Glencore expands into safer regions
After years of operating in regions considered high-risk and high-reward, the Swiss-based commodity trader decided to shift to safer regions and continues its efforts on mitigating risks for its operations.
The company continues to shift focus to safer regions in an effort to mitigate risk
Stocks impacted: Glencore Inc (GLEN)
As such, a year ago, the company took majority control of PolyMet Mining Corp, which is developing a mine in the Midwest state near the Canadian border. Besides, Glencore has invested in Canada’s First Cobalt Corp to restart an Ontario refinery, started a new copper concentrates blending facility in Taiwan, and also is searching for non-Russian sources of aluminum, expressing an interest in buying Rio’s operations in Iceland. The trader has also held some discussions about cobalt in Kazakhstan. In August, Glencore reported that its profit in the first half of the year fell 32%, citing weakness in the company’s cobalt operations and declining prices for the metal. At that time, the results sent the shares to their lowest level since 2016. On Thursday, the stocks are trading 1.5% lower.
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