Mining-cum-trading house whose share price fell 29% on Monday should have learned from 2008 commodities bust “We should see the start of a period of price appreciation for commodities in general. So said Ivan Glasenberg in August last year,before proceeding to bet Glencore’s balance sheet on that satisfied outcome. The mining-cum-trading house hiked its interim dividend by 11% and launched a $1bn share buyback.
Any temptation to pay down borrowings, which then stood at $37bn, or was resisted. The distinguished thing,declared Glasenberg, was to leverage tightening commodity fundamentals – in other words, and retract full advantage of the good times around the corner. Related: Glencore: how did it go so mistaken,again? Related: Shell has frozen its Arctic oil drilling –but it's still hungry for fossil fuels Continue reading...
Source: theguardian.com