Xstrata is a Swiss mining group, producing coal copper, nickel, primary vanadium and zinc. Originally founded in 1926 focusing on infrastructure, Marc Rich + Co AG became its majority shareholder in 1990 and it moved into mining. Glencore is bidding to acquire Xstrata, seeking to marry its coal, copper and zinc mines, with Glencore’s trading prowess.

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.

Tuesday, 2 July, 2013, 12:40pm

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

Business Digest, March 2, 2013

US$37.3b quota set for short-term foreign debt

2 Mar 2013 - 4:17am

Altona considers Roseby sale or merger

Copper prices have remained strong, which  makes the Roseby project more attractive. Photo: Reuters

Australia’s Altona Mining may sell its Roseby copper project or seek to merge itself with another firm after global miner Xstrata decided not to buy into the copper project in the state of Queensland, Altona’s managing director said on Monday.

14 Jan 2013 - 4:29pm

Talking points

Marilyn Monroe

Korean rocket countdown … again

8 Nov 2012 - 2:08am

Briefs, October 4, 2012

Foxconn, GCL-Poly in solar-power venture

Foxconn Technology and GCL-Poly Energy will build and jointly operate a solar-power plant in Shanxi province. They will share revenue from selling electricity to the government from the 310 megawatt plant, which will use GCL's solar cells, to be assembled by Foxconn, Shu Hua, executive president of Hong Kong-listed GCL, said. Bloomberg

4 Oct 2012 - 3:11am

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

Business Digest, September 22, 2012

A logo of the Swiss mining company Xstrata. Photo: Reuters

Lan Kwai Fong to build complex in Wuxi

Lan Kwai Fong Holdings will expand into Wuxi city in Jiangsu province as the mainland's growing middle class demands more entertainment choices. The developer signed a memorandum of understanding with the city's government to jointly build a 140,000 square metre retail and restaurant complex, chairman Allan Zeman said. Bloomberg


22 Sep 2012 - 3:25am

Glencore puts its cards on the table

Glencore says it will not raise its merger offer for Xstrata any higher after sweetening the deal by 9 per cent last Friday. Photo: AFP

Glencore International, the world's largest publicly traded commodities supplier, says its merger offer to swap each share of Xstrata that it does not already own for 3.05 Glencore shares will not be raised further.

11 Sep 2012 - 2:24am

Talking points

Students, teachers and parents gather outside Central Government Offices in Tamar to protest against national education. Photo: David Wong

National education petition goes to school

7 Sep 2012 - 2:27am

Glencore has a week to decide on sweeter offer for miner Xstrata

Glencore's Swiss headquarters.

Ivan Glasenberg, Glencore International's billionaire chief executive, has a week to decide on his biggest bet yet - whether to raise his US$31 billion offer for Xstrata or see his five-year effort to create the fourth-biggest mining company disintegrate.

1 Sep 2012 - 3:05am