Venezuela, Vancouver, Glencore discussed on Bloomberg Daybreak: Europe

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It would in in we ca markets it's always looking to return cash to shareholders and to improve improve returns say in some sense this was an obvious thing for it today but it does come just two days after the department of justice prayed into its operations in in the drc nigeria venezuela and i think that was something that share price very hard and knocked investor confidence so i think there are certain the number of investors out there who will interpret it interpret this is a move to reinforced the case for sticking with vancouver keeping with it some people would say it's absolutely hallmark i've lazovic which is cavalier take take your moment in the market this is the the trader extraordinary glencore in the context of the other miners the most recent probe is merely stocking up on a series of probes that they are underclassmen glenn beck is fighting a lot of legal battles isn't he his date and to to come back to your point i completely agree this does remind me a little bit of some of the actions they took back in late two thousand and fifteen where they were up against the wall with very low commodity prices and the very heavy debt burden and investors were kind of closing in on them and they took a number of actions to remind investors in control of their destiny and that very large shareholders themselves and they want to see this company through hard times i think there's definitely an element of that here to to compare glencore against it pays one way to to decide is through the lens of one of his key commodities which is cobalt metal this rallied massively in the past couple of the years on the back of expected grabbing usage in electric vehicle batteries now about two thirds of the world's cabo surpri he comes from the drc glencore is the largest producer of cable and that's very largely based from it from production from its assets in the drc this is a country that other miners have shied away from january some of them have actively pulled out of the drc in recent years so glencore has always differentiated itself on it's its appetite for risk is now operating in difficult jurisdictions but now that more conservative approach from other miners i think something that during difficult times my my these the appeal of some of its rivals hp and we've seen the shepherds again call five billion what's off as market value just on tuesday and others in the sector doing better this year today thank you very much imia.

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