Glencore Investors Question Strategy as Copper Bonanza Eludes Miner

Institutional investors in Glencore Plc have grown increasingly frustrated with the commodity giant’s underperformance, with several large shareholders privately voicing their disappointment and questioning the company’s strategy.

Glencore’s shares have dropped 30% in the past three years, lagging its closest peers, as a plunge in coal prices has hamstrung its most profitable division. There’s not much Glencore can do about that, but the weakness is sharpening the spotlight on questions about things the company does control, including around how it runs its mines and smelters, and its broader strategic plan.

At a time when miners around the world are rushing to produce more ...