• Fri
  • Dec 26, 2014
  • Updated: 9:08pm

Glencore

Glencore International is the world's largest commodities trading company. It was formed in 1974 by a management buyout of Marc Rich & Co. In May 2013, it completed the US$29 billion acquisition of Xstrata to create the world's fourth-biggest mining company, with a market value of about US$68 billion.

China Minmetals near US$5b deal to acquire Glencore copper mine in Peru

An open pit copper mine in Peru, where China Minmetals is expected to close on the mainland's second largest mine deal. Photo: Bloomberg

A group led by China Minmetals is nearing an agreement to purchase Glencore Xstrata's Las Bambas copper project in Peru for more than US$5 billion, according to people with knowledge of the matter.

Saturday, 8 February, 2014, 5:12am

Miners bid to develop Australian bauxite project

Miners bid to develop Australian bauxite project

Glencore Xstrata and China's Australian Indigenous Resources have submitted proposals to Australia's Queensland government to develop the Aurukun bauxite project in the northeastern state.

19 Sep 2013 - 4:14am

Glencore sees China bids for US$5b Peru copper mine

Glencore expects up to four Chinese bidders for its mine. Photo: Reuters

Glencore Xstrata, the global commodity trader and metals producer run by Ivan Glasenberg, expects as many as four Chinese bidders for a Peruvian copper mine that may be valued at more than US$5 billion.

12 Sep 2013 - 3:33am

Glencore squeezes US$2 billion out of Xstrata deal

The world’s biggest commodities trading company plans to issue an update on the integration of Glencore and Xstrata later on Tuesday. Photo: Reuters

Glencore will cut spending, shelve dozens of projects and squeeze more than expected from its record-breaking purchase of mining group Xstrata, lifting benefits from the deal to at least US$2 billion next year.

11 Sep 2013 - 9:50am

Glencore cuts budget at Tampakan copper-gold mine in the Philippines

Glencore Xstrata's dominance in copper has been a concern to China, prompting a review that could lead to mine sales. Photo: Bloomberg

Glencore Xstrata will cut up to 920 jobs and take the axe to spending at its US$5.9 billion Tampakan copper-gold project in the Philippines, one of several future mines under review since the company was formed in a record-breaking takeover.

14 Aug 2013 - 3:37am

Glencore, JPMorgan sued over warehouse aluminium prices

End-users complain that aluminium prices are artificially inflated. Photo: SCMP

Glencore Xstrata and JPMorgan Chase face a US lawsuit alleging they artificially inflated aluminium prices and disrupted supplies, as legal challenges related to metal warehousing piled up this week.

8 Aug 2013 - 12:33pm

NY regulator asks foreign reinsurers about Iran links

The Iran Freedom and Counter-Proliferation Act of last year (IFCPA), signed into law by President Barack Obama bans financial services firmsfrom providing services to companies that do business with Iran. Photo: AFP

New York’s financial regulator has asked 20 non-US reinsurers whether they conducted business with entities linked to Iran, as part of a review of these companies’ ability to comply with a new US sanctions law that becomes effective Monday.

2 Jul 2013 - 12:40pm

Rio, Glencore in talks over Australian coal assets -sources

Miners Rio Tinto and Glencore Xstrata have held early-stage talks to consider a plan that could combine thermal coal assets in Australia as they battle low prices and high costs, two sources familiar with the plan said.

13 Jun 2013 - 2:01pm

Australia coal firms dig in for years of mine closures, job cuts

Australia relies heavily on China as a market for its coal. China is both the world’s largest producer and consumer of coal. Photo: Reuters

Australian coal miners are steeling themselves for years of production cuts, job reductions and asset sales as swelling shipments from international rivals lower hopes of a recovery in prices for coal.

24 May 2013 - 11:24am 1 comment

Glencore's aluminium chief in shock exit

Glencore Xstrata's head of aluminium, Gary Fegel, is set to leave the company. Photo: Reuters

Glencore Xstrata's head of aluminium, Gary Fegel, is set to leave the company, sources said, the first high-profile departure since commodity trading giant Glencore closed its purchase of miner Xstrata this month.

23 May 2013 - 4:41am

Glencore shareholders dump chairman Bond

John Bond. Photo: Bloomberg

John Bond, the chairman of Glencore Xstrata, the world's largest exporter of power-station coal, was deposed by his shareholders yesterday, with the former chief executive of BP, Tony Hayward, appointed as interim chairman in his place.

17 May 2013 - 3:33pm 1 comment

Talking Points

Budget filibuster efforts resume

Budget filibuster efforts resume

2 May 2013 - 1:23am

Sluggish demand for raw materials drags down Glencore profit by 25pc

Glencore's net income attributable to shareholders fell 75 per cent to US$1 billion. Photo: Reuters

Glencore International, seeking to buy Xstrata in a US$33 billion all-share bid, said adjusted profit for last year fell 25 per cent as slowing global growth eroded demand for the raw materials it produces and trades.

6 Mar 2013 - 5:41am

Talking points

Marilyn Monroe

Korean rocket countdown … again

8 Nov 2012 - 2:08am

Glencore's offer gets Xstrata board nod

Glencore's offer gets Xstrata board nod

Xstrata's board has recommended that shareholders back a US$33 billion sweetened takeover offer by Glencore International after gaining assurances on board composition and de-linking votes on the bid and bonus payments.

2 Oct 2012 - 4:03am

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