Glencore, Led By South African Executive Gary Nagle, Unveils 1 Billion Buyback

Glencore launches 1 billion stock buyback after securing 900 million cash and a 16.4 stake in Bunge from Viterra deal.

Shares down 35 in 2024, underperforming BHP, Rio Tinto, and Anglo American amid weak metal demand and tariff concerns.

30 billion mining asset shift to Australia doubles subsidiarys portfolio, strengthening Glencores global mining and energy strategy.

Glencore Plc, the Swiss commodity trading and mining giant led by South African executive Gary Nagle, will repurchase up to 1 billion worth of shares following the closure of its long-awaited Viterra sale to Bunge Ltd. The transaction, finalized on Wednesday, netted Glencore a 16.4 percent stake in Bunge and approximately 900 million in cash.

The company said the buyback is backed by surplus capital from the deal and will begin July 7, with completion expected before its full-year earnings release in February. This marks Glencores second top-up program this year, reinforcing its strategy of prioritizing shareholder returns despite ongoing market volatility.

Glencore stock has struggled in 2024, falling about 35 percent over the past year, underperforming mining rivals BHP Group, Rio Tinto, and Anglo American Plc. The drop was intensified by an April selloff tied to tariff tensions and declining metal demand.

Despite the slump, Glencore remains committed to capital returns. It announced a 1 billion buyback in February, even as earnings fell year-over-yearsignaling confidence in its long-term fundamentals and strategic shift under Nagles leadership.

In a sweeping internal move, Glencore recently transferred more than 30 billion in global mining assets to its Australian subsidiary , Glencore Investment Pty Ltd. The assets include coal mines in Colombia, South Africa, and Canada, the Mara copper project in Argentina, and ferroalloy operations near Johannesburgeffectively doubling its Australian asset base to over 65 billion.