In his first investor day since buying Xstrata last year, Glencore’s boss highlighted his company’s spread of commodities and took aim at the expansion strategies of Rio Tinto and BHP Billiton.
A study of about 40 explorers budgeting at least US$50 million total shows the larger players allocated a total of US$4.33 billion and accounted for 40% of the US$10.74 billion worldwide exploration total.
Anglo’s boss Mark Cutifani says company needs to find an extra $2 billion of earnings before interest and tax to meet the return on capital target set for 2015.