Glencore has increased production of the metals used to make electric car batteries faster than its major mining rivals, according to an industry-wide analysis that shows the scale of a strategy that has big prospective risks and rewards.
As the world’s largest auto market, China was responsible for about half of the sales as the crackdown on polluting industries has propelled renewable alternatives from power generation to consumer products.
Following sharp rise in copper prices this year, ZCCM Investments Holdings wants to increase its stakes Zambia’s mines and expects higher dividend payments.
The world’s No.1 miner is targeting as much as $1.6 billion in productivity gains at its iron ore, copper and coal units in the country over the next two years.
Decision comes in the wake of a full-scale investor revolt led by the Investor Forum, a London-based body representing some of the world’s biggest money managers.