Strategy

Glencore focuses on the production, sourcing, processing, refinement, transport, storage, financing and supply of metals and minerals, energy products and agricultural products. The key elements of our strategy include:

We intend to build upon our position as one of the world’s largest physical commodity suppliers and track record of extending product and geographical range by continuing to target market share increases and expansion in emerging markets.

Our strategic investments in industrial assets are an important component of our physical sourcing strategy for our marketing activities. Glencore believes these investments provide a competitive advantage over peers which are less vertically integrated.

We believe becoming a public company has provided us with the financial resources needed to move Glencore to the next stage of our development and achieve further sustainable growth.

We intend to continue our focus on cost control and operational efficiencies at our industrial assets and on the sourcing of competitively priced physical commodities from reliable third party suppliers.

Glencore’s conservative financial profile and investment grade credit ratings have enabled us consistently to access the required funding on competitive terms and maintain healthy levels of liquidity. We intend to continue to manage our financial position around maintaining our investment grade credit ratings.

We intend to continue our focus in this key area by maintaining and expanding our centralised risk management resources and information systems.

We place the highest priority on our employees, the environment and the local communities where we operate.Our sustainability programme, Glencore Corporate Practice, governs our behaviour in this area and we are committed to reporting annually how we are doing.