Glencore (LSE: GLEN) shares rose after the FTSE 100 miner delivered an outstanding set of half-year results today (5 August). Higher profits, another special dividend and a fresh share buyback will grab most of the headlines. But I think the more interesting point is whether the market is still underestimating what this business actually is.

H1 results

The headline figures were undeniably impressive. On the back of strong commodity prices, adjusted EBITDA climbed 86% to just over $10bn. Net profit attributable to shareholders rose to $4.4bn.

Shareholders also received another boost. Alongside the ordinary dividend already announced for 2026, management unveiled an additional special dividend and a fresh $500m share buyback. That takes total capital returns announced for the year to around $3.5bn.

But for me, one figure stood out above all the others. Marketing earnings surged 142% compared with a year earlier. This highlights just how valuable the group’s global trading operation has become during periods of heightened geopolitical uncertainty.

Profiting today, preparing for tomorrow

What makes the business unusual is that it isn’t relying on a single investment theme or time horizon.

The outstanding results from its trading division highlight how the business thrives on volatility. Disruptions across energy markets, shipping routes and global trade created exactly the kind of conditions where its global marketing operation tends to perform best.

But management is also looking much further ahead, with capital increasingly being deployed into copper. The company expects annual production to reach around a million tonnes by 2028 before rising to roughly 1.6m tonnes by 2035 as projects across its development pipeline come on stream.

Earlier this year, copper prices reached record highs above $12,500 per tonne. Demand is increasingly being driven by AI data centres, electrification and the huge investment needed to modernise ageing electricity grids across countries such as the US and UK. If the structural copper shortage plays out as I expect, today’s bumper trading profits could ultimately prove to be just the first part of a much bigger long-term growth story.

Risks to consider

Of course, there are plenty of risks. This remains one of the most cyclical stocks in the FTSE 100, and the share price can be extremely volatile. Anyone considering an investment needs enough conviction to look beyond the inevitable swings in commodity prices.

There are also company-specific challenges. Developing large mining projects is rarely straightforward, while rising input costs and supply chain pressures can put a lid on profitability. Management also needs to deliver on its ambitious copper growth pipeline without sacrificing capital discipline.

Finally, despite the growing focus on copper, a significant proportion of earnings still come from coal. That continues to generate enormous cash flows today, but it also leaves the group exposed to changing environmental policy and long-term shifts in global energy demand.

Bottom line

Mining will always be a cyclical business, but I don’t see this as a straightforward bet on commodity prices these days.

Increasingly, I see it as a company with two distinct growth engines: a world-class trading operation, and one of the most attractive copper growth pipelines for tomorrow. That combination is unusual in the sector, which is why I continue to think Glencore is one FTSE 100 stock investors may wish to consider.

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Andrew Mackie owns shares in Glencore.

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