LONDON, March 6, 2026, 09:38 GMT
Glencore plc is looking to throw its weight behind Shakhmurat Mutalip’s $1.4 billion offer for 40% of Eurasian Resources Group, according to the Financial Times. Reuters reports the deal features an $800 million upfront payment, which is linked to future ferrochrome deliveries—a key input for steel. Both Glencore and ERG declined to comment, Reuters added.
The timing here is key. Last month, Rio Tinto ended merger discussions, and soon after, Reuters reported Glencore was likely to turn its attention to asset disposals to sharpen its copper focus. Aberdeen’s Iain Pyle suggested Glencore might “sell off assets individually,” while Ninety One’s George Cheveley pointed to a chance to “tidy up” the portfolio and “release value.” Reuters
According to the FT, Mutalip has edged past a competing offer from ERG boss Shukhrat Ibragimov and is deep in negotiations to acquire Glencore’s 70% stake in Kazzinc, the Kazakh miner focused on zinc, lead, and gold. The potential price tag: roughly $3.5 billion. The paper also noted that any deal with ERG would still hinge on a unanimous nod from shareholders and approval from Kazakhstan’s government.
Last month, chief executive Gary Nagle talked up Glencore’s “continued portfolio optimisation” and described “clear momentum for our copper-led growth strategy.” The company, in the same results release, set a target of about 1.6 million tonnes of copper output by 2035 and outlined a preliminary deal: it plans to sell 40% of its DRC copper and cobalt assets to the Orion Critical Mineral Consortium, which is backed by the U.S. Glencore
Glencore handed back $2 billion to shareholders in February, despite reporting a 6% slide in adjusted EBITDA to $13.51 billion in 2025. Copper’s influence across the company is growing fast. CEO Nagle pointed to a 49% jump in core profit for the second half versus the first, crediting stronger metals prices and improved production, with copper leading the gains.
Consolidation remains the story in mining, though headline deals keep hitting roadblocks. Jefferies’ Christopher LaFemina dismissed another round with Rio as “not our base case” following the Feb. 5 breakdown. BHP’s interest in Anglo American has faded, according to Reuters, leaving Anglo’s share-swap merger with Teck Resources as the last major transaction still on track. Reuters
At 09:09 GMT, Glencore shares were marked at 517.6 pence, according to delayed quotes on the company’s website, putting the stock up 2.3 pence in London trading.
The Kazakhstan story isn’t settled yet. ERG’s financing plan hasn’t been locked in, and FT’s report on the regulatory roadblocks suggests structure, timing—or the deal itself—could all be up in the air.
