Switzerland-based Glencore PLC (OTCPK:GLNCY)
has certainly taken a different road on its way to becoming one of the
world's mining majors. Glencore has no iron ore exposure at present and
has instead built around quality base metal and copper assets. Glencore
also has extensive agriculture assets and one of the largest physical
marketing operations in the world. The shares do deserve a premium for
that marketing business, and though the shares may not look like much of
a bargain from an EV/EBITDA perspective, there's still credible value
here.
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Glencore PLC: A Mining Major With A Different Approach
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