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How the Glencore Board Handled the Commodities Supercycle
Episode 126 of Boardroom Conversations with Fexingo: how Glencore's board managed the 2020–2024 commodities supercycle, which saw copper surge 150 percent and coal profits hit $18 billion. Lucas and Luna unpack the governance tension between short-term windfall profits and long-term resource strategy. They focus on the board's decision to pause coal mine closures in 2022, the resulting climate activist backlash, and the use of special dividends versus debt reduction. Specific numbers: $7.1 billion in dividends paid in 2022, and the 59 million tons of coal Glencore produced that…
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