About Gary Nagle
Gary Nagle, CEO of Glencore, stated at the Swiss Economic Forum in July 2023 that the world lacks sufficient green minerals to successfully achieve the energy and mobility transition. He noted that while metals exist, they are often in difficult jurisdictions and take time to permit. Nagle also said that fossil fuels still provide 81% of the world's energy, a figure he contrasted with 82% 23-24 years ago, and argued that decarbonization does not happen overnight. He reiterated Glencore's commitment to reducing its coal production by 50% from 2019 levels by 2035 and achieving net zero by 2050, while continuing to supply coal to developing nations.
In February 2025, Nagle described 2024 as a strong operational year, highlighting the simplification of Glencore's portfolio through the closure or disposal of over 20 assets. He emphasized the company's focus on long-life, low-cost assets and organic growth in copper, noting nearly 20 billion tons of measured, indicated, and inferred copper resources. Nagle also discussed share buybacks, describing them as "taking our company private by stealth" and stating that Glencore would continue buying back stock if it trades at a discount. He mentioned innovative approaches to de-risk the greenfield El Pachón copper project, potentially bringing it forward in the project sequence.
Source: AI-verified profile updated from Gary Nagle's recent appearances.
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Transcript (1 segments)
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Gary Nagle0:00
We've simplified the portfolio as you know. We've shut or disposed of more than 20 assets that were either loss-making or subscale, leaving us with a portfolio of terrific long-life, low-cost assets in good geographies around the world. At the same time, we've enhanced our organic project portfolio. On coal, the EVR acquisition was a headline deal in 2024: $7 billion for a tier-one, best-in-class, cash-generative asset. We also bought out minority joint-venture partners in Australian coal for less than $300 million, adding over 20 million tons of annual coal production. On alumina and aluminium, we're now 33% owners of Alunorte, the biggest and lowest-cost alumina refinery outside China, and 45% of MRN. We sold our Viterra stake to Bunge for $1 billion in cash, which we're returning to shareholders, and we'll own about 16% of the enlarged Bunge. On copper, we merged our assets with Teck into the PolyMet project in Minnesota, we took 100% of the Mara project in Argentina, and we continue to advance Corao, a brownfield expansion of Antapaccay in Peru that can deliver 300,000 tons of copper equivalent with very low capital intensity. But the best M&A we do is buying back our own stock—we've bought back nearly 10% of Glencore over three and a half years, front-running any rerating. Today we announced another $1 billion buyback. Our copper growth pipeline targets up to an additional 1 million tons per year from Corao, Mara, and Aloton. Aloton is a greenfield project in Argentina that will be one of the top 10 copper mines in the world, but we're developing it differently to massively de-risk the project.
