London, March 16, 2026, 13:15 GMT
Glencore plc ticked up in London on Monday, trading at 520.6 pence as of 12:50 GMT, according to the company’s website. That’s a 2.2 pence gain for the day, just enough to keep shares holding above 520 pence by midday.
Investors still face an unresolved issue with the stock. Back on March 13, Reuters highlighted that chief executive Gary Nagle is banking on stronger coal prices to help put a potential deal with Rio Tinto back in play once takeover restrictions lift. Since Jan. 7, both coal prices and Glencore shares have jumped 26%. Rio? Up just 9%.
Glencore, responding after Rio walked on Feb. 5, argued the deal terms “significantly undervalued” its side—highlighting copper and the growth pipeline as key points. With Rule 2.8 of the UK takeover code in play, Rio is now locked out from making another bid until August, unless something materially shifts. Glencore
The company isn’t ruling out other moves. Gary Nagle mentioned to the Australian Financial Review—Reuters picked this up last week—that listing on the Australian Securities Exchange might “give investors another option other than Rio and BHP.” But he also flagged that Glencore would still have to consult shareholders and get external advice before moving ahead. Reuters
Risks aren’t far off. London-listed metal miners struggled on Monday, dragged lower as copper prices slipped. Glencore faces extra strain: workers at its Townsville copper refinery in Australia walked off the job for four hours on Friday. Now, they’re threatening to escalate unless wage negotiations pick up.
Some investors are leaning toward asset sales as the simpler path to a higher valuation, rather than going for a mega-merger. Aberdeen investment manager Iain Pyle told Reuters last month that Glencore may “sell off assets individually” to sharpen its focus on copper and trading. George Cheveley, portfolio manager at Ninety One, pointed out that with coal prices rebounding, “cash from the coal business is still very valuable.” Reuters
Recent figures gave the company some support. Glencore on Feb. 18 posted a 6% drop in 2025 adjusted EBITDA—core operating profit came in at $13.51 billion—but kept its $2 billion commitment to shareholders. CEO Gary Nagle highlighted what he called “underlying momentum” in the back half as metals prices and copper volumes picked up. Reuters
Management keeps hammering the standalone narrative. Preliminary results tout a “strong” standalone investment case, highlighting roughly $7 billion in annualised cash generation at current commodity prices. Just weeks ago, the company also reported 2025 production volumes for key commodities hitting guidance for the second year running. Glencore
