Glencore is the tempting devil sat on mining's shoulder: Gadfly

News Markets Intelligence Careers Education Buyers Guide News Markets Buyer's Guide Advertise RSS Newsletter The Northern Miner MINING.COM Canadian Mining Journal Sign In Join Profile Sign out Copper Gold Lithium Nickel Commodities Iron Ore Rare Earth Coal Uranium Cobalt Diamond Zinc Platinum Palladium Silver Potash Suppliers Equipment TOP 50 USA Canada Australia Regions Africa China Latin America Europe Asia TNM Maps TNM Marco Polo Glencore is the tempting devil sat on mining’s shoulder: Gadfly Bloomberg Opinion | December 13, 2017 | 11:16 am Base Metals Europe Copper Nickel Zinc Glencore CEO Ivan Glasenberg. (Image courtesy of St. Gallen Symposium | Via YouTube) The mining industry these days resembles that old cartoon about a person torn between prudence and temptation. On one shoulder, a white-clad angel is whispering about the virtues of capital discipline, shareholder value and generous dividends. On the other sits Glencore Plc Chief Executive Officer Ivan Glasenberg, clad in red and promising to buy or build everything in sight. Sign Up for the Copper Digest Sign Up The reason for that contrast was laid out clearly at the start of a Glencore investor presentation Tuesday. Uniquely among its peers, Glencore derives a substantial slice of its earnings from trading commodities, rather than producing them. When mining is weak, marketing can take up the slack, and vice versa, as this company chart shows: Another way of thinking about this is that whereas BHP Billit...

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