Do we like Glencore?
Swiss-based global miner and commodity trader (copper, coal, zinc, oil trading), listed in London.
Our score: 3 out of 10. We wouldn't back them. Big bribery convictions and a heavy coal business outweigh the copper-for-the-future story.
Glencore is a Swiss-based miner and commodity trader. Gary Nagle has been CEO since 2021. He now pitches copper as 'the commodity of the future' because of data centres, AI and the energy transition.
The big stain is bribery. In 2022 a London court ordered Glencore Energy UK to pay about $310m over bribes in African oil trading. Al Jazeera reported the order.
In the US a Manhattan judge imposed a $428.5m fine and $272m in forfeiture after a guilty plea. Glencore also agreed to pay the Democratic Republic of Congo $180m to settle related claims. Investigations in Switzerland and the Netherlands were reported as ongoing.
Lately the talk is about deals. Reports said Rio Tinto held merger talks with Glencore in 2026. In November the FT reported that Glencore is weighing pay changes for Nagle in case of a takeover. Cost cuts have also meant about 1,000 job losses. That's why we land at a low score.