Swiss-headquartered mining and commodity trading company Glencore is the 4th-biggest copper producer and the largest cobalt-producing company. Near-term growth in output is expected from the company’s operations in the DRC; this includes increased cobalt production at the Mutanda mine restart and at Katanga.
Glencore recently partnered with Electra Battery Materials, Talon Metals and the Ontario government to study the potential for a nickel sulfate battery materials park adjacent to Electra’s cobalt refinery and recycling plant. Upon termination of the project, this would be North America’s first integrated, localized and environmentally sustainable battery materials park for the EV market.
The company operates copper mining projects in key mining regions of Australia, Africa and South America. The major copper mines include interests in the Antamina open-pit mine, located in the Peruvian Andes, as well as Chile’s Collahuasi mine. In Australia, it operates the Ernest Henry, Mount Isa and CSA mines.
The miner’s earnings appear more resilient than those of its peers, yet its valuation is the most depressed relative to long-term averages. Glencore is the only major mining company with meaningful exposure to coal as climate concerns have cut investment in new mines. With prices surging as European utilities switch to coal amid gas shortages triggered by the war in Ukraine, the fuel makes up more than 60% of the company’s operating profit.