Ivan Glasenberg makes first Glencore share purchase in a decade

Key Points

• Ivan Glasenberg increases his stake in Glencore for the first time in nearly a decade, signaling confidence amid market volatility.
• Glasenberg now owns 10.2% of Glencore, worth approximately $3.7 billion, making him the largest individual shareholder.
• The purchase comes as Glencore’s shares hit a four-year low, struggling amid macroeconomic pressures and ESG concerns.

South African billionaire Ivan Glasenberg, the former CEO of Glencore Plc, has increased his stake in the commodity trading and mining giant for the first time in nearly a decade. This underscores his confidence in Glencore as the global mining sector faces market volatility.

Glasenberg, who steered Glencore from 2002 to 2021, acquired 7.4 million additional shares, bringing his total ownership to 1.219 billion shares, or 10.2 percent of the company’s voting rights, according to a recent regulatory filing. His stake is worth around $3.7 billion, making him Glencore’s largest individual shareholder.

Glencore’s Glasenberg buys more shares

The purchase triggered a regulatory disclosure, as Glasenberg’s stake surpassed the 10 percent threshold, which provides him with greater voting power under UK financial regulations.His holdings had remained unchanged since 2015, when he last bought shares during a sharp downturn in the commodities market.

That earlier decision turned out to be a savvy one—Glasenberg invested $210 million to maintain his stake during a $2.5 billion capital raise, and the stock later saw a notable rebound. While he’s not required to disclose every trade, this latest filing marks a clear shift in sentiment from one of the most influential figures in the industry.

However, Glasenberg’s recent move comes at a time when Glencore’s shares are trading at their lowest level in four years, underperforming its peers amid a broader sector selloff. The company, which has significant exposure to coal, copper, cobalt, and agricultural commodities, has faced challenges as investors move away from cyclical assets.

Glencore has dropped more than 35 percent year-to-date, grappling with macroeconomic pressures and growing concerns over environmental, social, and governance (ESG) issues.

Glasenberg’s purchase signals Glencore confidence

Glasenberg’s decision to buy more shares is a strong vote of confidence in the business he helped build. Founded in the 1970s as a commodity trading house, Glencore has grown into one of the world’s largest natural resource companies, with operations in over 35 countries and a workforce of more than 150,000. The company plays a pivotal role in supplying critical metals like nickel, copper, and cobalt—key materials for the global transition to clean energy.

During his 19-year tenure as CEO, Glasenberg guided Glencore through its 2011 IPO and the transformative $90 billion merger with Xstrata in 2013. Under his leadership, the company delivered a remarkable 450 percent total return to shareholders from 2002 to 2022, outpacing most of its global mining peers.