Business Strategy and Outlook
| Jon Mills |Glencore ranks among the most diversified of the large global miners. As China is the key demand driver for nearly everything Glencore mines, diversification benefits are limited. Glencore’s oil and agriculture businesses (held through its 50% stake in Viterra) are less China-centric but relatively small contributors, while its marketing business (about 55% of forecast midcycle group EBIT from 2026) should be relatively resilient to changes in China’s rate of economic growth.