, Columnist
Glencore Is the Devil on Mining's Shoulder
Glasenberg's sweet nothings could destroy wider shareholder value.
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The mining industry these days resembles that old cartoon about a person torn between prudence and temptation.
On one shoulder, a white-clad angel is whispering about the virtues of capital discipline, shareholder value and generous dividends. On the other sits Glencore Plc Chief Executive Officer Ivan Glasenberg, clad in red and promising to buy or build everything in sight.