Glencore shares dropped approximately 0.6% in London trading on Friday. Uncertainty regarding a new worker-equity law in the Democratic Republic of Congo drove the decline. The proposed legislation requires mining companies to transfer a 5% ownership stake to Congolese employees.
Falling copper prices added further pressure to the stock. Resumed shipments from a major Mongolian mine and Federal Reserve signals on sustained high interest rates impacted the commodity market. Other London-listed mining companies also recorded losses during the session.
Glencore is currently negotiating the implementation of the ownership rule. The company is in discussions with other major miners and the Congo Chamber of Mines.