RE: g l e n15 Dec 2021 20:22
Glencore pays its shareholders a 29.0 cents dividend, which translates to a 3.15% yield at the current share price. Along with its position in energy and other commodity markets worldwide, GLNCY is a leading copper producer, which bodes well for revenue growth and additional shareholder value.
Indeed, Goldman Sachs calls copper “the new oil.”
The top three copper-producing companies are Codelco, Glencore, and BHP (NYSE:BHP). Codelco is the Chilean state-owned copper producer that leads the world with 1.76 million tons of output. BHP is the Australian mining giant that produces 1.21 million tons of the red metal.
Glencore’s production is 1.26 million tons. With copper at the $4.2 per pound level on Dec. 15, the company is making money hand over fist from its copper output. Goldman Sachs has said that decarbonization does not occur without copper and has forecast the price to rise to the $15,000 per ton level by 2025. As the demand increases, supplies will not keep pace as it takes nearly a decade to bring new production on stream.