Glencore PLCG
Coal is Glencore's largest mining business by revenue: in 2025 its own coal mines earned US$13.2 billion of US$36.3 billion in mining-asset revenue (36.4%), ahead of its zinc (30.7%) and copper (23.2%) assets, so coal is recorded as its primary commodity; copper leads only on Adjusted EBITDA (US$3.9 billion against coal's US$3.4 billion). 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). 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.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
- Dec 2017 · Source
- Reached — date not disclosed · 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.
Jurisdiction (40%)5/10
Glencore is headquartered in Baar, Switzerland and primary-listed on the LSE, but its operated mines sit in higher-risk jurisdictions: the Democratic Republic of Congo (70%-owned Kamoto Copper Company, whose mining permits were renewed in 2024 through 2039), Zambia (Mopani) and Kazakhstan (Kazzinc), alongside joint-venture stakes in Peru (Antamina) and Chile (Collahuasi). The rating reflects that broad, ongoing exposure rather than any single acute crisis.
Infrastructure (40%)10/10
A confirmed mill, confirmed road access, confirmed grid power, and a confirmed tailings facility at Kamoto Copper Company.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Tenke Fungurume (CMOC Group Limited), 90 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
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 in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:3.7/10
Nearest producing mine: Tenke Fungurume (CMOC Group Limited), 90 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:5/10
Democratic Republic of Congo: jurisdiction score 5/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:2/10
Primary commodity: Coal
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Chief Executive Officer of Glencore plc since 1 Jul 2021, succeeding Ivan Glasenberg. Born in South Africa, degrees in commerce and accounting from the University of Witwatersrand, qualified as a chartered accountant in 1999. Joined Glencore in 2000 as an asset manager in the coal department, rising through Prodeco (Colombian coal operation) CEO from 2007 and senior coal and ferroalloys roles in Colombia, South Africa and Australia.
Chief Financial Officer of Glencore plc.
Non-Executive Chairman of Glencore plc since 30 Jul 2021 (board member since Feb 2020); also a director of Sinda Ltd. Over 40 years in the international mining industry: CEO of China Molybdenum International (CMOC) from 2008 to 2018, leading major acquisitions including Freeport-McMoRan's Tenke copper stake and Anglo American's Brazilian niobium/phosphates business; before that, 26 years at Phelps Dodge Corporation (1980-2006), rising to SVP Global Business Development and concurrently President of Phelps Dodge Wire & Cable, before Phelps Dodge's 2007 acquisition by Freeport-McMoRan.
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
Glencore is a diversified miner and commodity trader whose largest mining business by revenue is coal: in 2025 its own coal mines (steelmaking coal at Elk Valley Resources in Canada and in Australia; thermal coal in Australia, South Africa and Colombia's Cerrejon) earned 36.4% of its US$36.3B mining-asset revenue, ahead of its zinc assets (30.7%) and copper assets (23.2%). Copper leads only on adjusted EBITDA. Its copper operations include Kamoto Copper in the DRC (70% Glencore) and stakes in the Antamina and Collahuasi joint ventures; Kazzinc in Kazakhstan produces zinc, lead and gold. A large marketing and trading business generated US$2.9B of adjusted EBITDA in FY2025. Its headline net debt (US$10.2B at 30 June 2026) is Glencore's own adjusted measure, which deducts readily marketable inventories held by the trading arm, so it is not simply gross debt minus cash.