Glencore PLC

BofA Securities raised its long-term copper price forecast by 20% to $12,000 per ton for 2026 and updated its mining sector rankings, upgrading BHP to Buy with a price objective of A$68 and naming the world's largest copper producer its top pick among large-cap mining stocks. Glencore was rated Buy with a price objective of GBp650, with BofA highlighting its copper growth options and monitoring a potential Australian listing for the diversified miner. Norsk Hydro received a Buy rating with a price objective of NOK98, which BofA described as offering interesting risk-reward characteristics for the pure-play aluminum company. Antofagasta maintained its Buy rating with a price objective of GBp4700, with the bank noting roughly 30% volume growth potential. BofA also trimmed its 2027 aluminum forecast by 5% to $3,625 per ton, and cautioned that investors should be prepared for potential drawdowns of 10% to 20%, noting that during China's super cycle from 2002 to 2008 markets experienced multiple corrections despite overall upward trends.

Nth Cycle, a US-based metals refining company, has signed a $1bn ten-year offtake agreement with Glencore covering lithium and other critical minerals recovered from recycled batteries. Announced at Glencore's New York offices, the contract is described as one of the largest supply deals to date in the US battery recycling industry. Under the terms, Glencore will sell approximately 24,000 tonnes per annum of shredded battery materials, known as black mass, to Nth Cycle, which will process the material with its electrochemical extraction technology to produce lithium carbonate and a nickel-rich mixed hydroxide product for supply back to Glencore over the next decade. Actual delivered amounts will depend on the mineral content in the black mass received, and the contract's value is based on metals prices as of the second quarter of 2026. The deal follows a $100m grant Nth Cycle received last month from the US Department of Energy, which prompted plans for a commercial refining facility in the south-east of the US, with operations expected to begin by 2029 and the location to be announced later this year. Nth Cycle also recently announced it will list publicly through a merger with Kensington Capital Acquisition, valuing the company at $585m, and has cancelled a planned Series C funding round to focus on raising capital through its public offering.

Generation Mining has secured C$340m in financing to advance its Marathon copper-palladium project in north-western Ontario, Canada, completing the funding needed for construction. The package includes anchor investments of approximately C$140m from the Canada Growth Fund and C$50m from the Canada Infrastructure Bank. A significant portion of the new funding comes from a C$200m bought deal led by BMO Capital Markets, with around C$100m committed collectively by GCF, Wheaton Precious Metals and Glencore Canada, issuing 312,500,000 common shares at C$0.64 each subject to regulatory approvals including from the Toronto Stock Exchange, with closing anticipated around 21 September 2026. The remaining elements are a C$40m private placement by CGF and a C$100m subordinated unsecured convertible note split evenly between CGF and CIB. These components sit within an overall fully financed construction package totaling approximately C$1.3bn, which also includes earlier secured senior and subordinated debt, an undrawn metal stream facility and equipment leasing arrangements. Generation Mining also signed an offtake agreement with Glencore covering polymetallic copper concentrate containing copper, palladium, platinum, gold and silver, with Glencore acquiring all concentrate output for the first two years of commercial production and from year 13 onward, and roughly 50% of annual production in the intervening period. President and CEO Jamie Levy called it a landmark day for the company, and the board is expected to make a final investment decision once all financing arrangements are concluded.

Rio Tinto Group has agreed to acquire the Aurukun Bauxite Project in Western Cape York, Queensland, from a joint venture between Glencore and Mitsubishi Development. Financial terms were not disclosed, and the transaction remains subject to approval from the Queensland government and other Australian regulators. The acquisition would expand Rio Tinto's existing bauxite operations in the region, although Aurukun is still held under a Mineral Development License and has yet to receive a Mining Lease. Glencore said the joint venture had invested significantly in advancing the project's design, development and approvals and concluded that Rio Tinto's existing regional bauxite operations gave it the best opportunity to develop the resource. Traditional Owners, the Wik Waya people, have raised concerns about the adequacy of consultation, adding another potential hurdle to development. Rio Tinto shares were down about 0.7% at A$176.17 when Reuters reported the deal.

British stocks closed higher on Tuesday, with the FTSE 100 index ending at 10,886.16 points, up 31.84 points or 0.29%, supported by the UK government's announcement of a 10 billion pound ($13.6 billion) plan to build affordable housing for renters, particularly in London. About 60% of the homes built with government funds will be social housing, which lifted homebuilder stocks by 2.5%. Vistry shares surged 16.3% after receiving an initial 350 million pounds ($477.19 million) to build more than 3,000 affordable homes. Meanwhile, mining stocks such as Glencore and Anglo American rose about 2% on higher copper prices, and Melrose Industries jumped 10.4% after setting a target to resume full production at its Garden Grove plant on September 28. Next shares gained 2.4% after Citigroup upgraded its recommendation to "buy." However, BP and Shell shares slipped slightly as oil prices fell more than 3%. Investors are watching Nvidia's earnings on Wednesday and comments from Federal Reserve Chair Kevin Warsh at the Jackson Hole meeting on Friday.

The Dow Jones Industrial Average closed at 54,349.12, up 263.24 points or 0.49%, hitting a new record high, supported by progress in talks between Iran and Oman to establish a safe commercial shipping route through the Strait of Hormuz. The Nasdaq closed at 26,363.44, down 221.55 points or 0.83%, pressured by a 13.6% plunge in SpaceX shares after its second-quarter 2026 earnings release. Despite strong profit and revenue from its Starlink and AI businesses, investors were concerned about AI investment burdens and selling pressure following the end of the post-IPO lock-up period that began today. European markets overall hit an all-time high, with Glencore shares surging 4.1% after reporting first-half profit growth of 86%, beating expectations. Meanwhile, Asian markets mostly fell this morning in line with US tech stocks, with Kioxia tumbling 9%, SK Hynix plunging 6.67%, and the KOSPI index dropping 1.84%, the steepest decline in the region. The Thai stock market is expected to move sideways to sideways down, with second-quarter 2026 earnings remaining the key factor, and TRUE shares worth watching after Ziggo confirmed that China Mobile remains a strategic shareholder and continues to advance AI collaboration.

Glencore reported a 49% increase in revenue for the first half of 2026 to $174.43 billion. Group adjusted EBITDA rose 86% to $10.1 billion, with industrial adjusted EBITDA up 72% to $6.5 billion and marketing adjusted EBIT climbing 142% to $3.3 billion. Funds from operations surged 158% to $8.1 billion, while net income attributable to equity holders reached $4.4 billion. CEO Gary Nagle announced the company intends to apply for a secondary listing on the Australian Securities Exchange, targeting admission in October 2026. Full-year 2026 illustrative adjusted EBITDA is projected at approximately $19.7 billion, assuming market stability.

The Dow Jones Industrial Average closed at an all-time high on Wednesday, August 5, buoyed by signs of progress in talks to end the war between Iran and the United States. The Nasdaq Composite fell for the first time in five trading days, dragged down by declines in SpaceX and AMD following their quarterly earnings. The Dow finished at 54,349.12, up 263.24 points or 0.49 percent. The S&P 500 closed at 7,723.55, down 12.97 points or 0.17 percent. The Nasdaq ended at 26,363.44, down 221.55 points or 0.83 percent. In European markets, the STOXX 600 index closed at a new record high of 657.14, up 0.28 points or 0.04 percent, supported by strong corporate earnings. London's stock market edged higher, lifted by Glencore and Next, but gains were capped by selling in banking shares after reports that China has begun taxing income from returns on overseas insurance policies. West Texas Intermediate crude for September delivery fell 55 cents, or 0.73 percent, to settle at 75.22 dollars a barrel. Brent crude for October delivery rose 9 cents, or 0.11 percent, to 79.45 dollars a barrel, amid hopes that easing tensions between the US and Iran could lead to the reopening of the Strait of Hormuz. COMEX gold for December delivery surged 152.60 dollars, or 3.67 percent, to close at 4,305.20 dollars an ounce, supported by a decline in US Treasury yields. The US dollar weakened against major currencies, with the dollar index slipping 0.18 percent to 99.676 as investors reduced holdings of the safe-haven currency.

The London stock market closed slightly higher on Wednesday, with the FTSE 100 ending at 10,888.30 points, up 8.92 points or 0.08%, supported by strong earnings from Glencore and Next. Glencore shares surged 4.1% after reporting first-half profit up 86%, beating expectations, along with plans for an additional listing on the Australian stock exchange. Next shares jumped 6.9%, the most in the index, after raising its full-year profit forecast for the third time. AstraZeneca shares rose 2.9% after denying reports of takeover talks with Bristol Myers Squibb. Banking stocks fell, with Prudential down 6.4% and HSBC down nearly 5% following reports that China has started taxing income from overseas insurance policy returns. Energy stocks dropped 1.5%, tracking volatile oil prices amid uncertainty in the Middle East.

European stocks closed at a fresh all-time high on Wednesday, with the STOXX 600 ending at 657.14 points, up 0.04%. France's CAC-40 closed at 8,669.30 points, gaining 0.03%, while London's FTSE 100 finished at 10,888.30 points, up 0.08%. Germany's DAX slipped 0.29% to 26,126.30 points. The market continued to focus on robust corporate earnings despite lingering concerns over Middle East tensions. Glencore jumped 4.1% after reporting an 86% surge in first-half profit that beat expectations. Heineken rose 2.2% after its first-half profit came in ahead of forecasts. Novo Nordisk fell 4.3% even after raising its full-year sales and profit outlook, as investors worried that sales of its new Wegovy pill slightly missed estimates and that trial results for CagriSema, a next-generation obesity drug, faced delays. Novo Nordisk is striving to reclaim market share from Eli Lilly in the fast-growing obesity drug market. Although the company was Europe's most valuable listed firm in 2024, it has since lost significant market value.

Glencore's energy trading profits soared in the first half of 2026, with adjusted EBIT reaching $2.66 billion compared to just $40 million a year earlier. The company joined other major commodity traders in benefiting from market dislocations caused by the Iran war, which halted tanker traffic from the Gulf and drove crude, fuel, and LNG prices to record or multi-year highs. CEO Gary Nagle said the oil and gas department was the primary contributor, capitalizing on significant disruptions across LNG, oil, and shipping markets. Trading volumes rose to about 5.2 million barrels per day of crude and fuels, roughly 24% above the 2025 average. The results put Glencore on track to rebound from three straight years of lower energy marketing earnings, while the company warned that significant inventory drawdowns have left oil markets increasingly sensitive to further disruptions.

The London stock market closed higher on Wednesday, with the FTSE 100 index ending at 10,908.41 points, up 37.39 points or 0.34%, after hitting an intraday record high of 10,951.06 points. Gains were driven by energy stocks, which jumped 2.9% as oil prices rose nearly 7% amid renewed tensions in the Middle East. Investors also awaited interest rate decisions from the US Federal Reserve and the Bank of England, with markets expecting both to hold rates steady. Standard Chartered shares rose 2.8% after reporting better-than-expected first-half profit and raising its full-year revenue target. Glencore gained 2.8% after first-half copper production increased 15%. Rio Tinto advanced 1.6% after first-half underlying profit rose 43%. Greggs surged 18.5% to the top of the FTSE 250 after first-half profit grew 20%. Meanwhile, Aberdeen Group fell 4.5%, the biggest decliner in the FTSE 100, after reporting net outflows of 3 billion pounds in the first half.

European stock markets closed higher. The June US consumer price index rose at a slower pace and came in below market expectations, easing concerns about Federal Reserve rate hikes and prompting buying. The STOXX Europe 600 index gained 0.17 percent to 642.10, while the FTSE 100 index added 0.30 percent to 10,529.39. Resource and banking stocks led the advance, with mining giant Glencore up 3.1 percent, Rio Tinto rising 3.3 percent, and UK lenders Barclays and HSBC each climbing 1.9 percent. Travel and leisure shares were weak, and Sweden's Ericsson tumbled 12.6 percent after quarterly revenue missed estimates. In eurozone bond markets, the German two-year yield briefly hit 2.7985 percent, its highest since July 2024, as tensions in Iran stoked concerns over rising energy prices.

European stocks closed mostly higher on Thursday, with the pan-European Stoxx 600 climbing 0.78%, as investors looked past U.S.-Iran tensions and focused on corporate earnings and economic data. Germany's DAX and France's CAC 40 rose 0.89% and 0.9% respectively, while the UK's FTSE 100 slipped 0.16%. Mining and financial shares led gains, with Anglo American, Antofagasta, and Glencore up 4.1% to 6%, and Standard Chartered climbing 3.4%. AstraZeneca fell more than 6% after its nerve disease drug Wainua failed a late-stage trial. Germany's trade surplus widened to €19.1 billion in May, the largest since February, as exports unexpectedly rose 0.9% and imports dropped 2.5%.

Glencore's own-sourced copper production rose 19% year over year to 199,600 tonnes in the first quarter, driven by improved grades at its African operations and higher throughput and grades at Antamina. Reuters Breakingviews argued on May 26, 2026, that Rio Tinto could still have strategic reasons to revisit a merger with Glencore after earlier talks collapsed, pointing to Glencore's copper assets and development pipeline as a major attraction amid rising demand from AI, electric vehicles, and the energy transition. Glencore does not have a direct data-center supply story, but its copper production, trading scale, and longer-term copper growth ambitions make it relevant to the broader electrification and AI power infrastructure theme.

Tantalex Lithium Resources Corp. has amended its convertible facilities agreement with Glencore AG and announced a proposed strategic partial divestiture of its wholly owned subsidiary Sandstone Worldwide Ltd. The amendments include an additional U.S.$2,000,000 in financing from Glencore, representing the undrawn portion under the initial agreement, and the addition of TTX Metals Ltd. as a guarantor. A share pledge agreement grants Glencore a security interest in 50% of Sandstone's shares, and new royalty agreements provide Glencore a 1% gross revenue royalty on tin, lithium, and tantalum from specified licences, with priority over separate 0.5% royalties granted to SLC Asia Pte Ltd. and Infra-X Minerals. The partial divestiture involves a term sheet with a lithium-focused exploration company to acquire a 50% interest in Sandstone for U.S.$4,000,000, consisting of U.S.$3,000,000 in shares and U.S.$1,000,000 in cash, while Tantalex retains its Manono Kitotolo Tailings Project. Interim funding of US$865,000 is being provided through unsecured convertible promissory notes to support operations, and the company continues working to resolve a cease trade order.