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- Board of Directors
- Further Reading
- External Links
1974–1994: Formation and sale
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. In 1994, after failing to take control of the zinc market and losing $172 million, Rich was forced to sell his majority share in the company to Glencore International, the commodities trading and industrial company.Glencore's name is an abbreviation of "Global Energy Commodity...
2005: Dealings with "rogue states"
ABC Radio 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". 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 programmefor Iraq. The company denied these charges, according to the CIA report quoted by ABC.
2005–2011: Glencore, Dan Gertler, and the Congo
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. In 2007, Nikanor was merged into Katanga in a transaction valued at US$3.3 billion. In May 2011, the company launched an IPO which valued the business at US$61 billion and created five new billionaires.Trading was limited to institutional investors for the first week and private investors were not allowed to buy shares until 24 May 2011.
In May 2014 the company announced it would close its underground Newlands coal minein 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. In February 2019, Glencore announced it would reduce production at one of its biggest copper and cobalt mines operations in Congo.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. 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 c...
Glencore engages political lobbyists in various jurisdictions where it has interests. In South Australia, the company is represented by Capital Hill Advisory. On 6 March 2019, it was revealed by The Guardian Australia that Glencore, aided by consulting firm CT Group, had engaged 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."The campaign was started in 2017 and ran until 2019, when it was shut down in February, according to Glencore.
As of October 2014: 1. Tony Hayward(Non-executive Chairman) 2. Ivan Glasenberg(CEO) 3. Peter Grauer(Non-executive Director) 4. Peter Coates (Non-executive Director) 5. Leonhard Fischer (Non-executive Director) 6. William Macaulay(Non-executive Director) 7. John Mack(Non-executive Director) 8. Patrice Merrin (Non-executive Director)
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.
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