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Wikipedia

Glencore

October 15, 2023

Glencore plc is a Swiss multinational commodity trading and mining company with headquarters in Baar, Switzerland. Glencore's oil and gas head office is in London and its registered office is in Saint Helier, Jersey. The current company was created through a merger of Glencore with Xstrata on 2 May 2013.[4] As of 2015, it ranked tenth in the Fortune Global 500 list of the world's largest companies.[5] In the 2020 Forbes Global 2000, Glencore International was ranked as the 484th-largest public company in the world.[6] As of July 2022, it is the world's largest commodity trader.[7]

Glencore plc
TypePublic limited company
LSE: GLEN
JSE: GLN
FTSE 100 Component
IndustryCommodities
Metals and Mining
Founded1974; 49 years ago (1974)
(As Marc Rich + Co AG)
FounderMarc Rich
Headquarters
Area served
Worldwide
Key people
ProductsMetals and minerals, energy products, agricultural products
Revenue US$255.984 billion (2022)[1]
US$24.215 billion (2022)[1]
US$16.511 billion (2022)[1]
Total assets US$132.583 billion (2022)[1]
Total equity US$45.219 billion (2022)[1]
Owner
Number of employees
135,000 (2023)[3]
Websitewww.glencore.com

As Glencore International, the company was already one of the world's largest integrated producers and marketers of commodities. It was the largest company in Switzerland as well as the world's largest commodities trading company, with a 2010 global market share of 60% in internationally tradable zinc, 50% in internationally tradable copper, 9% in the internationally tradable grain market and 3% in the internationally tradable oil market.[8][9][10]

Glencore had a number of production facilities all around the world and supplied metals, minerals, crude oil, oil products, coal, natural gas and agricultural products to international customers in the automotive, power generation, steel production and food processing industries.[9] The company was formed in 1994 by a management buyout of Marc Rich + Co AG (itself founded in 1974).[9] It was listed on the London Stock Exchange in May 2011 and was a constituent of the FTSE 100 Index.[11][12] It had a secondary listing on the Hong Kong Stock Exchange, but it has withdrawn from January 2018.[13] Glencore's shares started trading on the Johannesburg Stock Exchange in November 2013.[14] The Qatar Investment Authority is its biggest shareholder as of 2016.[15] In March 2022, Qatar's Sovereign Wealth Fund announced it would sell a stake worth £812 million (US$1.1 billion) in Glencore Plc.[16]

History Edit

1974–1994: formation and sale Edit

The company was founded in 1974 as Marc Rich & Co. AG by commodity traders Marc Rich and Pincus Green. In 1993, a number of Marc Rich employees, led by Claude Dauphin, left to set up another trading company, Trafigura.[17][18] In 1994, after failing to take control of the zinc market and losing $172 million, Rich was forced[19][20] to sell his majority share in the company to Glencore International, the commodities trading and industrial company.[21] Glencore's name is an abbreviation of "Global Energy Commodity Resources".[22]

2005: dealings with "rogue states" Edit

The Australian Broadcasting Corporation's Radio National reported in 2005 that Glencore "has been accused of illegal dealings with rogue states: apartheid South Africa, USSR, Iran, and Iraq under Saddam Hussein", and has a "history of busting UN embargoes to profit from corrupt or despotic regimes".[23] Specifically, the CIA found that Glencore had paid $3,222,780 in illegal kickbacks to obtain oil in the course of the UN oil-for-food programme for Iraq. The company denied these charges, according to the CIA report quoted by ABC.[23][24]

2005–2011: Glencore, Dan Gertler, and the Congo Edit

In 2005, proceeds from an oil sale to Glencore were seized as fraudulent gains as part of an investigation into corruption in the Democratic Republic of Congo.[25]

In 2007, Nikanor was merged into Katanga in a transaction valued at US$3.3 billion.[26]

In May 2011, the company launched an IPO which valued the business at US$61 billion[27] and created five new billionaires.[28] Trading was limited to institutional investors for the first week and private investors were not allowed to buy shares until 24 May 2011.[29]

2011: financial and accounting manipulations Edit

In 2011, five non-government organisations filed a complaint to the OECD against a subsidiary of Glencore over allegations that a mine it owns in Zambia may not be paying enough tax on its profits. This complaint was due to alleged financial and accounting manipulations that had been supposedly performed by the two companies' subsidiary, Mopani Copper Mines Plc (MCM), to evade taxation in Zambia.[30][31] A draft Grant Thornton report alleged that tax avoidance by Glencore in Zambia cost the Zambian Government hundreds of millions of dollars in lost revenue.[32] The avoidance was allegedly facilitated through transfer pricing and inflated costs at Glencore's Mopani Copper Mine, which is controlled through the British Virgin Islands, a recognised tax haven.[32] Glencore and its own auditor, Deloitte, rejected these allegations.[33] As of 2013, Glencore's payments to Zambia's government had increased.[34]

Due to weak global prices for the assets Glencore owned, particularly coal and copper producers, and for the commodities in which Glencore traded, the company showed a net operating loss of $676 million for the first half of 2015, and the company's stocks fell, as a result.[35] Concerns cited by financial analysts to explain the falling stock price included a weak global commodity market and Glencore's high level of debt,[36] $30 billion. The company reduced its debt by selling off stock and assets.[35]

2011: associations with other mining companies Edit

Along with several other major coal producers, Glencore is also a large shareholder in globalCOAL, the online physical coal trading platform. The board of globalCOAL contains a number of power utility shareholders. Relationships also exist with Century Aluminum Co. (CENX; 44% economic ownership interest)[37]) in the US; Glencore partial subsidiary Minara Resources Ltd (AU:MRE), a 70.5% stake in one of Australia's top three nickel producers[37]);[38] and 8.8% in United Company Rusal (HK:486), the Russian aluminium giant that went public in 2010.[37]

In mid-2011, Century was called "one of the most harrowing stocks of the past few years" but identified as a risky but potentially profitable investment for the future.[39]

2011–2012: initial public offering Edit

Glencore was the subject of an initial public offering (IPO) in May 2011 in a dual listing in London and Hong Kong valued at about $US60 billion. The 1,637-page document revealed invaluable information about this private company that has remained discreet for thirty-seven years. Ivan Glasenberg's shareholding was diluted from 18.1% before the IPO percent to 15.8% afterwards. Daniel Mate and Telis Mistakidis, zinc, copper, and lead co-directors were diluted from 6.9% to 6%. Glencore went public to raise gross proceeds of around $10 billion. According to Reuters, Glencore is known for its "opportunistic but lucrative acquisition strategy."[40]

In May 2011, United Arab Emirates state-owned Aabar Investments confirmed an investment of $850 million in Glencore International plc as a cornerstone investor with an intention to invest an additional $150 million in the Global Offer. The investment made Aabar the largest cornerstone investor in the initial public offering (IPO) and the largest new shareholder of Glencore after its IPO, giving Aabar a 1.4% stake. The two firms intend to explore areas of co-operation.[41][42]

In November 2012, Abu Dhabi's Aabar Investments, a unit of Abu Dhabi's state-owned United Arab Emirates International Petroleum Investment Company, wrote off more than $392-million of its $1-billion investment into Glencore's IPO less than two years after investing it. Aabar Investments was the largest new shareholder in Glencore.[43]

2012–2013: merger with Xstrata Edit

Prior to its merger with Xstrata, Glencore is reported to have served as a marketing partner for the company.[44][45] As of 2006, Glencore leaders Willy Strothotte [de] and Ivan Glasenberg were on the board of Xstrata, which Strothotte chaired. According to The Sunday Times, by 2006, Glencore controlled 40% of Xstrata stock and appointed Xstrata CEO, Mick Davis.[44][46] In February 2012, Glencore International Plc, agreed to buy Xstrata Plc for £39.1 billion (US$62 billion) in shares. Glencore offered 2.8 new shares for each Xstrata share in agreed all-share "merger of equal". It is the biggest mining takeover ever, and after approval would create an entity with 2012 sales of US$209 billion.[47] In June 2012, Glencore and Xstrata began to reconsider the proposed retention package for their merger, following shareholder opposition to a huge payout for executives. In total, 73 key executives stood to receive over GBP 170 million under the initial retention package.[48]

In October 2012, BBC News reported that Glencore had more ships than the British Royal Navy. Glencore's operations in 40 countries handled 3% of the world's oil consumption. Xstrata's operations in more than 20 countries employed 70,000 people. According to mining analyst John Meyer, if the two companies merged into Glencore Xstrata, they would be the 4th largest commodities trader in the world.[49]

Just before completing its forced April 2013 takeover of mining rival Xstrata as it awaited Chinese regulatory approval for its long-planned merger, the world's largest diversified commodities trader, the annual income of Glencore fell 25% percent, as its trading division offset the impact of weak commodity prices. Including the impact of an impairment related to a reclassification of its holding in Russian aluminium producer RUSAL, net income fell 75%.[50] On 2 May 2013, it completed the merger with Xstrata.[4] On 20 May 2014, Glencore Xstrata changed its name to Glencore plc.[51] After the merger with Glencore, Xstrata CFO Trevor Reid announced that he would no longer work as employee but would become a consultant. After 11 years of involvement, this marked a massive shift in the company's strategy and Xstrata was entering a post-Reid era.[52]

Investments Edit

Canada Edit

GlencoreXstrata operates a mine in Nunavut.[53] In October 2020, Glencore provided $10 million in bridge financing to Falco Resources, a gold and copper miner operating in Quebec.[54]

Colombia Edit

In 2006, Swiss public television (TSR) reported that allegations of corruption and severe human rights violations were being raised against Glencore due to the alleged conduct of its Colombian Cerrejón mining subsidiary. Local union president Francisco Ramirez accused Cerrejón of forced expropriations and evacuations of entire villages to enable mine expansion, in complicity with Colombian authorities. A representative of the local Wayuu Indians also accused Colombian paramilitary and military units, including those charged with Cerrejón mining security, of forcibly driving the Wayuu off their land in what she described as a "massacre".[55]

In 2012, a BBC investigation uncovered sale documents showing the company had paid the associates of paramilitary killers in Colombia. In 2011, a Colombian court was told by former paramilitaries that they stole the land so they could sell it to Glencore's subsidiary Prodeco, to start an open-cast coal mine; the court accepted their evidence and concluded that coal was the motive for the massacre. Glencore disputed the court's ruling.[56][57]

In 2009, Glencore/Xstrata's "huge coal operation in Colombia, Prodeco, was fined a total of nearly $700,000 for several environmental violations [running in earlier years], including waste disposal without a permit and producing coal without an environmental management plan".[20]

Glencore/Xstrata's activities in Colombia under their subsidiary, Prodeco, was investigated by the Netherlands-based NGO, Pax for Peace. They found that "From 1996 to 2006, residents of the Cesar mining region of Colombia, from which European power utilities source most of their coal, have suffered greatly from paramilitary violence ... Prodeco mining companies have supported the paramilitary forces with finance, equipment, and information. The mining companies deny any involvement, but those victims of human rights violations who stand up for their rights, are still being threatened." The coal mined by Prodeco is termed "Blood Coal". Pax released a report and included the testimony of victims and the paramilitary that attacked the indigenous population.[58]

Ecuador Edit

"In Ecuador, the current government has tried to reduce the role played by middlemen such as Glencore with state oil company Petroecuador" due to questions about transparency and follow-through, according to Fernando Villavicencio, a Quito-based oil sector analyst.[20]

Zambia Edit

According to a Reuters article in 2011 "[O]fficials in Zambia believe pollution from Glencore's Mopani mine is causing acid rain and health problems in an area where 5 million people live."[20] The upgrade of the Mopani Mines asset plant was completed in March 2014 eliminating the emissions of 97 per cent of sulphur dioxide emissions in line with the recommended international standards by the World Health Organisation (WHO).[59] The emissions were reported to exceed the WHO-recommendations by a factor of 70 up to 2013.[60] The emissions now exceed the recommendations by 3% of 70 = 210%.[a]

In January 2019, a delegation from the Federal Department of Foreign Affairs under the leadership of Ignazio Cassis made a controversial visit to the Mopani Copper Mines that also produce cobalt ores. The Swiss government had previously issued human rights guidelines for firms operating in the commodity sector, which is of strategic importance to both countries. The visit was heavily criticised by Amnesty International and Swiss watchdog groups while the federal councilor defended his stance, pointing out the modernisation of production facilities, improved health care and better training for young workers.[61][62]

Brazil Edit

In June 2018 Glencore purchased a 78% stake in Ale Combustíveis S.A., a Brazilian fuel distribution company. Through Ale Glencore aimed to expand its fuel distribution network by forging agreements with unbranded gas stations.[63]

Democratic Republic of the Congo Edit

The company's Luilu copper refinery uses acid to extract the copper. For three years after taking over the mine, it continued to allow the waste acid to flow into a river. The chief executive, Ivan Glasenberg, was interviewed for Panorama by John Sweeney and said 'It was impossible to remedy any way faster'[64] Glencore said the pollution started long before the company took over the refinery and that it has now ended.[64] A reporter for The Guardian found children as young as ten years underground at the Tilwezembe mine, which the company had said in a 2008 prospectus that it had closed due to falling copper prices. Prices rebounded later. CEO Glasenberg said the company does not profit from child labor, and the child miners went with artisanal mining by nearby residents that Glencore was trying to prevent. But Panorama tracked a shipment of copper from the mine to Groupe Bazano plant and from that plant to a Glencore smelter in Zambia.[65]

Glencore was also accused of acquiring illicit "conflict minerals"[66] In a detailed letter sent to Global Witness, the company denied any wrongdoing.[66]

Glencore acquired stakes in the Kansuki mine in Congo's southern Katanga Province in 2012. According to Global Witness, Congo's government transferred a 75% stake in Kansuki mine in secret and at vastly undervalued prices in July 2010 to a company in which Dan Gertler, who is a close friend of President Joseph Kabila, has an interest. Just a month later, in August 2010, Glencore took half the shares of the company that acquired that 75% stake, becoming the operator of the mine. Glencore is financing the entire development of the Kansuki mine, thereby carrying the costs for the other partner companies, which are associated with Mr. Gertler.[67] Glencore said at the time "During the period when these transactions took place, Glencore had decided in general not to increase its shareholdings in DRC projects."[68]

Glencore acquired a 50% share in SAMREF Congo SPRL in 2007, a Congolese-registered company holding 80% of the Mutanda Mine.[69] According to Global Witness, SAMREF recommended on 1 March 2011 that Congo's state-run company Gécamines, holding the other 20% of the Mutanda Mine, sell this share to an entity also associated with Dan Gertler and went on to question the links between Glencore and Dan Gertler.[70] Glencore has been designated operator of the Mutanda Mine.[67] Glencore has responded a number of times to Global Witness regarding these allegations.[71]

In March 2018, it was reported that Glencore would sell one third (13,800 tonnes) of its cobalt output to China's battery recycler GEM. 18,000 tonnes are to be sold in 2019, and 21,000 in 2020. In December 2020, the company extended the agreement with GEM to at least 2029.[72] During the FT Commodities Global Summit in Lausanne, Switzerland, CEO Glasenberg stated "if cobalt falls into the hands of the Chinese, yeah you won't see EVs being produced in Europe etc." Yet, Glasenberg then said that he was prepared to sell DRC cobalt mines to China if the price was good. Concurrently, a Chinese take-over of some of the mines became a real possibility due to a legal dispute about royalty payments to Gertler and Gécamines.[73] The DRC supplies 60% of the world's cobalt ore, while China produces more than 80% of the world's refined cobalt.[74] In December 2018, Bloomberg reported that the Chinese battery firm GEM withdrew from its purchase contract with the commodities trader due to a price crash and oversupply of cobalt ore and recycled sources. In November 2018, export stopped due to oversupply and uranium contamination at the Kamoto Project; the company planned to fix this with a US$25 million ion-exchange refining plant.[75]

In a June 2018 "debt-for-equity swap",[76] Glencore's Katanga Mining Ltd. agreed to a recapitalization plan involving a US$5.6 billion debt write-off and a $150 million payment to the Congolese state mining company Gécamines. According to company sources, Gertler will receive a royalty of about 25 million euros in 2018.[77]

Later in June 2018, Glencore also announced that it had resumed paying royalties to Gertler's Ventora Development in unpaid and future royalties from the subsidiaries Mutanda Mining ($695 million) and Kamoto Copper Co ($2.28 billion). Gertler had sued Glencore in a Congolese court after payments stopped when he was sanctioned by the U.S. government in December 2017. The mines produce copper and cobalt, needed for lithium-ion batteries in mobile devices and electric vehicles. Glencore and Gertler were in a legal dispute, threatening the strategic supply of the metals and ownership of the mining entities. Glencore paid the royalties in a currency other than dollars to skirt sanctions and discussed the deal with Swiss and U.S. authorities. Glencore also settled a dispute involving the Kamoto copper and cobalt mine, but differences remain about tax and royalty payment.[78]

In July 2018, the DRC enforced a new mining code, which forced Glencore to pay higher taxes. In response, the company began talks with the Congolese government. In August, CEO Glasberg announced that Glencore was considering legal action.[79]

On 22 June 2021, the company reported the Mutanda mine would be reopened towards the end of 2021 and return to production in 2022. Earlier, Glencore officials discussed the re-opening of the mine with Congo's mining ministry in Kinshasa. Cobalt prospects for the company increased significantly since the inception of a long-term battery supply contract with Tesla Motors in mid-2020.[80]

From 2007 to 2018, Glencore paid $27.5 million to third parties to bribe government officials in Congo. In December 2022, the company agreed to pay $180 million to Congo to settle the case.[81]

Western Sahara Edit

In 2013 and 2014, a subsidiary of Glencore Xstrata was awarded two offshore drilling licences off the coast of occupied Western Sahara. The licences were awarded in clear violation of international law, as described by the UN in 2002.[82]

Paradise Papers Edit

On 5 November 2017, the Paradise Papers, a set of confidential electronic documents relating to offshore investment, revealed that Glencore loaned $45 million to Israeli billionaire Dan Gertler in exchange for his help with officials of the Democratic Republic of Congo in negotiations over a joint venture with state-owned Gécamines at the Katanga copper mine, in which one of the board members was Glencore major shareholder Telis Mistakidis. Glencore, which had effectively taken over Katanga, agreed to vote for the joint venture. The loan document specifically provided that repayment would be owed if agreement was not reached within three months. Gertler and Glencore have denied wrongdoing. Appleby had worked for Glencore and its founder Marc Rich on major projects in the past, even after his indictment in 1983.[83][84] Rich was indicted in the United States on federal charges of tax evasion and making controversial oil deals with Iran during the Iran hostage crisis.[85] He received a controversial presidential pardon from U.S. President Bill Clinton on 20 January 2001, Clinton's last day in office.[86]

The Australian branch of Glencore has been demonstrated to have carried out some $25 billion in cross-currency interest rate swaps, complex financial instruments the Australian Taxation Office suspects of being used to avoid paying taxes in Australia.[87] Glencore is also a co-owner of large coal freighters fleet SwissMarine.[88]

Reactions to U.S. sanctions Edit

In April 2018, the company started to limit its exposure to Oleg Deripaska by canceling the plan to swap an 8.75 percent stake in aluminum producer United Co. Rusal for shares in another one of Deripaska's companies, London-listed En+ Group Plc. The commodities trader also announced that Chief Executive Officer Ivan Glasenberg had resigned from Rusal's board.[89]

In March 2022, the company leadership strongly condemned the 2022 Russian invasion of Ukraine; it would "review business activities in the country including our equity stakes in En+ and Rosneft." Glencore owns a 10.55% stake in En+ Group International PJSC, the controlling shareholder of aluminum giant United Co. Rusal International, and less than 1% in Rosneft.[90] The company also stated it had "no operational footprint in Russia". British news outlets, however, noted that Swiss-based Glencore, among other commodity companies, loaded cargoes of oil products onto tankers at Russian ports in mid-March 2022.[91] While some oil companies such as BP Plc and Shell Plc were pressured to halt Russian oil purchases, Glencore remained in the lucrative business for trading Russian crude.[92]

Investigation by U.S. Department of Justice Edit

On 3 July 2018, the company announced that it received a subpoena from the U.S. Department of Justice "to produce documents and other records with respect to compliance with the Foreign Corrupt Practices Act and the United States money laundering statutes". The requested documents relate to the Glencore Group's business in Nigeria, the Democratic Republic of Congo, and Venezuela from 2007 to present.[93] In May 2018, Bloomberg reported that Britain's Serious Fraud Office may also open a bribery investigation into Glencore's dealing with Dan Gertler and DRC President Joseph Kabila.[94]

On 24 May 2022, Glencore pleaded guilty to multiple counts of bribery and agreed to pay penalties of about $1.5 billion.[95]

International Rights Advocates v. Apple, Microsoft, Dell, Tesla Edit

The International Rights Advocates groups filed a lawsuit, International Rights Advocates v. Apple, Microsoft, Dell, Tesla, on 15 December 2019 against Apple, Microsoft, Dell, and Tesla that names Glencore.[96] The lawsuit claims that the named companies benefited from and aided and abetted child labor in mining companies' cobalt operations. It is argued that Glencore-owned mines sold cobalt to Umicore, which then sold the cobalt to be used in lithium batteries in Apple, Microsoft, Dell, and Tesla products.[97] Glencore released a statement through a spokesperson noting the allegations and stating that "[Glencore] does not tolerate any form of child, forced, or compulsory labour."[98]

The case was dismissed, and International Rights Advocates appealed in 2022.[96]

U.S. Commodities Futures Trading Commission investigation Edit

In April 2019 the U.S. Commodity Futures Trading Commission notified the company of an investigation into whether the company violated parts of the Commodity Exchange Act, or regulations concerning corrupt practices related to commodities.[99] In May 2022, Glencore pled guilty to charges of corrupt dealings with foreign governments, and agreed to pay a $1.8 billion fine. The corrupt practices occurred from 2007 to 2018, and included actions to "make and conceal corrupt payments and bribes through intermediaries for the benefit of foreign officials across multiple countries".[100]

In August 2020, Glencore suspended its dividend payments to investors, saying it will instead prioritise paying down its debt in the immediate term.[101] It was the first major mining company to shelve its dividend owing to the business impacts of the COVID-19 pandemic.[102]

Long-term supply contract with Tesla Edit

In June 2020, it was reported that Tesla Motors partnered with Glencore for the future supply of cobalt in their lithium-ion batteries. Just a year earlier, BMW did the same with Glencore and the Bou Azzer mine in Morocco. Initially Tesla wanted to eliminate the controversial metal from its battery formula, but then the company decided for its continued use, boosting cobalt prospects significantly, according to industry experts.[103]

UK SFO charges and continued investigations Edit

In 2022, Glencore's UK subsidiary twice pleaded guilty to corruption charges levelled by the Serious Fraud Office (SFO). These charges accused Glencore of paying over US$53 million of bribes between 2011 and 2016 to officials in Africa to "secure access to oil and make illicit profit".[104][105]

On May 24, Glencore Energy UK Limited indicated in court that it would plead guilty to five counts of bribery and two counts of failure to prevent bribery under the UK Bribery Act 2010.[106] The SFO found that over US$25 million in bribes were paid in Cameroon, Equatorial Guinea, Ivory Coast, Nigeria, and South Sudan between 2011 and 2016 for preferential access to oil, and accused Glencore of "profit-driven bribery and corruption".[105] Glencore executives acknowledged the "unacceptable practices" and "misconduct identified in these investigations", but argued that the company had been making efforts to improve its ethics and compliance program since before it knew of the US DOJ investigation. The company predicted that fines for the seven corruption charges would not exceed the US$1.5 billion it set aside in 2021 for resolving the investigations undertaken by various national authorities.[106]

On June 21, a British subsidiary of Glencore again pleaded guilty to seven counts of bribery. These charges pertained to oil operations in Nigeria, Cameroon, Equatorial Guinea, Ivory Coast and South Sudan between 2012 and 2016. The SFO found that over US$28 million in bribes were paid for officials to "perform their functions improperly". Glencore again predicted that fines would not exceed the US$1.5 billion it had previously set aside.[104]

Glencore faces continued investigations from the Office of the Attorney General of Switzerland and the Dutch Public Prosecution Service.[106] It is possible that these continued investigations may be linked to Vitol a Swiss based Dutch commodity trading company and Glencore's largest competitor that is often claimed to be equal or greater in size to Glencore, and has been linked in similar legal challenges in Resource rich countries.[107]

Human rights abuse accusations Edit

Since 2010 there were over 70 human rights abuse accusations against Glencore documented by Business & Human Rights Resource Centre.[108]

Operations Edit

In May 2014 the company announced it would close its underground Newlands coal mine in Queensland, Australia in late 2015. The mine, begun in 1983, produced 2.8 million tonnes of thermal coal in 2013. The company had earlier suspended operations at its Ravensworth underground mine following falling coal prices, escalating production costs, and a higher Australian dollar.[109][110][111]

In February 2019, Glencore announced it would reduce production at one of its biggest copper and cobalt mines operations in Congo.[112] The country's Mutanda mine produced 199,000 tons of copper and 27,000 tons of cobalt in 2018, accounting for roughly one-fifth of global cobalt production. The production curbs are likely temporary, as the company is exploring new mining techniques for the site.[112]

In October 2020, Glencore CEO Ivan Glasenberg argued that there was no environmental benefit in divesting from coal assets since the spun-off coal mines would likely be taken over by other players without any regard for the Paris climate goals.[113] He instead argued for capping coal mine production, thereby running them down, and using the thus generated cash to increase the production of other raw materials in high demand due to the global energy transformation, such as nickel, copper and cobalt.[113] Two months later, in December 2020, Glasenberg announced that he will be retiring in 2021 thus stepping out of the CEO position after nearly 20 years. He will be succeeded by South African Gary Nagle, who is currently running the firm's coal business.[114][115][116]

Glencore said it planned to reach net-zero carbon emissions by 2050 aiming at a 40% reduction in carbon footprint by 2035 compared to its 2019 levels, making them on track with the Paris agreement on climate change.[117]

In August 2022, the market predicted that Glencore would deliver a record profit due to its ability to thrive in volatile markets, and particularly because of its coal business that is growing rapidly during the 2022 global energy crisis. The use of coal, even in Europe, is increasing by double digit percentages as it replaces expensive natural gas from Russia. While traditional mining companies such as BHP and Rio Tinto have experienced a slowdown due to a lower demand for iron and copper ores by China, Glencore was able to increase its business mostly with coal, despite the dirty image this form of energy has. Business analysts forecast that Glencore's dividends could exceed $10 billion in total in 2022.[118][119]

Lobbying Edit

On 6 March 2019, The Guardian Australia accused Glencore, aided by consulting firm CT Group, of engaging in a large-scale, globally coordinated lobbying campaign to promote coal use "by undermining environmental activists, influencing politicians and spreading sophisticated pro-coal messaging on social media."[120] The campaign was started in 2017 and ran until 2019, when it was shut down in February, according to Glencore.[120]

Board of directors Edit

As of October 2021:[121]

  • Kalidas Madhavpeddi (non-executive chairman)
  • Gary Nagle (CEO)
  • Peter Coates (non-executive director)
  • Martin Gilbert (non-executive director)
  • Gill Marcus (non-executive director)
  • Patrice Merrin (non-executive director)
  • Cynthia Carroll (non-executive director)
  • David Wormsley (non-executive director)

Notes Edit

  1. ^ The article cited states that (i) 3% (100%–97%) of the sulfur-dioxid still passes through the filters and (ii) that the total amount before the filter is 7000% of the WHO-recommendation. As 3% x 7000% is 210%, the emissions are over twice the recommendation.

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Further reading Edit

External links Edit

October 15, 2023
glencore, swiss, multinational, commodity, trading, mining, company, with, headquarters, baar, switzerland, head, office, london, registered, office, saint, helier, jersey, current, company, created, through, merger, with, xstrata, 2013, 2015, update, ranked, . Glencore plc is a Swiss multinational commodity trading and mining company with headquarters in Baar Switzerland Glencore s oil and gas head office is in London and its registered office is in Saint Helier Jersey The current company was created through a merger of Glencore with Xstrata on 2 May 2013 4 As of 2015 update it ranked tenth in the Fortune Global 500 list of the world s largest companies 5 In the 2020 Forbes Global 2000 Glencore International was ranked as the 484th largest public company in the world 6 As of July 2022 it is the world s largest commodity trader 7 Glencore plcTypePublic limited companyTraded asLSE GLENJSE GLNFTSE 100 ComponentIndustryCommoditiesMetals and MiningFounded1974 49 years ago 1974 As Marc Rich Co AG FounderMarc RichHeadquartersBaar Switzerland Headquarters London United Kingdom Head office Oil amp gas Rotterdam Netherlands Head office Agricultural products Saint Helier Jersey Registered office Area servedWorldwideKey peopleGary Nagle CEO ProductsMetals and minerals energy products agricultural productsRevenueUS 255 984 billion 2022 1 Operating incomeUS 24 215 billion 2022 1 Net incomeUS 16 511 billion 2022 1 Total assetsUS 132 583 billion 2022 1 Total equityUS 45 219 billion 2022 1 OwnerIvan Glasenberg 9 52 Qatar Holding LLC 8 22 Aristotelis Mistakidis 3 10 2 Number of employees135 000 2023 3 Websitewww wbr glencore wbr comAs Glencore International the company was already one of the world s largest integrated producers and marketers of commodities It was the largest company in Switzerland as well as the world s largest commodities trading company with a 2010 global market share of 60 in internationally tradable zinc 50 in internationally tradable copper 9 in the internationally tradable grain market and 3 in the internationally tradable oil market 8 9 10 Glencore had a number of production facilities all around the world and supplied metals minerals crude oil oil products coal natural gas and agricultural products to international customers in the automotive power generation steel production and food processing industries 9 The company was formed in 1994 by a management buyout of Marc Rich Co AG itself founded in 1974 9 It was listed on the London Stock Exchange in May 2011 and was a constituent of the FTSE 100 Index 11 12 It had a secondary listing on the Hong Kong Stock Exchange but it has withdrawn from January 2018 13 Glencore s shares started trading on the Johannesburg Stock Exchange in November 2013 14 The Qatar Investment Authority is its biggest shareholder as of 2016 15 In March 2022 Qatar s Sovereign Wealth Fund announced it would sell a stake worth 812 million US 1 1 billion in Glencore Plc 16 Contents 1 History 1 1 1974 1994 formation and sale 1 2 2005 dealings with rogue states 1 3 2005 2011 Glencore Dan Gertler and the Congo 1 4 2011 financial and accounting manipulations 1 5 2011 associations with other mining companies 1 6 2011 2012 initial public offering 1 7 2012 2013 merger with Xstrata 1 8 Investments 1 8 1 Canada 1 8 2 Colombia 1 8 3 Ecuador 1 8 4 Zambia 1 8 5 Brazil 1 8 6 Democratic Republic of the Congo 1 8 7 Western Sahara 1 9 Paradise Papers 1 10 Reactions to U S sanctions 1 11 Investigation by U S Department of Justice 1 12 International Rights Advocates v Apple Microsoft Dell Tesla 1 13 U S Commodities Futures Trading Commission investigation 1 14 Long term supply contract with Tesla 1 15 UK SFO charges and continued investigations 1 16 Human rights abuse accusations 2 Operations 3 Lobbying 4 Board of directors 5 Notes 6 References 7 Further reading 8 External linksHistory Edit1974 1994 formation and sale Edit The company was founded in 1974 as Marc Rich amp Co AG by commodity traders Marc Rich and Pincus Green In 1993 a number of Marc Rich employees led by Claude Dauphin left to set up another trading company Trafigura 17 18 In 1994 after failing to take control of the zinc market and losing 172 million Rich was forced 19 20 to sell his majority share in the company to Glencore International the commodities trading and industrial company 21 Glencore s name is an abbreviation of Global Energy Commodity Resources 22 2005 dealings with rogue states Edit The Australian Broadcasting Corporation s Radio National reported in 2005 that Glencore has been accused of illegal dealings with rogue states apartheid South Africa USSR Iran and Iraq under Saddam Hussein and has a history of busting UN embargoes to profit from corrupt or despotic regimes 23 Specifically the CIA found that Glencore had paid 3 222 780 in illegal kickbacks to obtain oil in the course of the UN oil for food programme for Iraq The company denied these charges according to the CIA report quoted by ABC 23 24 2005 2011 Glencore Dan Gertler and the Congo Edit In 2005 proceeds from an oil sale to Glencore were seized as fraudulent gains as part of an investigation into corruption in the Democratic Republic of Congo 25 In 2007 Nikanor was merged into Katanga in a transaction valued at US 3 3 billion 26 In May 2011 the company launched an IPO which valued the business at US 61 billion 27 and created five new billionaires 28 Trading was limited to institutional investors for the first week and private investors were not allowed to buy shares until 24 May 2011 29 2011 financial and accounting manipulations Edit In 2011 five non government organisations filed a complaint to the OECD against a subsidiary of Glencore over allegations that a mine it owns in Zambia may not be paying enough tax on its profits This complaint was due to alleged financial and accounting manipulations that had been supposedly performed by the two companies subsidiary Mopani Copper Mines Plc MCM to evade taxation in Zambia 30 31 A draft Grant Thornton report alleged that tax avoidance by Glencore in Zambia cost the Zambian Government hundreds of millions of dollars in lost revenue 32 The avoidance was allegedly facilitated through transfer pricing and inflated costs at Glencore s Mopani Copper Mine which is controlled through the British Virgin Islands a recognised tax haven 32 Glencore and its own auditor Deloitte rejected these allegations 33 As of 2013 Glencore s payments to Zambia s government had increased 34 Due to weak global prices for the assets Glencore owned particularly coal and copper producers and for the commodities in which Glencore traded the company showed a net operating loss of 676 million for the first half of 2015 and the company s stocks fell as a result 35 Concerns cited by financial analysts to explain the falling stock price included a weak global commodity market and Glencore s high level of debt 36 30 billion The company reduced its debt by selling off stock and assets 35 2011 associations with other mining companies Edit Along with several other major coal producers Glencore is also a large shareholder in globalCOAL the online physical coal trading platform The board of globalCOAL contains a number of power utility shareholders Relationships also exist with Century Aluminum Co CENX 44 economic ownership interest 37 in the US Glencore partial subsidiary Minara Resources Ltd AU MRE a 70 5 stake in one of Australia s top three nickel producers 37 38 and 8 8 in United Company Rusal HK 486 the Russian aluminium giant that went public in 2010 37 In mid 2011 Century was called one of the most harrowing stocks of the past few years but identified as a risky but potentially profitable investment for the future 39 2011 2012 initial public offering Edit Glencore was the subject of an initial public offering IPO in May 2011 in a dual listing in London and Hong Kong valued at about US60 billion The 1 637 page document revealed invaluable information about this private company that has remained discreet for thirty seven years Ivan Glasenberg s shareholding was diluted from 18 1 before the IPO percent to 15 8 afterwards Daniel Mate and Telis Mistakidis zinc copper and lead co directors were diluted from 6 9 to 6 Glencore went public to raise gross proceeds of around 10 billion According to Reuters Glencore is known for its opportunistic but lucrative acquisition strategy 40 In May 2011 United Arab Emirates state owned Aabar Investments confirmed an investment of 850 million in Glencore International plc as a cornerstone investor with an intention to invest an additional 150 million in the Global Offer The investment made Aabar the largest cornerstone investor in the initial public offering IPO and the largest new shareholder of Glencore after its IPO giving Aabar a 1 4 stake The two firms intend to explore areas of co operation 41 42 In November 2012 Abu Dhabi s Aabar Investments a unit of Abu Dhabi s state owned United Arab Emirates International Petroleum Investment Company wrote off more than 392 million of its 1 billion investment into Glencore s IPO less than two years after investing it Aabar Investments was the largest new shareholder in Glencore 43 2012 2013 merger with Xstrata Edit Prior to its merger with Xstrata Glencore is reported to have served as a marketing partner for the company 44 45 As of 2006 Glencore leaders Willy Strothotte de and Ivan Glasenberg were on the board of Xstrata which Strothotte chaired According to The Sunday Times by 2006 Glencore controlled 40 of Xstrata stock and appointed Xstrata CEO Mick Davis 44 46 In February 2012 Glencore International Plc agreed to buy Xstrata Plc for 39 1 billion US 62 billion in shares Glencore offered 2 8 new shares for each Xstrata share in agreed all share merger of equal It is the biggest mining takeover ever and after approval would create an entity with 2012 sales of US 209 billion 47 In June 2012 Glencore and Xstrata began to reconsider the proposed retention package for their merger following shareholder opposition to a huge payout for executives In total 73 key executives stood to receive over GBP 170 million under the initial retention package 48 In October 2012 BBC News reported that Glencore had more ships than the British Royal Navy Glencore s operations in 40 countries handled 3 of the world s oil consumption Xstrata s operations in more than 20 countries employed 70 000 people According to mining analyst John Meyer if the two companies merged into Glencore Xstrata they would be the 4th largest commodities trader in the world 49 Just before completing its forced April 2013 takeover of mining rival Xstrata as it awaited Chinese regulatory approval for its long planned merger the world s largest diversified commodities trader the annual income of Glencore fell 25 percent as its trading division offset the impact of weak commodity prices Including the impact of an impairment related to a reclassification of its holding in Russian aluminium producer RUSAL net income fell 75 50 On 2 May 2013 it completed the merger with Xstrata 4 On 20 May 2014 Glencore Xstrata changed its name to Glencore plc 51 After the merger with Glencore Xstrata CFO Trevor Reid announced that he would no longer work as employee but would become a consultant After 11 years of involvement this marked a massive shift in the company s strategy and Xstrata was entering a post Reid era 52 Investments Edit Canada Edit GlencoreXstrata operates a mine in Nunavut 53 In October 2020 Glencore provided 10 million in bridge financing to Falco Resources a gold and copper miner operating in Quebec 54 Colombia Edit In 2006 Swiss public television TSR reported that allegations of corruption and severe human rights violations were being raised against Glencore due to the alleged conduct of its Colombian Cerrejon mining subsidiary Local union president Francisco Ramirez accused Cerrejon of forced expropriations and evacuations of entire villages to enable mine expansion in complicity with Colombian authorities A representative of the local Wayuu Indians also accused Colombian paramilitary and military units including those charged with Cerrejon mining security of forcibly driving the Wayuu off their land in what she described as a massacre 55 In 2012 a BBC investigation uncovered sale documents showing the company had paid the associates of paramilitary killers in Colombia In 2011 a Colombian court was told by former paramilitaries that they stole the land so they could sell it to Glencore s subsidiary Prodeco to start an open cast coal mine the court accepted their evidence and concluded that coal was the motive for the massacre Glencore disputed the court s ruling 56 57 In 2009 Glencore Xstrata s huge coal operation in Colombia Prodeco was fined a total of nearly 700 000 for several environmental violations running in earlier years including waste disposal without a permit and producing coal without an environmental management plan 20 Glencore Xstrata s activities in Colombia under their subsidiary Prodeco was investigated by the Netherlands based NGO Pax for Peace They found that From 1996 to 2006 residents of the Cesar mining region of Colombia from which European power utilities source most of their coal have suffered greatly from paramilitary violence Prodeco mining companies have supported the paramilitary forces with finance equipment and information The mining companies deny any involvement but those victims of human rights violations who stand up for their rights are still being threatened The coal mined by Prodeco is termed Blood Coal Pax released a report and included the testimony of victims and the paramilitary that attacked the indigenous population 58 Ecuador Edit In Ecuador the current government has tried to reduce the role played by middlemen such as Glencore with state oil company Petroecuador due to questions about transparency and follow through according to Fernando Villavicencio a Quito based oil sector analyst 20 Zambia Edit According to a Reuters article in 2011 O fficials in Zambia believe pollution from Glencore s Mopani mine is causing acid rain and health problems in an area where 5 million people live 20 The upgrade of the Mopani Mines asset plant was completed in March 2014 eliminating the emissions of 97 per cent of sulphur dioxide emissions in line with the recommended international standards by the World Health Organisation WHO 59 The emissions were reported to exceed the WHO recommendations by a factor of 70 up to 2013 60 The emissions now exceed the recommendations by 3 of 70 210 a In January 2019 a delegation from the Federal Department of Foreign Affairs under the leadership of Ignazio Cassis made a controversial visit to the Mopani Copper Mines that also produce cobalt ores The Swiss government had previously issued human rights guidelines for firms operating in the commodity sector which is of strategic importance to both countries The visit was heavily criticised by Amnesty International and Swiss watchdog groups while the federal councilor defended his stance pointing out the modernisation of production facilities improved health care and better training for young workers 61 62 Brazil Edit In June 2018 Glencore purchased a 78 stake in Ale Combustiveis S A a Brazilian fuel distribution company Through Ale Glencore aimed to expand its fuel distribution network by forging agreements with unbranded gas stations 63 Democratic Republic of the Congo Edit The company s Luilu copper refinery uses acid to extract the copper For three years after taking over the mine it continued to allow the waste acid to flow into a river The chief executive Ivan Glasenberg was interviewed for Panorama by John Sweeney and said It was impossible to remedy any way faster 64 Glencore said the pollution started long before the company took over the refinery and that it has now ended 64 A reporter for The Guardian found children as young as ten years underground at the Tilwezembe mine which the company had said in a 2008 prospectus that it had closed due to falling copper prices Prices rebounded later CEO Glasenberg said the company does not profit from child labor and the child miners went with artisanal mining by nearby residents that Glencore was trying to prevent But Panorama tracked a shipment of copper from the mine to Groupe Bazano plant and from that plant to a Glencore smelter in Zambia 65 Glencore was also accused of acquiring illicit conflict minerals 66 In a detailed letter sent to Global Witness the company denied any wrongdoing 66 Glencore acquired stakes in the Kansuki mine in Congo s southern Katanga Province in 2012 According to Global Witness Congo s government transferred a 75 stake in Kansuki mine in secret and at vastly undervalued prices in July 2010 to a company in which Dan Gertler who is a close friend of President Joseph Kabila has an interest Just a month later in August 2010 Glencore took half the shares of the company that acquired that 75 stake becoming the operator of the mine Glencore is financing the entire development of the Kansuki mine thereby carrying the costs for the other partner companies which are associated with Mr Gertler 67 Glencore said at the time During the period when these transactions took place Glencore had decided in general not to increase its shareholdings in DRC projects 68 Glencore acquired a 50 share in SAMREF Congo SPRL in 2007 a Congolese registered company holding 80 of the Mutanda Mine 69 According to Global Witness SAMREF recommended on 1 March 2011 that Congo s state run company Gecamines holding the other 20 of the Mutanda Mine sell this share to an entity also associated with Dan Gertler and went on to question the links between Glencore and Dan Gertler 70 Glencore has been designated operator of the Mutanda Mine 67 Glencore has responded a number of times to Global Witness regarding these allegations 71 In March 2018 it was reported that Glencore would sell one third 13 800 tonnes of its cobalt output to China s battery recycler GEM 18 000 tonnes are to be sold in 2019 and 21 000 in 2020 In December 2020 the company extended the agreement with GEM to at least 2029 72 During the FT Commodities Global Summit in Lausanne Switzerland CEO Glasenberg stated if cobalt falls into the hands of the Chinese yeah you won t see EVs being produced in Europe etc Yet Glasenberg then said that he was prepared to sell DRC cobalt mines to China if the price was good Concurrently a Chinese take over of some of the mines became a real possibility due to a legal dispute about royalty payments to Gertler and Gecamines 73 The DRC supplies 60 of the world s cobalt ore while China produces more than 80 of the world s refined cobalt 74 In December 2018 Bloomberg reported that the Chinese battery firm GEM withdrew from its purchase contract with the commodities trader due to a price crash and oversupply of cobalt ore and recycled sources In November 2018 export stopped due to oversupply and uranium contamination at the Kamoto Project the company planned to fix this with a US 25 million ion exchange refining plant 75 In a June 2018 debt for equity swap 76 Glencore s Katanga Mining Ltd agreed to a recapitalization plan involving a US 5 6 billion debt write off and a 150 million payment to the Congolese state mining company Gecamines According to company sources Gertler will receive a royalty of about 25 million euros in 2018 77 Later in June 2018 Glencore also announced that it had resumed paying royalties to Gertler s Ventora Development in unpaid and future royalties from the subsidiaries Mutanda Mining 695 million and Kamoto Copper Co 2 28 billion Gertler had sued Glencore in a Congolese court after payments stopped when he was sanctioned by the U S government in December 2017 The mines produce copper and cobalt needed for lithium ion batteries in mobile devices and electric vehicles Glencore and Gertler were in a legal dispute threatening the strategic supply of the metals and ownership of the mining entities Glencore paid the royalties in a currency other than dollars to skirt sanctions and discussed the deal with Swiss and U S authorities Glencore also settled a dispute involving the Kamoto copper and cobalt mine but differences remain about tax and royalty payment 78 In July 2018 the DRC enforced a new mining code which forced Glencore to pay higher taxes In response the company began talks with the Congolese government In August CEO Glasberg announced that Glencore was considering legal action 79 On 22 June 2021 the company reported the Mutanda mine would be reopened towards the end of 2021 and return to production in 2022 Earlier Glencore officials discussed the re opening of the mine with Congo s mining ministry in Kinshasa Cobalt prospects for the company increased significantly since the inception of a long term battery supply contract with Tesla Motors in mid 2020 80 From 2007 to 2018 Glencore paid 27 5 million to third parties to bribe government officials in Congo In December 2022 the company agreed to pay 180 million to Congo to settle the case 81 Western Sahara Edit In 2013 and 2014 a subsidiary of Glencore Xstrata was awarded two offshore drilling licences off the coast of occupied Western Sahara The licences were awarded in clear violation of international law as described by the UN in 2002 82 Paradise Papers Edit On 5 November 2017 the Paradise Papers a set of confidential electronic documents relating to offshore investment revealed that Glencore loaned 45 million to Israeli billionaire Dan Gertler in exchange for his help with officials of the Democratic Republic of Congo in negotiations over a joint venture with state owned Gecamines at the Katanga copper mine in which one of the board members was Glencore major shareholder Telis Mistakidis Glencore which had effectively taken over Katanga agreed to vote for the joint venture The loan document specifically provided that repayment would be owed if agreement was not reached within three months Gertler and Glencore have denied wrongdoing Appleby had worked for Glencore and its founder Marc Rich on major projects in the past even after his indictment in 1983 83 84 Rich was indicted in the United States on federal charges of tax evasion and making controversial oil deals with Iran during the Iran hostage crisis 85 He received a controversial presidential pardon from U S President Bill Clinton on 20 January 2001 Clinton s last day in office 86 The Australian branch of Glencore has been demonstrated to have carried out some 25 billion in cross currency interest rate swaps complex financial instruments the Australian Taxation Office suspects of being used to avoid paying taxes in Australia 87 Glencore is also a co owner of large coal freighters fleet SwissMarine 88 Reactions to U S sanctions Edit In April 2018 the company started to limit its exposure to Oleg Deripaska by canceling the plan to swap an 8 75 percent stake in aluminum producer United Co Rusal for shares in another one of Deripaska s companies London listed En Group Plc The commodities trader also announced that Chief Executive Officer Ivan Glasenberg had resigned from Rusal s board 89 In March 2022 the company leadership strongly condemned the 2022 Russian invasion of Ukraine it would review business activities in the country including our equity stakes in En and Rosneft Glencore owns a 10 55 stake in En Group International PJSC the controlling shareholder of aluminum giant United Co Rusal International and less than 1 in Rosneft 90 The company also stated it had no operational footprint in Russia British news outlets however noted that Swiss based Glencore among other commodity companies loaded cargoes of oil products onto tankers at Russian ports in mid March 2022 91 While some oil companies such as BP Plc and Shell Plc were pressured to halt Russian oil purchases Glencore remained in the lucrative business for trading Russian crude 92 Investigation by U S Department of Justice Edit On 3 July 2018 the company announced that it received a subpoena from the U S Department of Justice to produce documents and other records with respect to compliance with the Foreign Corrupt Practices Act and the United States money laundering statutes The requested documents relate to the Glencore Group s business in Nigeria the Democratic Republic of Congo and Venezuela from 2007 to present 93 In May 2018 Bloomberg reported that Britain s Serious Fraud Office may also open a bribery investigation into Glencore s dealing with Dan Gertler and DRC President Joseph Kabila 94 On 24 May 2022 Glencore pleaded guilty to multiple counts of bribery and agreed to pay penalties of about 1 5 billion 95 International Rights Advocates v Apple Microsoft Dell Tesla Edit The International Rights Advocates groups filed a lawsuit International Rights Advocates v Apple Microsoft Dell Tesla on 15 December 2019 against Apple Microsoft Dell and Tesla that names Glencore 96 The lawsuit claims that the named companies benefited from and aided and abetted child labor in mining companies cobalt operations It is argued that Glencore owned mines sold cobalt to Umicore which then sold the cobalt to be used in lithium batteries in Apple Microsoft Dell and Tesla products 97 Glencore released a statement through a spokesperson noting the allegations and stating that Glencore does not tolerate any form of child forced or compulsory labour 98 The case was dismissed and International Rights Advocates appealed in 2022 96 U S Commodities Futures Trading Commission investigation Edit In April 2019 the U S Commodity Futures Trading Commission notified the company of an investigation into whether the company violated parts of the Commodity Exchange Act or regulations concerning corrupt practices related to commodities 99 In May 2022 Glencore pled guilty to charges of corrupt dealings with foreign governments and agreed to pay a 1 8 billion fine The corrupt practices occurred from 2007 to 2018 and included actions to make and conceal corrupt payments and bribes through intermediaries for the benefit of foreign officials across multiple countries 100 In August 2020 Glencore suspended its dividend payments to investors saying it will instead prioritise paying down its debt in the immediate term 101 It was the first major mining company to shelve its dividend owing to the business impacts of the COVID 19 pandemic 102 Long term supply contract with Tesla Edit In June 2020 it was reported that Tesla Motors partnered with Glencore for the future supply of cobalt in their lithium ion batteries Just a year earlier BMW did the same with Glencore and the Bou Azzer mine in Morocco Initially Tesla wanted to eliminate the controversial metal from its battery formula but then the company decided for its continued use boosting cobalt prospects significantly according to industry experts 103 UK SFO charges and continued investigations Edit In 2022 Glencore s UK subsidiary twice pleaded guilty to corruption charges levelled by the Serious Fraud Office SFO These charges accused Glencore of paying over US 53 million of bribes between 2011 and 2016 to officials in Africa to secure access to oil and make illicit profit 104 105 On May 24 Glencore Energy UK Limited indicated in court that it would plead guilty to five counts of bribery and two counts of failure to prevent bribery under the UK Bribery Act 2010 106 The SFO found that over US 25 million in bribes were paid in Cameroon Equatorial Guinea Ivory Coast Nigeria and South Sudan between 2011 and 2016 for preferential access to oil and accused Glencore of profit driven bribery and corruption 105 Glencore executives acknowledged the unacceptable practices and misconduct identified in these investigations but argued that the company had been making efforts to improve its ethics and compliance program since before it knew of the US DOJ investigation The company predicted that fines for the seven corruption charges would not exceed the US 1 5 billion it set aside in 2021 for resolving the investigations undertaken by various national authorities 106 On June 21 a British subsidiary of Glencore again pleaded guilty to seven counts of bribery These charges pertained to oil operations in Nigeria Cameroon Equatorial Guinea Ivory Coast and South Sudan between 2012 and 2016 The SFO found that over US 28 million in bribes were paid for officials to perform their functions improperly Glencore again predicted that fines would not exceed the US 1 5 billion it had previously set aside 104 Glencore faces continued investigations from the Office of the Attorney General of Switzerland and the Dutch Public Prosecution Service 106 It is possible that these continued investigations may be linked to Vitol a Swiss based Dutch commodity trading company and Glencore s largest competitor that is often claimed to be equal or greater in size to Glencore and has been linked in similar legal challenges in Resource rich countries 107 Human rights abuse accusations Edit Since 2010 there were over 70 human rights abuse accusations against Glencore documented by Business amp Human Rights Resource Centre 108 Operations EditIn May 2014 the company announced it would close its underground Newlands coal mine in Queensland Australia in late 2015 The mine begun in 1983 produced 2 8 million tonnes of thermal coal in 2013 The company had earlier suspended operations at its Ravensworth underground mine following falling coal prices escalating production costs and a higher Australian dollar 109 110 111 In February 2019 Glencore announced it would reduce production at one of its biggest copper and cobalt mines operations in Congo 112 The country s Mutanda mine produced 199 000 tons of copper and 27 000 tons of cobalt in 2018 accounting for roughly one fifth of global cobalt production The production curbs are likely temporary as the company is exploring new mining techniques for the site 112 In October 2020 Glencore CEO Ivan Glasenberg argued that there was no environmental benefit in divesting from coal assets since the spun off coal mines would likely be taken over by other players without any regard for the Paris climate goals 113 He instead argued for capping coal mine production thereby running them down and using the thus generated cash to increase the production of other raw materials in high demand due to the global energy transformation such as nickel copper and cobalt 113 Two months later in December 2020 Glasenberg announced that he will be retiring in 2021 thus stepping out of the CEO position after nearly 20 years He will be succeeded by South African Gary Nagle who is currently running the firm s coal business 114 115 116 Glencore said it planned to reach net zero carbon emissions by 2050 aiming at a 40 reduction in carbon footprint by 2035 compared to its 2019 levels making them on track with the Paris agreement on climate change 117 In August 2022 the market predicted that Glencore would deliver a record profit due to its ability to thrive in volatile markets and particularly because of its coal business that is growing rapidly during the 2022 global energy crisis The use of coal even in Europe is increasing by double digit percentages as it replaces expensive natural gas from Russia While traditional mining companies such as BHP and Rio Tinto have experienced a slowdown due to a lower demand for iron and copper ores by China Glencore was able to increase its business mostly with coal despite the dirty image this form of energy has Business analysts forecast that Glencore s dividends could exceed 10 billion in total in 2022 118 119 Lobbying EditOn 6 March 2019 The Guardian Australia accused Glencore aided by consulting firm CT Group of engaging in a large scale globally coordinated lobbying campaign to promote coal use by undermining environmental activists influencing politicians and spreading sophisticated pro coal messaging on social media 120 The campaign was started in 2017 and ran until 2019 when it was shut down in February according to Glencore 120 Board of directors EditAs of October 2021 121 Kalidas Madhavpeddi non executive chairman Gary Nagle CEO Peter Coates non executive director Martin Gilbert non executive director Gill Marcus non executive director Patrice Merrin non executive director Cynthia Carroll non executive director David Wormsley non executive director Notes Edit The article cited states that i 3 100 97 of the sulfur dioxid still passes through the filters and ii that the total amount before the filter is 7000 of the WHO recommendation As 3 x 7000 is 210 the emissions are over twice the recommendation References Edit a b c d e Annual Results 2022 PDF Glencore Retrieved 15 February 2023 Glencore Marketscreener Retrieved 4 March 2023 Who we are Glencore Retrieved 14 February 2023 a b Glencore finishes takeover of Xstrata Financial Times 2 May 2013 Retrieved 3 May 2013 Glencore Xstrata Fortune Global 500 2013 Forbes Global 2000 Forbes Retrieved 31 October 2020 Biesheuvel Thomas 29 July 2022 Glencore Flags That Cash Is Tied Up in Record Trading Profits Bloomberg Glencore Taking over the world Aljazeera Counting the Cost 29 May 2011 Retrieved 31 May 2011 a b c Pidd Helen Glaister Dan Smith David Cobain Ian 19 May 2011 The rise of Glencore the biggest company you ve never heard of The Guardian London Retrieved 25 May 2011 Glencore s share of global commodity markets The Telegraph London 15 April 2011 Archived from the original on 12 January 2022 Retrieved 31 May 2011 Glencore s shares flat on first conditional trading day BBC News 19 May 2011 Retrieved 25 May 2011 Glencore jumps into FTSE 100 The Independent 25 May 2011 Retrieved 25 May 2011 Thomas Denny 25 May 2011 Glencore s Hong Kong shares down 2 8 pct on trading debut Reuters Retrieved 24 May 2011 Glencore widens investment appeal FT Retrieved 9 September 2014 An Ivan for an Igor Glencore stuns the oil trading business with a deal to take a big stake in Rosneft The Economist 8 December 2016 Retrieved 7 April 2017 Qatar s Sovereign Wealth Fund to Sell 1 Billion Glencore Stake Financial Post Retrieved 27 March 2022 Trafigura and the man who built a 1 4 billion fortune Retrieved 4 September 2020 Claude Dauphin obituary Trafigura Retrieved 4 September 2020 Ammann Daniel 2009 The King of Oil The Secret Lives of Marc Rich New York St Martin s Press ISBN 978 0 312 57074 3 a b c d Onstad Eric Laura MacInnis Quentin Webb 25 February 2011 The biggest company you never heard of Reuters Retrieved 28 February 2011 Glencore Buys Out Founder The New York Times 10 November 1994 Retrieved 22 October 2006 Kishan Saijel and Casey Simon 31 July 2007 Glencore parries attacks on secrecy as debt rises The Globe and Mail Retrieved 22 February 2019 a href Template Cite news html title Template Cite news cite news a CS1 maint multiple names authors list link a b Stephen Long 11 February 2005 Swiss link undermines Xstrata s bid for WMC ABC Radio Retrieved 22 October 2006 Peter Koenig 25 September 2005 Secretive Swiss trader links City to Iraq oil scam The Sunday Times London Retrieved 22 October 2006 Allen Mills Tony 17 June 2008 Congo sapped of riches as Denis menaces Boulevard Saint Germain The Australian Archived from the original on 14 October 2009 Retrieved 22 October 2006 Nikanor and Katanga to merge Financial Times 7 November 2007 Retrieved 31 May 2020 Glencore flotation values company at about 61bn BBC News 4 May 2011 Retrieved 17 June 2011 White Garry 5 May 2011 Glencore float will create five new billionaires The Daily Telegraph London Archived from the original on 12 January 2022 Retrieved 17 June 2011 Retail investors stay away from Glencore s flotation London Evening Standard United Kingdom 24 May 2011 Archived from the original on 27 May 2011 Retrieved 17 June 2011 Tax evasion in Zambia Five NGOs file an OECD complaint against Glencore International AG and First Quantum Minerals for violation of OECD guidelines Archived from the original on 13 November 2011 Retrieved 25 September 2011 Ford Liz 15 April 2011 Mining firm under fire over tax payments in Zambia The Guardian London Retrieved 25 September 2011 a b Keane Bernard 18 April 2011 Glencore and the cautionary tale of Zambia Crikey Glencore denies allegations over copper mine tax The Guardian 17 April 2011 Retrieved 17 September 2014 Zambia taking aim at tax avoiders Financial Times 21 June 2013 Retrieved 31 May 2020 a b Chad Bray 29 September 2015 Glencore Shares Recover a Bit After Plunging Monday The New York Times Retrieved 2 October 2015 Stanley Reed 1 October 2015 Glencore Isn t Out of the Woods Yet The New York Times Retrieved 2 October 2015 a b c Lesova Polya Commodities giant Glencore readies landmark IPO Listing may value firm at 0 billion give it cash for acquisitions MarketWatch 13 April 2011 Retrieved 13 April 2011 Glencore ist grosstes Privatunternehmen Europas Handelsblatt in German 16 August 2005 Archived from the original on 24 February 2007 Retrieved 22 October 2006 Spain William 5 risky stocks with big potential payoffs MarketWatch 27 May 2011 Retrieved 31 May 2011 Glencore 11 billion IPO to make billionaires of bosses Reuters 4 May 2011 Retrieved 10 September 2014 MacLellan Kylie Barreto Elzio 4 May 2011 Glencore 11 billion IPO to make billionaires of bosses Reuters London Aabar Investments intends to invest a total of 1 0 billion in Glencore s IPO and will be the largest cornerstone investor in the company PDF United Arab Emirates Aabar Investments May 2011 Archived from the original PDF on 20 August 2011 Retrieved 31 March 2013 Abu Dhabi s Aabar writes down Glencore stake Mining Weekly Reuters 16 November 2012 Retrieved 31 March 2013 a b Peter Koenig 25 September 2005 Secretive Swiss trader links City to Iraq oil scam The Sunday Times London Retrieved 22 October 2006 Scharer Alex 13 December 2001 Die Erben des Marc Rich in German WochenZeitung Archived from the original on 9 December 2012 Retrieved 22 October 2006 See also Xstrata Investor disclosure Archived 4 November 2006 at the Wayback Machine Retrieved 22 October 2006 Kayakiran Firat Riseborough Jesse 7 February 2012 Glencore Agrees to Buy Xstrata for 62B in Shares Bloomberg Xstrata gives cautious blessing to 33 billion Glencore bid Reuters October 2012 Rebecca Marston 1 October 2012 Glencore and Xstrata How much power would they have BBC News Glencore Xstrata profits down as impairments bite Reuters London UK 5 March 2013 Retrieved 21 March 2013 Glencore drops Xstrata The Australian 21 May 2014 Retrieved 10 September 2014 Xstrata Glencore Have to Get On Without CFO Trevor Reid Archived 22 February 2013 at the Wayback Machine CFO Insight Magazine 12 December 2012 Retrieved 13 December 2012 Bathurst Inlet Port amp Road BIPR Project PDF Mining North 28 May 2013 Archived from the original PDF on 24 February 2020 Retrieved 23 February 2020 The BIPR Company is a joint venture currently composed of GlencoreXstrata and Sabina Gold and Silver Corporation formed for the purpose of being the Bathurst Inlet Port and Road project proponent Glencore provides financing to Falco for Horne 5 project in Canada www mining technology com 28 October 2020 Retrieved 28 October 2020 Garbely Frank Losa Mauro 29 June 2006 Paradis fiscal enfer social in French Television Suisse Romande Retrieved 22 October 2006 Panorama questions over Glencore mines BBC 16 April 2012 Retrieved 17 September 2014 Glencore response to BBC Panorama Broadcast PDF Retrieved 14 October 2014 Stop Blood Coal Peace organisation PAX Paxforpeace nl Retrieved 7 April 2017 Mopani completes smelter upgrade project UK Zambians Archived from the original on 21 October 2014 Retrieved 17 September 2014 Clean Air Privilege Not a Right in Mufulira Zambia The World Mind Archived from the original on 19 January 2019 Retrieved 19 January 2019 Swiss diplomacy chief begins Africa tour with Glencore mine visit swissinfo ch Retrieved 7 January 2019 Glencore macht Cassis zur Werbefigur und der findets ok in German Blick Retrieved 7 January 2019 Samora Roberto Glencore seeks to grow Brazil fuel distribution unit Ale CEO U K Retrieved 24 October 2018 a b Glencore linked to acid waterfall in DR Congo BBC News 16 April 2012 Retrieved 16 April 2012 John Sweeney 14 April 2012 Mining giant Glencore accused in child labour and acid dumping row The Guardian a b Matthews C M 9 May 2012 Glencore Accused of Opaque Dealing in Congo The Wall Street Journal a b Secrecy Surrounding Glencore s Business Deals in the Democratic Republic of Congo PDF Global Witness 9 May 2012 Retrieved 15 August 2012 Mining firms face scrutiny over Congo deals The Guardian 8 May 2012 Retrieved 17 September 2014 Company Overview of SAMREF Congo SPRL Bloomberg Retrieved 18 May 2016 Global Witness Q amp A on Glencore in the Democratic Republic of Congo Global Witness Retrieved 7 April 2017 Glencore response to Global Witness PDF Glencore Retrieved 14 October 2014 China Inc extends cobalt grip with bigger Glencore deal Mining com 3 December 2020 Retrieved 18 July 2022 Julia Payne Dmitry Zhdannikov 20 March 2018 Chinese control of cobalt supply is risk for car industry Glencore Reuters Commodities Retrieved 7 July 2018 D Ford March 2018 China s GEM Locks Up Large Share of Hot Commodity Cobalt ElectronicDesign Markets Automotive Retrieved 7 July 2018 Desai Pratima amp Daly Tom December 2018 Exclusive Chinese battery firm halts purchases of cobalt from Glencore sources Reuters Business News Retrieved 18 January 2019 Hume Neil Glencore writes off 5 6bn to end DRC dispute Financial Times 12 June 2018 Retrieved 21 November 2018 Glencore settles with Gertler over Congo royalties 14 June 2018 Reuters Business News Retrieved 30 June 2018 Glencore settles with Gertler over Congo royalties Reuters 15 June 2018 Retrieved 21 November 2018 Glencore says mining industry considers legal action on new DRC Reuters Retrieved 14 November 2018 Glencore says to re start Congo s Mutanda mine towards end of 2021 Nasdaq com Retrieved 23 June 2021 Glencore agrees to pay Congo 180 million over bribery case AP News 5 December 2022 Glencore with 2 licences off occupied Western Sahara Western Sahara Resource Watch 23 October 2014 Archived from the original on 19 October 2014 Ben Doherty Oliver Zihlmann 5 November 2017 Revealed Glencore s secret loan to secure DRC mining rights The Guardian Retrieved 6 November 2017 Bastian Obermayer Edouard Perrin Frederik Obermaier Oliver Zihlmann Petra Blum Will Fitzgibbon 5 November 2017 Room of Secrets Reveals Glencore s Mysteries Law firm s internal files reveal oil mineral and grain trader Glencore signed secret deals and loaned millions to a high risk business partner ICIJ Retrieved 6 November 2017 Ammann Daniel 2009 The King of Oil The Secret Lives of Marc Rich New York St Martin s Press ISBN 978 0 312 57074 3 Honigsbaum Mark 13 May 2001 Profile Marc Rich From the Observer The Observer The Guardian London GMG ISSN 0261 3077 OCLC 60623878 Retrieved 30 October 2012 Ben Doherty 5 November 2017 Glencore s Australian Arm moved Billions Through Bermuda Paradise Papers reveal use of cross currency interest rate swaps which are under investigation by the tax office The Guardian Retrieved 6 November 2017 The ships Glencore wanted to keep hush hush ICIJ International Consortium of Investigative Journalists Retrieved 10 November 2017 Glencore Cancels Rusal Share Swap as Glasenberg Leaves Board Bloomberg Retrieved 2 May 2018 Glencore Is Reviewing Its Stakes in Two Russian Companies Bloomberg Retrieved 26 March 2022 Buying Russian oil is like again intellinews com Retrieved 26 March 2022 Markets must adapt to lack of Russian Ukrainian commodities Glencore says Reuters 27 March 2022 Subpoena from United States Department of Justice Archived 7 November 2018 at the Wayback Machine Glencore Media News Retrieved 3 July 2018 Swiss mining giant Glencore may face UK probe over Congo deals AFP news thelocal ch Retrieved 4 July 2018 Dempsey Harry Beioley Kate 24 May 2022 Glencore to plead guilty to bribery charges and pay 1 5bn penalty Archived from the original on 24 May 2022 a b John Doe et al v Apple Alphabet Google Dell Microsoft and Tesla Docket No CV 1 19 cv 03737 CJN International Rights Advocates 20 October 2021 Kelly Annie 16 December 2019 Apple and Google named in US lawsuit over Congolese child cobalt mining deaths The Guardian ISSN 0261 3077 Retrieved 7 January 2021 Glencore statement on child labour allegations Glencore Baar Switzerland 17 December 2019 Jack Farchy Elena Mazneva 25 April 2019 Glencore Faces New Corruption Investigation With CFTC Probe Bloomberg Retrieved 26 April 2019 MacDonald Darren 28 May 2022 Glencore to pay billion dollar fine for corruption bribery of foreign officials CTV News Hume Neil 6 August 2020 Glencore scraps 2 6bn dividend after fall in half year profits Financial Times Batten Kristie 7 August 2020 No Glencore dividend after loss Mining Journal Tesla signs cobalt deal with Glencore institut seltene erden de Retrieved 17 April 2021 a b Timmins Beth 21 June 2022 Mining firm Glencore pleads guilty to UK bribery charges BBC News Retrieved 21 June 2022 a b Mining giant pleads guilty to UK bribery charges BBC News 24 May 2022 Retrieved 21 June 2022 a b c Glencore Reaches Coordinated Resolutions with US UK and Brazilian Authorities Glencore 24 May 2022 Archived from the original on 24 May 2022 Retrieved 21 June 2022 Meet The Mysterious Trading Firms Who Control The Price Of Commodities BusinessNews 31 October 2011 Retrieved 4 March 2012 Calma Justine 15 June 2023 Tesla battery material supplier tops list of human rights abuses for second year in a row The Verge Retrieved 15 June 2023 Glencore to close Newlands coal mine Australian Mining 12 April 2016 Retrieved 19 May 2016 Newlands coal mine in Australia to be shut says Glencore Australian News Net Archived from the original on 23 May 2014 Retrieved 18 May 2016 Latimer Cole 27 March 2015 Glencore to suspend production at Ravensworth underground coal mine Australian Mining Retrieved 18 May 2016 a b Patterson Scott 19 February 2019 Glencore to Cut Production at Major Copper Cobalt Mine Wall Street Journal ISSN 0099 9660 Retrieved 7 March 2019 a b Glencore s Glasenberg dismisses coal divestment as pointless Financial Times 16 October 2020 Hume Neil Sheppard David 4 December 2020 Ivan Glasenberg to step down as Glencore chief Financial Times Retrieved 6 December 2020 Wallace Joe Patterson Scott 4 December 2020 Glencore CEO Ivan Glasenberg to Retire After 18 Years at the Helm The Wall Street Journal Retrieved 20 December 2020 Biesheuvel Thomas 5 December 2020 Billionaire Glasenberg s Reign Spanned IPO Glory to Graft Probes Bloomberg Retrieved 20 December 2020 Taboada Jaime Llinares 30 September 2022 Glencore Pledges to Cut Carbon Emissions by 40 by 2035 MarketScreener Retrieved 3 October 2022 Biesheuvel Thomas 1 Aug 2022 Glencore Is Cashing In on Coal to Dodge Big Mining s Slowdown Bloomberg News Retrieved 1 August 2022 Russia is squeezing Europe s gas supplies sparking a bitter and reluctant return to coal cnbc com Retrieved 31 July 2022 a b Knaus Christopher 6 March 2019 Revealed Glencore bankrolled covert campaign to prop up coal The Guardian ISSN 0261 3077 Retrieved 7 March 2019 Our Board Glencore Retrieved 5 October 2021 Further reading EditAmmann Daniel 2009 The King of Oil The Secret Lives of Marc Rich New York St Martin s Press ISBN 978 0 312 57074 3 External links Edit nbsp Companies portalOfficial website nbsp Glencore companies grouped at OpenCorporates Retrieved from https en wikipedia org w index php title Glencore amp oldid 1176563122, wikipedia, wiki, book, books, library,

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