Glencore

What Glencore does

Glencore is one of the world's largest globally diversified natural resource companies, headquartered in Baar, Switzerland, with operations across more than 30 countries and a workforce of approximately 135,000 people. The company operates through two integrated pillars: an industrial business that produces copper, cobalt, nickel, zinc, lead, ferroalloys, coal, and oil from owned mines, smelters, and refineries; and a marketing business that trades these and adjacent commodities globally through offices in London, New York, Houston, Singapore, Beijing, and Baar. Industrial assets include tier-one copper operations (Collahuasi 44%, Antamina 33.75%, Kamoto, Mutanda, Horne smelter), major zinc and lead smelters (Asturiana, Nordenham, Portovesme, Kazzinc), nickel refining (Nikkelverk), coal mining (Cerrejón JV, multiple Australian operations, EVR), and oil-marketing infrastructure (Aster Chemicals JV in Singapore, FincoEnergies in NW Europe). The company also owns Glencore Technology, which commercializes proprietary metallurgical IP including IsaMill, JamesonCell, ISASMELT, ISAKIDD, Albion Process, Hypersparge, and Zipatank.

Glencore's revenue model combines commodity production sales with marketing-margin income from global trading. The industrial segment sells physical output into long-term offtake agreements (e.g., Tesla for cobalt, Caturus for LNG, T5 Smackover for lithium, Larvotto for gold concentrate), direct sales to industrial customers across steel, automotive, construction, energy, and agriculture, and exchange-traded volumes via LME. The marketing segment earns logistics, financing, and risk-management margins and is tracking toward the high end of its $2.3–$3.5 billion EBIT guidance for 2025. Project financing and offtake structures with junior miners — including Core Lithium, Orion Minerals, Abcourt Mines, Tantalex, Larvotto, and Metallium — extend the company's supply chain into new geographies and commodities while locking in future volumes.

The company's customer base is concentrated in industrial manufacturers and energy buyers globally, with notable named counterparties including Tesla, Core Lithium, Larvotto Resources, Caturus (Commonwealth LNG), the US government (Project Vault), and Falcon Copper. In 2025 Glencore reported revenue of approximately $247.5 billion, and is currently executing multiple strategic initiatives including the Caturus LNG offtake, Project Vault procurement role, FincoEnergies acquisition, Access World re-acquisition, Kazzinc divestiture, and an ASX secondary listing consideration.

Name

Glencore

Legal name

Glencore International AG (Ltd/SA)

Website

https://glencore.com

Company type

Public

Founded year

1978

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Glencore is one of the world's largest diversified natural resource companies, producing and marketing approximately 15 commodities — including copper, cobalt, nickel, zinc, coal, and oil — across 30+ countries. It serves industrial manufacturers and energy customers globally through owned industrial operations integrated with a global marketing and trading division.

Ownership category

akta.pro rank

Product category

Diversified Mining and Commodity Marketing

NAICS

Copper, Nickel, Lead, and Zinc Mining (212230), Copper, Nickel, Lead, and Zinc Mining (21223), Metal Service Centers and Other Metal Merchant Wholesalers (423510)

SIC

Metal Mining (1000), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Copper Exploration & Resource Development (IMAKADAA)

akta.pro secondary industries

Copper Concentrate Trading & Marketing (IMAKADAI), Battery & Critical Minerals Trading (Lithium, Cobalt, Graphite, Manganese, Rare Earths) (IMAKAJAE)

Keywords

• Diversified mining operations
• Commodity marketing trading
• Base metals production
• Energy coal supply
• Mineral processing technology

Headquarters

HQ city

Baar

HQ country

Switzerland

HQ region

Europe

Offices22 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Commodity Production and Sales: Glencore generates the majority of its revenue through the production and sale of physical commodities from its industrial operations — copper, cobalt, nickel, zinc, ferroalloys, coal, and oil. The company's dual industrial and marketing model enables it to capture value across the commodity supply chain. Industrial operations span Africa, Australia, Europe, North America, and South America.
2. Marketing and Trading: Glencore's marketing division provides logistics, financing, and risk management services to industrial customers globally, earning marketing margins. The segment tracked toward the high end of its $2.3-3.5B annual core earnings guidance for 2025, driven by market volatility from the Iran conflict in 2026, with Q1 2026 described as 'bumper profits'. Record performance of $6.4B was achieved in 2022.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Glencore is a globally diversified natural resource company that produces and markets approximately 15 commodities including copper, cobalt, nickel, zinc, lead, coal and oil from its own industrial mining, smelting and refining operations across more than 30 countries. Its integrated model pairs large-scale industrial production with a global marketing division that provides offtake, logistics, financing and risk management services to industrial customers worldwide.

Product overview

Glencore is a globally diversified natural resource company operating a vertically integrated model combining industrial production with commodity marketing. The company organizes its operations into four main divisions: Metals & Minerals (copper, cobalt, nickel, zinc, lead, ferroalloys), Energy (coal and oil), Marketing (global commodity trading and logistics), and Recycling (metal recovery). Additionally, Glencore Technology commercializes proprietary mining and processing technologies including IsaMill, Jameson Cell, ISASMELT, ISAKIDD, Albion Process, and Hypersparge. The company also offers specialized services like Trakk for oil invoice verification and Aquarius Energy for sustainable mining energy solutions.

Differentiator

Problem solved

Functional benefit

Brands

• Glencore Technology: Technology business providing IsaMill, Jameson Cell, IsaSmelt, ISAKIDD, Albion Process, Hypersparge, and Zipatank technologies to the global mining industry
• Trakk
• XPS
• Aquarius Energy

Products and services

• Metals & Minerals

Quantifiable outcome

• 19% YoY increase in copper production to 199,600 tonnes in Q1 2026
• +2 more outcomes

Named customers3 records

Segments2 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

13 partnerships are on record, tiered core and minor.

• Access WorldcoreStrategic or Co-development Partner · 23 June 2026South Africa's Competition Tribunal approved Glencore's re-acquisition of Access World, a global logistics firm specializing in metals storage, subject to public interest conditions including job security and service continuity. The re-acquisition follows a financial dispute where Global Capital Merchants had acquired Access World in 2022 using vendor financing from Glencore but failed to repay the full amount.
• PT Merdeka Gold ResourcescoreStrategic or Co-development Partner · 17 June 2026Indonesian gold miner PT Merdeka Gold Resources is proceeding with a Hong Kong listing that could raise up to HK$2.4 billion ($305 million), with Glencore, Mercuria Energy Group, and Trafigura participating as cornerstone investors. UBS Group AG, Citic Securities, Morgan Stanley, and HSBC Holdings are arranging the deal, scheduled for June 26.
• Abcourt MinesminorStrategic or Co-development PartnerAbcourt Mines secured a $30 million senior debenture with Glencore AG accompanied by an offtake agreement covering all products from the Sleeping Giant mine. The company also repaid a $1.04 million loan and increased its cash position from $2.6 million to $14.8 million.
• Tantalex Lithium ResourcesminorStrategic or Co-development PartnerTantalex Lithium Resources entered into amendment agreements with Glencore AG to receive an additional $2,000,000 in financing, with TTX Metals acceding as an additional guarantor under the amended convertible facilities agreements. The company also entered royalty agreements with Glencore, SLC Asia Pte Ltd., and Infra-X Minerals for gross revenue royalties on tin, lithium, and tantalum production from its DRC properties.
• T5 Smackover PartnerscoreStrategic or Co-development PartnerT5 Smackover Partners signed a binding five-year offtake agreement with Glencore Ltd. for lithium carbonate from its East Texas operations, with Glencore set to market all Phase 1 output. Phase 1 is expected to produce approximately 5,000 metric tons per year, totaling roughly 25,000 metric tons over the full contract term.
• Larvotto ResourcescoreStrategic or Co-development PartnerLarvotto Resources signed a seven-year gold concentrate offtake agreement with Glencore for its Hillgrove Antimony-Gold Project in New South Wales, covering approximately 15,000 dry metric tonnes annually. The agreement is structured on a mine-gate basis with Glencore handling all logistics. Commissioning expected August 2026.
• Caturus (Commonwealth LNG)coreStrategic or Co-development PartnerCaturus announced a $9.75 billion financing package for a Louisiana LNG export plant, with Glencore confirmed as a long-term offtaker under a 20-year agreement covering approximately 3 million tonnes per year, representing nearly one-third of the project's planned 9.5 million tonnes per year capacity. Operations expected to begin in 2030.
• US Government (Project Vault)coreStrategic or Co-development PartnerGlencore was selected as a supplier for Project Vault, a US government-backed $12 billion mineral stockpiling initiative backed by the US Export-Import Bank. The project involves Glencore and Hartree Partners as procurement trading houses for approximately 60 critical minerals.
• Falcon CoppercoreStrategic or Co-development PartnerFalcon Copper and Glencore signed a non-binding MoU to jointly evaluate and develop critical minerals projects supporting US supply chain security. Glencore is expected to supply up to 1.6 million tonnes of copper concentrate annually to Falcon's planned US smelting and refining platform.
• Metallium LimitedminorStrategic or Co-development PartnerMetallium Limited has a cornerstone supply agreement with Glencore Ltd. for up to 2,400 tonnes per annum of e-scrap and feedstock, covering 50% of its Stage 1 throughput target of 8,000 tonnes per annum for its Texas Technology Campus near Houston. Metallium uses Flash Joule Heating technology for critical and precious metals recovery.
• KazzinccoreStrategic or Co-development PartnerGlencore operates Kazzinc, its zinc-gold production facility in Ust-Kamenogorsk, eastern Kazakhstan. An explosion in May 2026 killed two people and injured five, reducing operations at the zinc and lead facilities. Negotiations are ongoing for Glencore to sell its approximately 70% stake to a local businessman for up to $4.5 billion.
• FincoEnergiescoreStrategic or Co-development PartnerGlencore acquired a majority stake in Dutch fuel supplier FincoEnergies to expand its presence in Northwest European fuel markets. The acquisition is subject to Dutch regulatory approval.
• Core LithiumcoreStrategic or Co-development PartnerCore Lithium restarted its Finniss mine in May 2026 after securing A$120 million in equity and US$120 million in project finance from Glencore, InfraVia, and Nebari. Glencore International also purchased 25,000 tonnes of lithium fines from Core Lithium's Finniss operation (following 20,000-tonne sale in April), generating approximately $28.5 million from lithium stockpile sales in 2026.

Scale indicators16 records

Recent moves9 records

Expansion highlights7 records

Direct peers

• Trafigura: One of the largest physical commodity traders globally, focused on metals, minerals and energy. Highly comparable to Glencore's marketing and trading division in business model, geographic footprint and counterparty base.
• Freeport-McMoRan: One of the world's largest copper producers with major operations in the Americas and Indonesia. Closest pure-play copper peer to Glencore's copper franchise, with comparable exposure to copper-grade dynamics and energy-transition demand.
• Mercuria Energy Group: Global commodity trading house active in energy and metals. Jointly participated with Glencore as cornerstone investor in PT Merdeka Gold Resources' Hong Kong listing, illustrating direct overlap in trading and investment activity.
• Teck Resources: Canadian diversified miner with leading copper and zinc/smelting operations, including the Horne smelter and CCR refinery context. Closest North American peer to Glencore Canada, with comparable copper (~180kt Canadian output) and steelmaking-coal exposures.

Broad incumbents

• BHP Group: One of the world's largest diversified mining majors producing copper, iron ore, nickel, coal and potash. Directly comparable to Glencore's industrial division across copper and coal, with a similarly global footprint and offtake relationships.
• Rio Tinto: Global diversified mining major with material copper, iron ore, aluminum and lithium exposures. Glencore previously explored a ~$240B merger with Rio Tinto, underscoring the deep operational and strategic comparability between the two.
• Anglo American: Diversified miner with copper (including a 44% stake alongside Glencore at Collahuasi), platinum, iron ore and diamond assets. Directly comparable as a diversified mining peer with a significant copper growth story highlighted in Berenberg's analysis of Glencore.
• Vale: Brazilian-headquartered diversified miner producing iron ore, copper and nickel globally. Comparable in scale and commodity breadth to Glencore's industrial business, though more concentrated in iron ore.
• Vitol: World's largest independent energy trader, with significant metals and minerals trading operations. Comparable to Glencore's marketing division in scale, particularly across oil, and increasingly across battery materials.
• Codelco: Chilean state-owned copper mining company and the world's largest copper producer. Directly comparable to Glencore's copper business, particularly given shared Chilean operations and exposure to Chilean regulatory/water-supply dynamics.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/glencoreplc
• Facebookfacebook.com/Glencore
• LinkedInlinkedin.com/company/glencore
• Instagraminstagram.com/glencore

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries25 records

Funding overview

Funding rounds2 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A7 records

Investments31 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Glencore