Share buy-back programme

Baar, Switzerland, 5 July 2018

Glencore plc (the “Company”) will commence a share repurchase or buy-back programme of up to USD1 billion (the “Programme”) in the period to 31 December 2018. The Programme will be effected in accordance with the terms of the authority granted by shareholders at the 2018 AGM. It is currently intended that any ordinary shares of the Company (the “Shares”) purchased will be held in treasury.

The Company has entered into an agreement with Citigroup Global Markets Limited (“Citi”) to conduct the Programme, which will be implemented in two stages. 

The first part of the Programme, under which the maximum aggregate consideration that may be paid for Shares is GBP 350 million, will commence today and end not later than close of dealings on 7 August 2018 (the day before the announcement of the Company’s half-year results). This part of the Programme will be conducted by Citi under irrevocable instructions to make trading decisions independently of the Company. 

After this date, under the second part of the Programme, trading decisions may be undertaken by Citi in accordance with the directions of the Company.

Citi may undertake transactions in the Shares (which may include sales as well as purchases and may include participation in block purchases) in order to meet its obligations pursuant to its agreement with the Company.  The implementation of the Programme is in line with the Company’s stated financial policies and thresholds.

Any buy-back of the Shares pursuant to the Programme will be effected in accordance with Chapter 12 of the UKLA Listing Rules, the EU Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052 (and within the meaning of this Regulation the purpose of the Programme is to reduce the capital of the Company). The market will be notified in accordance with those rules if and when purchases are made. 

For further information please contact:

Martin Fewings    
t: +41 41 709 2880    
m: +41 79 737 5642

Ash Lazenby    
t: +41 41 709 2714    
m: +41 79 543 3804

Charles Watenphul    
t: +41 41 709 24 62    
m: +41 79 904 3320
Company Secretarial            
John Burton    
t: +41 41 709 2619    
m: +41 79 944 5434

Lionel Mateo    
t: +41 41 709 2847    
m: +41 79 152 0905 

Glencore LEI: 2138002658CPO9NBH955

This announcement contains inside information

Notes for Editors
Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 90 commodities. The Group's operations comprise around 150 mining and metallurgical sites, oil production assets and agricultural facilities.

With a strong footprint in both established and emerging regions for natural resources, Glencore's industrial and marketing activities are supported by a global network of more than 90 offices located in over 50 countries.

Glencore's customers are industrial consumers, such as those in the automotive, steel, power generation, oil and food processing sectors. We also provide financing, logistics and other services to producers and consumers of commodities. Glencore's companies employ around 146,000 people, including contractors.

Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the International Council on Mining and Metals. We are an active participant in the Extractive Industries Transparency Initiative.

The companies in which Glencore plc directly and indirectly has an interest are separate and distinct legal entities. In this document, “Glencore”, “Glencore group” and “Group” are used for convenience only where references are made to Glencore plc and its subsidiaries in general. These collective expressions are used for ease of reference only and do not imply any other relationship between the companies.  Likewise, the words “we”, “us” and “our” are also used to refer collectively to members of the Group or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies.