 247,535 |
Gross profit (USD Mn, S&P std) | 12,448 | 27,517 | 10,778 | 6,282 | 6,124 |
Operating income (USD Mn, S&P std IFRS) | 9,802 | 24,831 | 7,390 | 3,332 | 3,345 |
Adjusted EBITDA (USD Mn, company APM) | 21,323 | 34,064 | 17,102 | 14,358 | 13,511 |
Pre-tax income (USD Mn, approx., derived from S&P pre-tax margin) | 7,376 | 22,885 | 5,424 | -993 | 322 |
Net income attributable to equity holders (USD Mn) | 4,974 | 17,320 | 4,280 | -1,634 | 363 |
EPS basic (USD, S&P std) | 0.37 | 1.32 | 0.34 | -0.13 | 0.03 |
EPS diluted (USD, approx. equal to basic; dilution immaterial) | 0.37 | 1.32 | 0.34 | -0.13 | 0.03 |
Distribution per share in respect of FY (USD) | 0.26 | 0.44 | 0.13 | 0.10 | 0.17 |
Margins (%)
| Margins (%) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross margin (%) | 6.11 | 10.75 | 4.95 | 2.72 | 2.47 |
Operating margin (%) | 4.81 | 9.70 | 3.39 | 1.44 | 1.35 |
Adjusted EBITDA margin (%) | 10.47 | 13.31 | 7.85 | 6.22 | 5.46 |
Pre-tax margin (%) | 3.62 | 8.94 | 2.49 | -0.43 | 0.13 |
Net margin (%) | 2.44 | 6.77 | 1.97 | -0.71 | 0.15 |
Balance Sheet
| Balance sheet (USD Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets (USD Mn) | 127,510 | 132,583 | 123,869 | 130,460 | 142,199 |
Cash and equivalents (USD Mn) | 3,241 | 1,923 | 1,925 | 2,389 | 2,945 |
Short-term debt incl. current LTD and current leases (USD Mn) | 7,918 | 10,032 | 11,076 | 12,929 | 14,632 |
Long-term debt incl. LT leases (USD Mn) | 26,823 | 19,341 | 21,774 | 26,017 | 27,493 |
Total gross debt (USD Mn, S&P std) | 34,741 | 29,373 | 32,850 | 38,946 | 42,125 |
Net debt (USD Mn, Glencore APM, net of readily marketable inventories) | 6,042 | 75 | 4,913 | 11,167 | 11,171 |
Net funding (USD Mn, Glencore APM) | n.v. | n.v. | n.v. | 36,405 | 39,405 |
Total equity (USD Mn) | 36,917 | 45,219 | 38,237 | 35,660 | 33,606 |
Equity attributable to shareholders (USD Mn, S&P "total common equity") | 39,931 | 49,410 | 43,580 | 40,669 | 38,860 |
Goodwill (USD Mn) | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 |
Other intangibles (USD Mn) | 1,235 | 1,160 | 1,002 | 928 | 770 |
Inventories (USD Mn) | 28,434 | 33,460 | 31,569 | 29,580 | 32,882 |
Working capital (USD Mn, current assets minus current liabilities) | 8,317 | 15,803 | 14,564 | 9,805 | 3,940 |
Cash flow (USD Mn)
| Cash flow (USD Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating cash flow (USD Mn, S&P std) | 8,860 | 13,659 | 11,036 | 10,055 | 5,642 |
Capital expenditure (USD Mn, S&P std) | 3,618 | 4,177 | 4,484 | 5,611 | 5,932 |
Free cash flow (USD Mn, OCF minus capex) | 5,242 | 9,482 | 6,552 | 4,444 | -290 |
Dividends / distributions paid (USD Mn) | 1,615 | 3,400 | 6,450 | 1,580 | 1,192 |
Share buybacks (USD Mn) | 746 | 2,503 | 3,672 | 230 | 1,992 |
Cash acquisitions (USD Mn) | 0 | -321 | 494 | 6,949 | 20 |
Cash interest paid (USD Mn) | 1,003 | 1,340 | 1,882 | 2,059 | 2,478 |
Cash income tax paid (USD Mn) | 1,837 | 4,881 | 6,503 | 1,660 | 1,948 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROE (%, NI / year-end total equity) | 13.5 | 38.3 | 11.2 | -4.6 | 1.1 |
ROA (%, NI / year-end total assets) | 3.9 | 13.1 | 3.5 | -1.3 | 0.3 |
ROIC (%, IFRS op. income x 0.75 / (equity + APM net debt)) | 17.1 | 41.1 | 12.8 | 5.3 | 5.6 |
Current ratio (x) | 1.17 | 1.30 | 1.29 | 1.20 | 1.06 |
Gross debt / equity (x) | 0.94 | 0.65 | 0.86 | 1.09 | 1.25 |
APM net debt / Adjusted EBITDA (x) | 0.28 | 0.00 | 0.29 | 0.78 | 0.83 |
Interest coverage (x, Adj. EBITDA / cash interest) | 21.3 | 25.4 | 9.1 | 7.0 | 5.5 |
Interest coverage (x, IFRS op. income / cash interest) | 9.8 | 18.5 | 3.9 | 1.6 | 1.4 |
Asset turnover (x, revenue / total assets) | 1.60 | 1.93 | 1.76 | 1.77 | 1.74 |
Inventory days (revenue minus gross profit basis) | 54.3 | 53.5 | 55.7 | 48.1 | 49.7 |
Receivable days | 19.0 | 18.6 | 18.2 | 17.5 | 20.1 |
Payable days | 22.0 | 12.4 | 10.0 | 9.3 | 10.4 |
Cash conversion cycle (days) | 51.3 | 59.7 | 63.9 | 56.3 | 59.4 |
Revenue by destination (USD Bn)
| Revenue by destination (USD Bn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Asia (USD Bn; FY2025 derived 49.1%) | 86.58 | 105.00 | 95.46 | n.v. | 121.54 |
Europe (USD Bn; FY2025 derived 27.0%) | 64.28 | 87.66 | 64.13 | n.v. | 66.83 |
Americas (USD Bn; FY2025 derived 15.8%) | 37.93 | 44.35 | 42.50 | n.v. | 39.11 |
Africa (USD Bn) | 9.99 | 13.24 | 11.57 | 11.70 | 12.33 |
Oceania (USD Bn) | 4.97 | 5.87 | 4.18 | 5.64 | 7.60 |
Sub-regional detail under the new format (USD Bn) | FY2024 | FY2025 | — | — | — |
Other Asia, excl. China (USD Bn) | 53.47 | 55.55 | — | — | — |
Europe excl. UK (USD Bn) | 38.04 | 39.22 | — | — | — |
Regional growth (%, YoY)
| Regional growth (%, YoY) | FY2022 | FY2023 | FY2025 vs FY2023 (2-yr) |
|---|---|---|---|
Asia (%) | 21.3 | -9.1 | 27.3 |
Europe (%) | 36.4 | -26.8 | 4.2 |
Americas (%) | 16.9 | -4.2 | -8.0 |
Africa (%) | 32.5 | -12.6 | 6.6 |
Oceania (%) | 18.1 | -28.8 | 81.8 |
Share Price History
| Date | Price (GBp) | Event |
|---|---|---|
31 Dec 2025 (derived from YTD) | 404 | Year-end base (derived from +38.1% YTD at 558.65p) |
9 Jan 2026 | 448.2 | Rio talks confirmed (+8.4%) |
6 Feb 2026 (intraday low) | 456 | Rio walks (−10.8% intraday) |
29 Jul 2026 | 524.6 | H1 production (+3.6%) |
5 Aug 2026 | 572.9 | H1 results (+3.2%; up to about 580p intraday) |
4 Sep 2026 | 601.7 | Post-results high zone |
25 Sep 2026 | 561.1 | Latest verified close (S&P via StockAnalysis) |
Valuation Multiples
| Multiple | Glencore | Basis |
|---|---|---|
P/E trailing (x) | 17.7 | S&P/StockAnalysis, Sep 2026 (LTM EPS) |
P/E forward (x) | 13.8 | S&P/StockAnalysis consensus |
EV / LTM Adj. EBITDA (x) | 5.4 | LTM Adj. EBITDA US$18.2bn (H2 2025 US$8.1bn plus H1 2026 US$10.1bn) |
EV / FY2026 illustrative EBITDA (x) | 5.0 | US$19.7bn illustrative |
EV / LTM sales (x) | 0.33 | LTM revenue US$304.6bn |
P/B (x) | 2.1 | Attributable equity US$41.7bn (30 Jun 2026) |
Distribution yield (%, FY2025 17c plus 8.5c special) | about 3.4 | On about US$7.57 per share |
Per-Share Data and Dividends & Capital Returns
| Distribution (US$ per share, in respect of FY) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Distribution per share (USD) | 0.26 | 0.44 | 0.13 | 0.10 | 0.17 |
Cash distributions paid in year (USD Mn) | 1,615 | 3,400 | 6,450 | 1,580 | 1,192 |
Buybacks executed in year (USD Mn) | 746 | 2,503 | 3,672 | 230 | 1992 |
Credit Ratings
| Agency | Long-term rating | Outlook | Note |
|---|---|---|---|
Moody's | Baa1 | Stable (affirmed 2021; later actions n.v.) | Upgraded to Baa1 in 2019 |
S&P Global | BBB+ | Positive per 2022 action; current outlook n.v. | Policy minimum is BBB/Baa |
Fitch | Not publicly disclosed / no public Glencore rating identified | — | — |
Analyst Conclusions
Management guidance (latest)
-
FY2026 illustrative Adjusted EBITDA of about US$19.7bn at spot, assuming no significant change.
-
Marketing EBIT above US$3.5bn.
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Copper output of 810–870kt (H2-weighted); steelmaking coal 30–32Mt; energy coal 96–101Mt; zinc 700–740kt; nickel 70–80kt.
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Ordinary-course net debt around the about US$10bn cap.
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About US$3.5bn of 2026 shareholder returns.
-
Copper above 1Mt annualised by end-2028 and about 1.6Mt by 2035.
Consensus growth expectations
Forward P/E of about 13.8x against trailing 17.7x implies consensus EPS growth of about 25–30% for the next 12 months. Getquin's consensus target of about US$8.4 implies modest upside from about US$7.6. Detailed consensus EBITDA and EPS by year are n.v.
Bull case (three arguments)
-
Earnings and FCF inflection. FY2026 EBITDA of about US$19.7bn would be up about 46% on FY2025's US$13.5bn. At a 5x EV/EBITDA multiple and a sub-0.6x leverage ratio, this supports large incremental returns. These could include Bunge monetisation (about US$4bn), Orion proceeds and Kazzinc proceeds, potentially adding US$5–10bn of surplus capital if all close.
-
Copper re-rating. Delivery of KCC to about 300ktpa, the Alumbrera restart (H2 2027) and Antapaccay district growth would raise copper's share of earnings and narrow the discount to copper peers. The ASX listing broadens the buyer base.
-
Marketing optionality in a fractured world. The H1 2026 result shows trading earnings scale with dislocation. This is a structural hedge that no mining peer has.
Bear case (three arguments)
-
Price dependence. The US$19.7bn figure is "illustrative" at spot. Copper, cobalt and energy prices elevated by the conflict could mean-revert, while cost inflation (diesel, acid) is sticky.
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Execution and jurisdiction. Copper volumes have disappointed for four years. DRC quotas, Kazakh counterparty and financing opacity, Argentine macro risk and project capex (about US$14bn of copper plans) could dilute returns.
-
Structural discount persists. Coal still forms a large share of earnings. Governance overhang (2027 trials) and complexity limit investor access. Rio's walk-away removes the near-term bid premium.
Catalysts and monitorables (next 12 months)
| Expected timing | Catalyst / monitorable |
|---|---|
| 14 Oct 2026 | ASX: GLC first trading day; index inclusion and Australian flows |
| 29 Oct 2026 | Q3 2026 Production Report; H2 copper ramp; Marketing EBIT update |
| Q4 2026 – H1 2027 | Orion CMC binding agreement and DRC approvals |
| Q4 2026 – 2027 | Kazzinc sale announcement (or not); ERG-related financing clarity |
| Ongoing | Bunge share monetisation; buyback execution (US$500m to Feb 2027) |
| Feb 2027 | FY2026 results; 2027 base distribution; any new climate plan |
| 2,027 | Alumbrera first production (H2 2027); Sudbury and Argentina project decisions |
| 4 Oct 2027 | SFO trial of former employees (reputational) |
| Continuous | DRC cobalt quota changes; Middle East energy-market normalisation; copper price; any renewed M&A (Rio, BHP, Australian targets via ASX scrip) |
Concluding analyst verdict
Glencore enters Q4 2026 in its strongest position since the 2022 windfall. H1 2026 Adjusted EBITDA rose 86% to US$10.1bn, net income recovered to US$4.4bn, and net debt fell to US$10.2bn (0.56x). A near-record US$3.3bn Marketing result showed why the merchant-miner model resists simple valuation. Management has used the February 2026 failure of the Rio Tinto talks to sharpen a standalone case. It has set out a credible, mostly brownfield copper path to about 1.6Mt by 2035. It has moved to de-risk the DRC through a US-government-backed partner and simplify the portfolio (Kidd sold; Kazzinc in play). It is distributing about US$3.5bn in 2026 and will broaden its investor base through the ASX listing from 14 October.
Against this, three structural issues remain unresolved. Copper volumes have fallen for four consecutive years, and the 2026 guidance (810–870kt) still sits below 2024 output. Earnings remain heavily coal-exposed, which caps the ownership base and anchors a conglomerate discount. Governance and jurisdictional risk persist: DRC quotas, Kazakh counterparty opacity, Middle East-driven cost inflation and the 2027 SFO trials.
At about 5x EV/EBITDA on spot-based 2026 earnings and about 13.8x forward P/E, the shares already price a meaningful part of the upcycle. Upside from here depends on three things. First, volume delivery: H2 2026 copper and the 2027 Alumbrera start. Second, crystallising surplus capital from the Bunge, Orion and Kazzinc monetisations into returns. Third, the ASX listing narrowing the valuation gap to Australian-listed peers. Our synthesis is constructive but execution-dependent. The balance sheet and marketing franchise provide genuine downside protection. The re-rating case, however, requires copper growth to show up in reported volumes rather than in capital markets day targets. Given the stock's sensitivity to spot prices after a year-to-date gain of about 35%, investors should size positions with explicit commodity-price scenarios rather than relying on management's illustrative EBITDA.
SOURCES (primary first)
-
Glencore plc — 2026 Half-Year Report (5 Aug 2026): glencore.com/media-and-insights/news/2026-half-year-report
-
Glencore plc — Preliminary Results 2025 (18 Feb 2026), RNS 4024T
-
Glencore plc — Full Year 2025 Production Report (29 Jan 2026); Q3 2025 Production Report (29 Oct 2025); Q1 2026 Production Report (30 Apr 2026); H1 2026 Production Report (29 Jul 2026)
-
Glencore plc — Capital Markets Day 2025 (3 Dec 2025)
-
Glencore plc — Response to Rule 2.8 announcement from Rio Tinto (5 Feb 2026, JSE SENS)
-
Glencore plc — KCC land access agreement (18 Feb 2026) and closing (27 May 2026)
-
Glencore plc — Results of 2026 AGM (28 May 2026); Results of 2025 AGM (28 May 2025)
-
Glencore plc — Expected ASX secondary listing date (24 Sep 2026)
-
Glencore plc — Our Leadership webpage (accessed Oct 2026)
-
Glencore plc — 2025 Half-Year Report (6 Aug 2025); 2026 Corporate Calendar
-
S&P Global Market Intelligence standardised financials via StockAnalysis.com (income statement, balance sheet, cash flow; updated 5 Aug 2026)
-
MarketScreener — Glencore segment and geographic revenue data
-
Simply Wall St — Glencore ownership pages (2026)
-
Mining.com, Northern Miner, Miningmx, Global Mining Review, Bankable Africa — Orion CMC MoU coverage (Feb 2026)
-
Sharecast/Hargreaves Lansdown, AAP, Bloomberg via Mining Weekly, Ecofin — Rio Tinto talks coverage (Jan–Feb 2026)
-
Mining Reporters — Rio Tinto rules out revival (4 Aug 2026)
-
Discovery Silver / McCarthy Tétrault / Cassels — Kidd Operations sale (Mar–Jun 2026)
-
TXF News, cash.ch (AWP/Bloomberg), Mining Technology — Kazzinc sale talks and Kazzinc smelter incident (2026)
-
Alliance News via AJ Bell; Zonebourse/Boursorama; Mining Weekly; Kalkine — H1 2026 market reaction
-
Comsure Group (citing The Guardian and Reuters, 10 Sep 2026); Mining.com; Global Investigations Review; Glencore (Nov 2022) — bribery proceedings
-
Mining Journal / Alliance News — S&P and Moody's rating actions (2019–2022)
-
Morningstar UK; Berenberg via MT Newswires — analyst commentary (Dec 2025 – Jan 2026)
-
Bloomberg Intelligence via Engineering News — Diversified Miners 2026 Earnings Outlook (28 Jan 2026)
-
Australian Mining Review; Financial Mail — CMD analysis (Dec 2025)
It is not investment advice. Items marked n.v. or approx. should be verified against the FY2025 Annual Report and the latest RNS announcements before reliance.
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View Subscription PlansExecutive Leadership
Board of Directors
| Name | Role | Tenure | Background (as publicly known) | 2026 AGM vote for |
|---|---|---|---|---|
Kalidas Madhavpeddi | Non-executive Chair | Director since 2020; Chair since 2021 | Former CEO of China Molybdenum (CMOC) International; former senior executive at Phelps Dodge | 95.27% |
Gary Nagle | CEO, Executive Director | CEO since 1 Jul 2021 | South African; joined Glencore 2000; former head of coal and of Colombian/South African operations; chartered accountant by training (degree details n.v.) | 99.40% |
Martin Gilbert | Independent NED (understood to be Senior Independent Director) | Since 2017 | Co-founder and former CEO of Aberdeen Asset Management; chair roles in financial services | n.v. |
Gill Marcus | Independent NED | Since 2018 | Former Governor of the South African Reserve Bank | n.v. |
Cynthia Carroll | Independent NED | Since 2021 (n.v.) | Former CEO of Anglo American; former Alcan executive | n.v. |
Liz Hewitt | Independent NED (understood to chair Audit Committee; n.v.) | Since 2021 (n.v.) | Former Smith & Nephew group director of corporate affairs and finance roles | n.v. |
John Wallington | NED | Elected May 2025 | Background n.v. | n.v. |
María Margarita Zuleta | Independent NED | Elected May 2025 | Colombian lawyer and former public official (details n.v.) | n.v. |
Executive Leadership Team
| Name | Title | Notes |
|---|---|---|
Gary Nagle | Chief Executive Officer | See above |
Steven Kalmin | Chief Financial Officer | CFO since 2005; joined Glencore 1999; the last executive from the IPO generation still in place |
Xavier Wagner | Chief Operating Officer | Appointed 2025 (MarketScreener lists June 2025); oversees Industrial Leads |
Shaun Teichner | General Counsel | — |
Anna Krutikov | Head of Sustainability | — |
Anne Edwards | Head of Corporate Affairs | — |
Derrick Crowley | Head of Human Resources | — |
Andrea Bonafe | Head of Internal Audit & Assurance | — |
Jyothish George | Head of Marketing, Metals & Bulks; Head of Copper Marketing | Copper trading head since 2023 |
Maxim Kolupaev | Head of Marketing, Oil & Gas | Former head of crude trading |
Carlos Perezagua | Risk (Marketing) | — |
Robin Scheiner | Alumina & Aluminium Marketing | — |
Paymahn Seyed-Safi | Nickel-Chrome Marketing | — |
Peter Hill | Steelmaking Raw Materials Marketing | — |
David Thomas | Thermal Coal Marketing | — |
Inigo Segura / George Tourkolias | Zinc Marketing (concentrates / metals) | Co-heads since 2023 |
Earl Melamed | Industrial Lead, Coal | — |
Jon Evans | Industrial Lead, Copper | — |
Japie Fullard | Industrial Lead, Ferroalloys | — |
Mark Davis | Industrial Lead, Nickel-Zinc; COO Copper Africa Region | — |
Colin Glasenberg | Industrial Lead, Oil | — |
Board & Management Changes
| Date | Change | Context |
|---|---|---|
Jul 2021 | Nagle succeeds Glasenberg as CEO | Generational transition |
| 2021 | Madhavpeddi becomes Chair | Post-Hayward era |
Sep 2023 | Nick Popovic (co-head zinc/copper trading) retires; Jyothish George becomes head of copper trading | Departure of IPO-era leadership |
May 2025 | Wallington and Zuleta elected NEDs | Board refresh |
| 2025 | Xavier Wagner appointed COO; Industrial Leads restructure | "Simplified operating structure" (CMD Dec 2025) |
Jan–Feb 2026 | Merger defence (Rio Tinto); Citi reportedly appointed adviser | Board rejected Rio terms |
Major Shareholders
| # | Holder | Stake (%) | Shares (m, approx.) |
|---|---|---|---|
| 1 | Ivan Glasenberg (former CEO) | 10.4 | 1,219 |
| 2 | Qatar Holding LLC (QIA) | 8.9 | 1,047 |
| 3 | BlackRock, Inc. | 7.3 | 855 |
| 4 | Capital Research & Management | 5.0 | 587 |
| 5 | The Vanguard Group | 4.9 | 574 |
| 6 | Tor Peterson (former head of coal) | 2.4 | 281 |
| 7 | Massachusetts Financial Services | 2.2 | 256 |
| 8 | Public Investment Corporation (South Africa) | 2.0 | 235 |
| 9 | Dodge & Cox | 1.9 | 220 |
| 10 | Allan Gray (Proprietary / Foundation) | 1.8 | 213 |
Competitive Landscape
Competitors by Segment
| Segment | Named competitors |
|---|---|
Copper mining | Codelco, Freeport-McMoRan, BHP, Southern Copper (Grupo México), Zijin Mining, Anglo Teck (Anglo American–Teck combination), Rio Tinto, Antofagasta, First Quantum, KGHM, Ivanhoe Mines |
Cobalt | CMOC Group (largest DRC producer), ERG, Zijin, Vale Base Metals, Sumitomo Metal Mining |
Zinc-lead | Hindustan Zinc (Vedanta), Teck (Red Dog), Boliden, Nyrstar (Trafigura), Korea Zinc, Zijin |
Nickel | Nornickel, Vale Base Metals, Tsingshan and Indonesian HPAL/NPI producers, BHP Nickel West (suspended 2024) |
Steelmaking coal | BHP Mitsubishi Alliance (BMA), Anglo American (selling coal assets), Whitehaven, Coronado, Peabody, Stanmore |
Seaborne energy coal | Bumi Resources, Adaro (Alamtri), Whitehaven, Thungela, Yancoal, Peabody |
Physical commodity trading | Trafigura, Vitol, Mercuria, Gunvor, Cargill (metals), commodity desks of oil majors (Shell, BP) |
Peer Comparison FY2025
| Metric | Glencore (FY2025) | BHP (FY2025, Jun YE) | Rio Tinto (FY2024) | Anglo American (FY2024) |
|---|---|---|---|---|
Revenue (USD Bn) | 247.5 | about 51.3 | about 53.7 | about 27.3 |
Underlying / Adjusted EBITDA (USD Bn) | 13.5 | about 26.0 | about 23.3 | about 8.5 |
EBITDA margin (%) | 5.5 (gross-revenue distortion) | about 51 | about 43 | about 31 |
Revenue growth YoY (%) | 7.2 | about −8 | about −1 | about −11 |
R&D intensity (% revenue) | — | n.d. (exploration disclosed separately) | n.d. (exploration and evaluation disclosed) | — |
Copper production (kt) | 851.6 | about 2000 | about 700 (2024) | about 770 (2024) |
Physical marketing arm | Yes (US$2.9bn EBIT) | No | No | No (limited) |
