Yet, the stock doubled in value this year!
One of the biggest mining companies, this London-based company has had a reputation of too-cozy relationships with some of the world’s least-revered national leaders. Revenues are down because commodity prices are down and, more importantly, because the company is intentionally shrinking its asset base. This has allowed it to decrease its use of derivatives, thankfully. And, the loss of $369 million is a big improvement over the $676 million loss for the same period last year. I suspect the increased scrutiny resulting from this year’s troubles will be good for the world.
Whew . . . but, does that mean Glencore is off the radar screen? Not a chance!!