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GLENCORE expects its marketing division to earn more than $5bn this year, which would put 2026 among the strongest years in the group’s history, Bloomberg reported.
In a statement on Friday, the London-listed miner and trader credited the result mainly to “the materially reshaped crude oil, refined products, gas and freight markets”.
Glencore also raised its long-term guidance for the trading unit. From 2027 it expects marketing to deliver pre-tax earnings of about $2.8bn to $4.2bn a year. Its shares rose by as much as 2.8% on the news.
The company said the new guidance method reflected years of profit growth driven largely by “movements in commodity prices, inflation, the commercial opportunity set and our overall business volumes and scale”.
The disclosure comes ahead of Glencore’s planned secondary listing on the Australian Securities Exchange planned for October 14. Glencore currently has its primary listing on the London Stock Exchange and a secondary listing on the JSE.
The company said in August that it planned to add an Australian secondary listing to broaden its investor base and improve trading liquidity.
It’s been an all action 30 days for the Swiss-headquartered miner. On September 23, it emerged that the US government had selected Glencore to help it build a strategic reserve of critical minerals in a development that deepens the Swiss miner’s relationship with Washington. The US Export-Import Bank (EXIM) committed $500m to the partnership, under which Glencore will source, buy and deliver critical minerals for VaultCo, a public-private initiative aimed at securing supplies for American industry.
Four days earlier, Glencore said it had suspended Peter Hill, its head of steelmaking raw materials, the Financial Times reported. The suspension follows a $2bn lawsuit filed by trading group Radiant in Singapore against three Glencore units, accusing it of omitting the “true nature” of their trading arrangements from its audited accounts.