UPDATE 1-Glencore widens review of assets, eyes acquisitions

(Updates with EBITDA numbers, analyst forecasts)

By Clara Denina and Zandi Shabalala

LONDON, Dec 2 (Reuters) - Miner and trader Glencore
said on Thursday it was in the process of selling 10 more
assets, putting another 15 under review and considering
acquisitions as it moves to refocus its portfolio on what it
termed "commodities of the future".

Glencore, which owns more than 150 operating sites, has sold
seven assets so far, including some Bolivian zinc mines and a
copper-gold mine in Australia.

It has 10 sales processes underway across its portfolio and
15 further assets under review which may not fit the long-term
strategy of the company, it said during its annual investor day.

"Those assets that are not fit for purpose or subscale we
would look to move out of our portfolio," Chief Executive Gary
Nagle said, without identifying the assets he was referring to.

"It's not a one-size-fits-all approach... each asset will be
looked at on its own merit."

Glencore's share price closed down 4.1%.

The company on Thursday guided towards an adjusted earnings
before interest, taxes, depreciation and amortisation (EBITDA)
of $21.7 billion in 2022, below analysts' expectations.

RBC Capital Markets had forecast an adjusted spot EBITDA of
$27 billion for next year, while Jefferies had put it at $23.7
billion.

The miner also said it would temporarily raise its net debt
to $16 billion, the top end of its target range, for potential
mergers and acquisitions, but added that it does not have
short-term targets.

"There is nothing cooking," said Chief Financial Officer
Steve Kalmin, adding that targets would be "commodities of the
future", without giving details.

Nagle defended the company's decarbonisation strategy to run
down its coal mines by the mid-2040s, after an activist
shareholder urged the company to spin off the unit and help prop
up the "undervalued" stock.

London-based activist fund Bluebell Capital Partners Ltd on
Tuesday asked Glencore to separate its thermal coal business and
show its commitment to moving to cleaner energy sources,
allowing more investors to buy the stock.

Some 94% of Glencore's shareholders voted in favour of the
company's plans to hit net-zero carbon emissions by 2050.

Glencore is now looking for a 15% reduction in so-called
Scope I and II emissions by 2026 compared to 2019, and 50% by
2035, from a previous target of 40%.

Thermal coal is the most polluting fossil fuel and other
major mining companies, including Rio Tinto and
Anglo American, have sold or spun off their coal assets
to meet emissions targets and shift towards sustainable energy.

Thermal coal prices, however, have recently soared on power
shortages in China and a European gas squeeze, partly helping
Glencore stock rise more than 50% this year.

(Reporting by Clara Denina and Zandi Shabalala; Editing by Jan
Harvey and Susan Fenton)