A recent investment note by Canadian bank RBC Capital Markets will have made pleasant reading for Gary Nagle, CEO of Glencore since July. "The mining yield king" it parped enthusiastically of the mining firm.

"The company is extremely well positioned, with substantial cash flows, a balance sheet now at target leverage, a large asset streamlining process and the first signs of incremental growth from a variety of brownfield projects," the bank’s analysts said...