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  = Summary =
  * Glencore is one of the world’s largest globally diversified natural resource companies.
--* Founded in the 1970s as a trading company, Glencore become a major producer and marketer of commodities - employing 135,000 people around the world.
++* Founded in the 1970s as a trading company, Glencore become a major producer and marketer of commodities - employing 135,000 people.
  * Glencore one of the world’s largest producers and marketers of copper.
  [[image:GLEN0.png]]
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+16,39 @@
  Glencore (NYSE:GLEN, LSE:GLEN) is one of the world’s largest globally diversified natural resource companies.{{footnote}}https://www.glencore.com/who-we-are/at-a-glance{{/footnote}}
--Founded in the 1970s as a trading company, Glencore has grown to become a major producer and marketer of commodities - employing 135,000 people around the world.
++Founded in the 1970s as a trading company, Glencore now a major producer and marketer of commodities - employing 135,000 people around the world.
--The company's operations comprise around 150 mining, metallurgical and oil production assets. The company's purpose is to responsibly source the commodities that advance everyday life. The company do this by delivering on its strategy to be active at every stage of the commodity supply chain. The company's diversity by geography, product and activity, maximises the value the company create for its business and its diverse stakeholders.
++The company's operations comprise around 150 mining, metallurgical and oil production assets.
  [[image:GLEN1.webp]]
--== Company History ==
++= Financial Highlights =
++Group net income attributable to equity holders improved from a loss of $1,903 million in 2020 to an income of $4,974 million in 2021, after recognising various significant items discussed below. EPS increased from negative $0.14 per share to positive $0.38 per share.
--Glencore was founded in 1974. Today, Glencore is one of the world’s leading diversified natural resource companies, producing and trading more than 90 commodities.{{footnote}}https://www.glencore.com/who-we-are/our-history{{/footnote}}
++The economic recovery seen in late 2020 continued into 2021, helped significantly by major governments and central banks initiating and sustaining the provision of material stimulus to the global economy. Average year-over-year price increases for coal (Newc), cobalt, copper, nickel and zinc were 125%, 60%, 51%, 34% and 32% respectively. Owing mainly to such higher prices, Adjusted EBITDA set a record of $21,323 million and Adjusted EBIT was $14,495 million in 2021, compared to $11,560 million and $4,416 million in 2020. The positive impact of the higher commodity prices on Adjusted EBITDA was somewhat tempered by higher costs (mainly energy), the effects of a weaker US dollar against most of its producer currencies, including average year-over-year declines against the Australian dollar (9%) and the South African rand (10%) and modestly lower production levels. Adjusted EBITDA mining margins improved to 45% (2020: 36%) in its metal operations and to 47% (2020: 17%) in its energy operations.
--(% class="info" %)|Year|Milestones
--|1974|Glencore was founded in 1974.
--|1974|Marc Rich + Co AG is established, initially focusing on the marketing of ferrous and non-ferrous metals and minerals and crude oil.
--|1981|Granaria, a Dutch grain trading company acquired, which later becomes Glencore Agriculture.
--|1987|US smelter and Peruvian mine acquired; vertically integrated production starts.
--|(((
--1990
--)))|A stake in Xstrata (then Südelektra Holding AG) is acquired.
--|1993|Management buyout from Marc Rich; with the company being renamed Glencore.
--|1995|The company acquire the Prodeco coal project in Colombia – today, Colombia’s third largest exporter of thermal coal.
--|2000|The company acquire a stake in Mopani, Zambia – one of the African Copperbelt’s key producers of copper.
--|2002|The Xstrata IPO takes place in London.
--|2008|Katanga and Nikanor merger completes in the DRC.
--|2012|The company acquire Viterra – providing a significant operational footprint for its agriculture business in Australia and Canada.
--|2013|The company complete the merger with Xstrata.
--|2013|The company roll out the Code of Conduct across the Glencore group.
--|2013|The $550m Puerto Nuevo is opened in Colombia – one of Colombia’s first direct loading ports.
--|2014|The company become a member of ICMM – the International Council on Mining and Metals.
--|2014|Mopani Copper Mines $500m smelter upgrade completed.
--|2016|The company agree to sell 40% of Glencore Agricultural Products to CPPIB, and 9.9% to the British Columbia Investment Management Corporation.
--|2017|The company take full ownership of Mutanda and increase its stake in Katanga in the DRC.
--|2017|The company announce a joint venture with G500 in Mexico to launch 2,000 G500-branded gas stations.
--|2017|The company agree to acquire a 49% interest in Hunter Valley Operations.
--|2017|The company announce a deal to acquire Chevron’s South African and Botswanan mid/downstream assets.
--|2017|Glencore acquires 36.9% of the voting shares in the Peruvian zinc, lead and silver producer, Volcan.
--|2018|The company acquire the Hail Creek coal mine – a large-scale, long-life and low cost operation located in central Queensland, Australia.
++Industrial Adjusted EBITDA increased by 118% to $17,100 million (Adjusted EBIT was $10,800 million, compared to $1,077 million in 2020). As noted above, the increase was primarily driven by stronger average year-over-year commodity prices, particularly related to its copper, cobalt, ferrochrome, nickel and coal operations, driven by recovery of global demand and various supply challenges, most notably seen across the energy spectrum (gas, coal and oil), impacting product availability and cost.
--[[image:GLEN3.jpg]]
++Net finance costs were $1,140 million during 2021, a 22% decrease compared to $1,453 million in the comparable reporting period, due to lower average base rates (mainly US$ Libor) and lower net funding levels year-over- year. Interest expense for 2021 was $1,348 million, down 14% over 2020 and interest income was $208 million compared to $120 million in the prior year.
++
++An income tax expense of $3,026 million was recognised during 2021, compared to a credit of $1,170 million in 2020. The effective tax rate is 63.6%, and when adjusting for significant items (primarily impairments, foreign exchange adjustments and tax losses not recognised), the effective tax rate reduces to 33.5% (29.7% in 2020).
++
++
++Net funding as at 31 December 2021 decreased by $4.6 billion to $30,837 million and net debt (net funding less readily marketable inventories) decreased by $9.8 billion to $6,042 million, as funds from operations of $17,057 million significantly exceeded the $3,802 million of net capital expenditure and $3,024 million of distribution to shareholders, non-controlling interests and purchase of own shares.
++
++
++
++[[image:GLEN5.png]]
++
++
  = Operations =
  == Metals and Minerals ==
@@ -74,10
+74,10 @@
  Glencore is one of the world’s largest producers and marketers of copper. In 2020, the company produced 1.26 million tonnes, and sold 3.4 million tonnes through its marketing business.
--The company mine and process copper ore in the key mining regions of Africa, Australia and South America. The company source and recycle copper scrap in North America and Asia. And the company smelt and refine copper at smelters and refineries around the world.
++The company mine and process copper ore in the key mining regions of Africa, Australia and South America. The company source and recycle copper scrap in North America and Asia. And the company smelt and refine copper at smelters and refineries.
--The company's copper marketing business supplies a range of customers in the automotive, electronics and construction industries.
++The company's copper marketing business supplies to customers in the automotive, electronics and construction industries.
  As a major by-product of copper production, Glencore is one of the world’s largest producers of cobalt, primarily from the Democratic Republic of Congo (DRC).
@@ -108,9
+108,6 @@
  === Zinc and Lead ===
--The company's zinc and lead business combines world-class assets with global marketing reach and expertise.
--
--
  The company mine and process zinc and lead ores in the key mining regions of Australia, South America, Kazakhstan and Canada. And, the company smelt and refine zinc and lead at processing operations in Australia, Canada, Spain, Italy, Germany, the UK and Kazakhstan.
@@ -140,7
+140,7 @@
  === Other metals and minerals ===
--Glencore is a leading supplier in the global alumina and aluminium market – and also market iron ore to customers around the world.
++Glencore is a leading supplier in the global alumina and aluminium market – and also market iron ore.
  **Aluminium / alumina**
@@ -153,7
+153,7 @@
  **Iron ore**
--The company physically market iron ore from third-party producers to customers worldwide – with Asia making up most of its customer base.
++The company physically market iron ore from third-party producers to customers – with Asia making up most of its customer base.
  [[image:GLEN2.webp]]
@@ -186,7
+186,7 @@
  === Oil ===
--Glencore is one of the world’s leading marketers of crude oil and oil products, supplying millions of barrels of oil every day to customers around the world
++Glencore is one of the world’s leading marketers of crude oil and oil products, supplying millions of barrels of oil every day.
  The company source crude oil and oil products from a range of suppliers – through its marketing offices in London, New York and Singapore.
@@ -236,7
+236,7 @@
  **Copper bearing materials**
--The company recycle a wide range of copper bearing scrap, such as, high grade copper (#1 and #2 Cu), brass, turnings, and residues (dross, muds, hydroxide, dust and catalysts)
++The company recycle a wide range of copper bearing scrap, such as, high grade copper ( Cu), brass, turnings, and residues (dross, muds, hydroxide, dust and catalysts)
  **Precious metal bearing material**
@@ -333,29
+333,45 @@
  In shipping, tanker freight markets remained depressed for most of the year. Whilst they lifted in Q4, particularly in the ‘clean’ refined products segment, market expectations of a year-end upward momentum failed to materialise.
--[[image:GLEN5.png]]
++[[image:GLEN3.jpg]]
--= Financial Highlights =
++== (% id="cke_bm_3073S" style="display:none" %) (%%)Company History ==
--Group net income attributable to equity holders improved from a loss of $1,903 million in 2020 to an income of $4,974 million in 2021, after recognising various significant items discussed below. EPS increased from negative $0.14 per share to positive $0.38 per share.
++Glencore was founded in 1974. Today, Glencore is one of the world’s leading diversified natural resource companies, producing and trading more than 90 commodities.{{footnote}}https://www.glencore.com/who-we-are/our-history{{/footnote}}
--The economic recovery seen in late 2020 continued into 2021, helped significantly by major governments and central banks initiating and sustaining the provision of material stimulus to the global economy. Average year-over-year price increases for coal (Newc), cobalt, copper, nickel and zinc were 125%, 60%, 51%, 34% and 32% respectively. Owing mainly to such higher prices, Adjusted EBITDA set a record of $21,323 million and Adjusted EBIT was $14,495 million in 2021, compared to $11,560 million and $4,416 million in 2020. The positive impact of the higher commodity prices on Adjusted EBITDA was somewhat tempered by higher costs (mainly energy), the effects of a weaker US dollar against most of its producer currencies, including average year-over-year declines against the Australian dollar (9%) and the South African rand (10%) and modestly lower production levels. Adjusted EBITDA mining margins improved to 45% (2020: 36%) in its metal operations and to 47% (2020: 17%) in its energy operations.
++(% class="info" %)|Year|Milestones
++|1974|Glencore was founded in 1974.
++|1974|Marc Rich + Co AG is established, initially focusing on the marketing of ferrous and non-ferrous metals and minerals and crude oil.
++|1981|Granaria, a Dutch grain trading company acquired, which later becomes Glencore Agriculture.
++|1987|US smelter and Peruvian mine acquired; vertically integrated production starts.
++|(((
++1990
++)))|A stake in Xstrata (then Südelektra Holding AG) is acquired.
++|1993|Management buyout from Marc Rich; with the company being renamed Glencore.
++|1995|The company acquire the Prodeco coal project in Colombia – today, Colombia’s third largest exporter of thermal coal.
++|2000|The company acquire a stake in Mopani, Zambia – one of the African Copperbelt’s key producers of copper.
++|2002|The Xstrata IPO takes place in London.
++|2008|Katanga and Nikanor merger completes in the DRC.
++|2012|The company acquire Viterra – providing a significant operational footprint for its agriculture business in Australia and Canada.
++|2013|The company complete the merger with Xstrata.
++|2013|The company roll out the Code of Conduct across the Glencore group.
++|2013|The $550m Puerto Nuevo is opened in Colombia – one of Colombia’s first direct loading ports.
++|2014|The company become a member of ICMM – the International Council on Mining and Metals.
++|2014|Mopani Copper Mines $500m smelter upgrade completed.
++|2016|The company agree to sell 40% of Glencore Agricultural Products to CPPIB, and 9.9% to the British Columbia Investment Management Corporation.
++|2017|The company take full ownership of Mutanda and increase its stake in Katanga in the DRC.
++|2017|The company announce a joint venture with G500 in Mexico to launch 2,000 G500-branded gas stations.
++|2017|The company agree to acquire a 49% interest in Hunter Valley Operations.
++|2017|The company announce a deal to acquire Chevron’s South African and Botswanan mid/downstream assets.
++|2017|Glencore acquires 36.9% of the voting shares in the Peruvian zinc, lead and silver producer, Volcan.
++|2018|The company acquire the Hail Creek coal mine – a large-scale, long-life and low cost operation located in central Queensland, Australia.
--Industrial Adjusted EBITDA increased by 118% to $17,100 million (Adjusted EBIT was $10,800 million, compared to $1,077 million in 2020). As noted above, the increase was primarily driven by stronger average year-over-year commodity prices, particularly related to its copper, cobalt, ferrochrome, nickel and coal operations, driven by recovery of global demand and various supply challenges, most notably seen across the energy spectrum (gas, coal and oil), impacting product availability and cost.
--Net finance costs were $1,140 million during 2021, a 22% decrease compared to $1,453 million in the comparable reporting period, due to lower average base rates (mainly US$ Libor) and lower net funding levels year-over- year. Interest expense for 2021 was $1,348 million, down 14% over 2020 and interest income was $208 million compared to $120 million in the prior year.
--
--An income tax expense of $3,026 million was recognised during 2021, compared to a credit of $1,170 million in 2020. The effective tax rate is 63.6%, and when adjusting for significant items (primarily impairments, foreign exchange adjustments and tax losses not recognised), the effective tax rate reduces to 33.5% (29.7% in 2020).
--
--
--Net funding as at 31 December 2021 decreased by $4.6 billion to $30,837 million and net debt (net funding less readily marketable inventories) decreased by $9.8 billion to $6,042 million, as funds from operations of $17,057 million significantly exceeded the $3,802 million of net capital expenditure and $3,024 million of distribution to shareholders, non-controlling interests and purchase of own shares.
--
--
  = References =
  {{putFootnotes/}}