Glencore International Plc (GI) is a producer and marketer of commodities globally. Its activities span the entire value chain in metals & minerals, energy and agricultural products from production, sourcing, processing/refining to financing and supply. GI’s marketing business is the largest and most diversified in the world with dominant market shares in most commodities it trades e.g. Zn (60%), Cu (50%) and Pb (45%) etc. Barriers to entry remain high given its scale, global reach and track record. GI supports its marketing activities by investments in production assets in its core commodities. Earnings are driven by global growth and related commodity demand highlighted by industrialization and urbanization in Asia. Diversification across commodity and geography decrease earnings volatility compared to pure play peers. Risks include counterparty risk, macro-economic concerns affecting global growth, geopolitical risk given areas of operations and ‘key man’ risk in its marketing division and credit rating given the large amount of liquidity required for business operations.