Glencore’s shares have long suffered from a "DRC discount". Investors have been spooked by the prospect of its mining operations in the Democratic Republic of Congo — a volatile country with a reputation for corruption — landing the company in hot water one day. Analysts expect that the Swiss-based mining and trading group will generate about $26bn of free cash flow over the next three years. But its market value is only eight times this year’s estimated earnings. And, as of Tuesday, its stock-price markdown has a new name: the "DoJ discount". Glencore said it had received a subpoena from the US Department of Justice demanding that it hand over a decade’s worth of records on its activities in Congo, Venezuela and Nigeria. At issue is whether it complied properly with laws to counter corruption and money laundering. The shares tanked as much as 13% after its statement. Yet anyone who has bought London-listed Glencore’s shares has done so in the knowledge that something like this migh...

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