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The logo of Glencore is pictured in the Swiss town of Baar on November 13, 2012
The logo of Glencore is pictured in the Swiss town of Baar on November 13, 2012
(MICHAEL BUHOLZERL/REUTERS)

Glencore’s capital promises are those of a trader

Glencore Chief Executive Ivan Glasenberg is playing to the gallery.

His plan to hand back up to $1-billion (U.S.) of cash to shareholders is largely symbolic given the proposed buyback represents only about 1 per cent of the trader-miner’s market capitalization. But in an industry saddled with a reputation for value destruction, the signal matters.