Stephen Simpson, CFA
Long only, growth at reasonable price, value, research analyst

Glencore PLC: A Mining Major With A Different Approach

Switzerland-based Glencore PLC (OTCPK:GLNCY) has certainly taken a different road on its way to becoming one of the world's mining majors. Glencore has no iron ore exposure at present and has instead built around quality base metal and copper assets. Glencore also has extensive agriculture assets and one of the largest physical marketing operations in the world. The shares do deserve a premium for that marketing business, and though the shares may not look like much of a bargain from an EV/EBITDA perspective, there's still credible value here.

A Major With A Different Model

Copper is the largest single commodity for Glencore and it generates around one-third of the company's EBITDA. The company has a relatively diverse asset...

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