The company produces copper and gold at its Red Chris, Mount Polley and Huckleberry mines and lead and zinc at half-owned Ruddock Creek mine, all in British Columbia.
Last week Glencore warned that some buyers in China reneged on contracts after seeing prices plunge, forcing the company to renegotiate the commercial terms of the deals.
Paulson's campaign could have implications across the sector, where activism is historically low, returns have been disappointing, compensation is above-average and insider ownership is below-average.