Post by Billionaires.Africa Inc.

Glencore, led by South African CEO Gary Nagle, is set to cut $1 billion in global operating costs by the end of 2026. The Swiss mining and trading giant is responding to weak refining margins and falling coal profits by planning a major overhaul. This includes spinning off its coal business on the New York Stock Exchange and closing the Mount Isa copper mine in Australia. Despite challenges, Glencore’s trading division is outperforming expectations, forecasting profits between $2.3 billion and $3.5 billion this year, thanks to strong first-half results. CEO Nagle says the company is focusing more on metals key to the global energy transition as it reshapes its portfolio for the future. 📌 See the comment below for the full story.