Glencore: Rio Tinto Rumours, But Valuation Catches Up And Execution Risks Rise (Rating Downgrade)
2026-01-11 05:58:56 ET
Today, we return to Glencore ( GLCNF ) ( GLNCY ): the company held an important Capital Markets Day in December and, more notably, has announced a potential combination with Rio Tinto , which our team is also covering. In our last update, we overweighted the company shares. Indeed, our view on the company’s coal exposure shifted, and we reported short-term catalysts (buyback and Bunge monetization) as well as a supportive risk-reward given the company's copper operations and Marketing division exposure. Regarding the rumours, Glencore shares are up 10%, but we have recorded an almost 58% total return since June 2025 (Fig. 1)....
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Glencore: Rio Tinto Rumours, But Valuation Catches Up And Execution Risks Rise (Rating Downgrade)
NASDAQ: GLNCY
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