Alon Olsha's questions to Glencore plc/ADR (GLNCY) leadership • H1 2023
Question
Alon Olsha from Bloomberg Intelligence asked about the near-term outlook for the weak cobalt market and whether Glencore would intervene to support prices. He also questioned the rationale for delaying the final investment decision on the low-cost MARA copper project.
Answer
CEO Gary Nagle acknowledged the cobalt market surplus will take time to clear but confirmed Glencore would consider supply-side actions, such as stockpiling, as they have in the past. CFO Steven Kalmin added this could also include lower production. Regarding MARA, Nagle reiterated that the goal is to achieve "great returns" by launching the project into a much stronger copper market (above $10,000/tonne) rather than just "good returns" today.