Glencore PLCG
Glencore PLC (LSE: GLEN) is a Baar, Switzerland-headquartered, globally diversified natural-resources major combining a large portfolio of directly-operated and joint-venture mining assets (Industrial segment) with one of the world's largest commodity marketing and trading businesses (Marketing segment) -- a structural combination distinct from every other major already seeded in this backlog. FY2025 Adjusted EBITDA was $13.5 billion (down 6% year-on-year): $9.9 billion from Industrial (Metals & Minerals Adjusted EBITDA rose 18% to $7,017 million, driven particularly by copper and zinc; Energy & Coal Adjusted EBITDA fell 30% to $3,706 million on materially lower coal prices) and $2.9 billion from Marketing. FY2025 copper production was 851,600 tonnes (down 11% on lower grades/recoveries at Collahuasi, Antamina and Mount Isa) and zinc production rose 7% to 969,400 tonnes; cobalt production of 36,100 tonnes was constrained by DRC export restrictions that left most output stockpiled rather than sold at period end. Kamoto Copper Company (KCC, Democratic Republic of Congo; Glencore 70% / Gecamines 25% / DRC State 5%, Glencore-operated) is a large, directly-operated copper-cobalt complex whose Whole Ore Leach plant produced first copper cathode in Dec 2017 following a 2015-2017 processing-related suspension, with mining permits renewed in 2024 through 2039. Other major operated/JV assets include Mopani Copper Mines (Zambia, wholly Glencore-owned since 2021), Kazzinc (Kazakhstan, zinc/copper/gold), and joint-venture interests in Antamina (Peru, copper-zinc) and Collahuasi (Chile, copper). H1 2026 saw funds from operations rise 158% to $8.1 billion and Glencore's own (Glencore-specific, RMI-adjusted -- see technicalReportNote) net debt metric fall to $10.2 billion, alongside a $1 billion top-up special cash distribution and a new $500 million share buyback (total 2026 announced shareholder returns approximately $3.5 billion). Following the 2024 sale of its Viterra agriculture business to Bunge, Glencore has publicly targeted long-term Marketing Adjusted EBIT of $2.3-3.5 billion per year and has separately described pursuing continued organic copper growth (targeting 1.6 million tonnes of copper production by 2035) as a strategic priority distinct from its coal, zinc and nickel businesses.
Notable vs. Peers
- Financials score of 1/10 is weaker than the peer average of 5.5/10.
- Jurisdiction risk score of 5/10 is meaningfully riskier than the peer average of 7.6/10.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Reached — date not disclosed · No single company-wide date exists for a multi-asset, multi-jurisdiction major (KCC, Mopani, Kazzinc, Antamina JV, Collahuasi JV, and more, spanning at least five countries and a separately large Marketing/trading business) -- KCC's own Phase 2 Whole Ore Leach hot commissioning (Dec 2018) is a real further construction event but was judged a technical-commissioning milestone rather than a clean, citable 'commercial production declared' or 'construction decision' event distinct from the general WOL-restart narrative already cited for FIRST_PRODUCTION -- left undated rather than overclaiming a date this pass could not actually confirm, same 'no single date' treatment as this backlog's other multi-asset majors (BHP/SCCO/FCX/CCO/HBM/LUN/CS/FM/ANTO/TECK-B). Row exists to satisfy the stage=PRODUCTION lifecycle-gate check (src/lib/lifecycle-gates.ts). · Source
- Reached — date not disclosed · No single company-wide date exists for a multi-asset, multi-jurisdiction major (KCC, Mopani, Kazzinc, Antamina JV, Collahuasi JV, and more, spanning at least five countries and a separately large Marketing/trading business) -- KCC's own Phase 2 Whole Ore Leach hot commissioning (Dec 2018) is a real further construction event but was judged a technical-commissioning milestone rather than a clean, citable 'commercial production declared' or 'construction decision' event distinct from the general WOL-restart narrative already cited for FIRST_PRODUCTION -- left undated rather than overclaiming a date this pass could not actually confirm, same 'no single date' treatment as this backlog's other multi-asset majors (BHP/SCCO/FCX/CCO/HBM/LUN/CS/FM/ANTO/TECK-B). Row exists to satisfy the stage=PRODUCTION lifecycle-gate check (src/lib/lifecycle-gates.ts). · Source
- Reached — date not disclosed · No single company-wide date exists for a multi-asset, multi-jurisdiction major (KCC, Mopani, Kazzinc, Antamina JV, Collahuasi JV, and more, spanning at least five countries and a separately large Marketing/trading business) -- KCC's own Phase 2 Whole Ore Leach hot commissioning (Dec 2018) is a real further construction event but was judged a technical-commissioning milestone rather than a clean, citable 'commercial production declared' or 'construction decision' event distinct from the general WOL-restart narrative already cited for FIRST_PRODUCTION -- left undated rather than overclaiming a date this pass could not actually confirm, same 'no single date' treatment as this backlog's other multi-asset majors (BHP/SCCO/FCX/CCO/HBM/LUN/CS/FM/ANTO/TECK-B). Row exists to satisfy the stage=PRODUCTION lifecycle-gate check (src/lib/lifecycle-gates.ts). · Source
- Dec 2017 · Kamoto Copper Company's Whole Ore Leach plant (Luilu site, DRC) produced its first copper cathode on 11 Dec 2017, restarting KCC's copper/cobalt production after a Sep 2015 processing-related suspension -- this record's economics/milestone anchor asset. Full-date precision, primary-company-announcement sourced (Katanga Mining's own newswire.ca release). · Source
- Reached — date not disclosed · No single company-wide date exists for a multi-asset, multi-jurisdiction major (KCC, Mopani, Kazzinc, Antamina JV, Collahuasi JV, and more, spanning at least five countries and a separately large Marketing/trading business) -- KCC's own Phase 2 Whole Ore Leach hot commissioning (Dec 2018) is a real further construction event but was judged a technical-commissioning milestone rather than a clean, citable 'commercial production declared' or 'construction decision' event distinct from the general WOL-restart narrative already cited for FIRST_PRODUCTION -- left undated rather than overclaiming a date this pass could not actually confirm, same 'no single date' treatment as this backlog's other multi-asset majors (BHP/SCCO/FCX/CCO/HBM/LUN/CS/FM/ANTO/TECK-B). Row exists to satisfy the stage=PRODUCTION lifecycle-gate check (src/lib/lifecycle-gates.ts). · Source
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.
Your Rankings
Management Team
Chief Executive Officer of Glencore plc since 1 July 2021, succeeding Ivan Glasenberg.
Chief Financial Officer of Glencore plc.
Non-executive Chairman of Glencore plc since 30 July 2021, succeeding Tony Hayward. Over 40 years of international mining industry experience, including as CEO of China Molybdenum International (2008-2018).
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
No smart-money tracking (institutional/large-investor activity) for this miner yet — this is a planned feature, not live data.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Extremely multi-asset, multi-jurisdiction producer (KCC, Mopani, Kazzinc, Antamina JV, Collahuasi JV, and many more) PLUS a large, separate Marketing/trading segment that itself generated $2.9B of FY2025 Adjusted EBITDA -- no single consolidated corporate-level dcfNpvUsd/irrPct/technicalReportPriceAssumptionUsd figure disclosed, the same structural gap as this backlog's other multi-asset majors (BHP/SCCO/FCX/CCO/IVN/HBM/LUN/CS/FM/ANTO/TECK-B), amplified here by the added Marketing-segment complexity. mineLifeYears (15 years) is KCC-specific -- Glencore's own directly-operated (not JV) flagship DRC copper-cobalt complex, chosen as the cleanest available anchor with a citable, company-relevant figure (2024 permit renewal through 2039). ouncesFound is deliberately left null per this repo's still-open Task #324 ouncesFound/copper-unit policy question, same convention as this backlog's other copper majors. Glencore's own headline 'net debt' metric (US$10.2B as at 30 Jun 2026) is a Glencore-specific adjusted figure that nets off readily marketable inventories (RMI) from its trading book, not literal gross-debt-minus-cash -- see debtUsd note and script header for the full explanation; do not read debtUsd below as reconcilable to that $10.2B figure via simple subtraction from cashPositionUsd.