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74-562: The company makes up about 10% of the world's agricultural product trade flows, and is the world's largest cotton and rice trader. It is also regarded by many as the second-largest player in the world's sugar market. LDC Metals expanded to become the world's third biggest trader of copper, zinc and lead concentrate, behind only Glencore and Trafigura . Louis Dreyfus Company has its head office in Rotterdam , Netherlands . The company's parent, Louis Dreyfus Holding B.V., has its headquarters at

148-544: 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 programme for Iraq . The company denied these charges, according to the CIA report quoted by ABC. In 2005, proceeds from an oil sale to Glencore were seized as fraudulent gains as part of an investigation into corruption in

222-522: A 40% reduction in carbon footprint by 2035 compared to its 2019 levels, making them on track with the Paris agreement on climate change. 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 was growing rapidly during the 2022 global energy crisis . The use of coal, even in Europe,

296-554: A Congolese-registered company holding 80% of the Mutanda Mine . 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. Glencore has been designated operator of the Mutanda Mine. Glencore has responded

370-578: A June 2018 "debt-for-equity swap", 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. Later in June 2018, Glencore also announced that it had resumed paying royalties to Gertler's Ventora Development in unpaid and future royalties from

444-700: 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." 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). The emissions were reported to exceed

518-464: A binding agreement to fully acquire the Brazilian instant coffee exporter, Cacique for an undisclosed amount. Léopold Louis-Dreyfus's great-grandson, Gérard Louis-Dreyfus , was chairman of Louis Dreyfus Energy Services , a subsidiary of the group involved in crude-oil trading , gas investments and infrastructure. Gérard is also the father of American actress Julia Louis-Dreyfus . Another branch of

592-544: 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. A draft Grant Thornton report alleged that tax avoidance by Glencore in Zambia cost

666-690: 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. 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

740-550: A focus on economic issues and human rights. It also urges politicians and the Swiss government to aim fairer relations with poorer countries and calls on business enterprises to assume their social and ecological responsibilities worldwide and to respect human rights. EvB raises the level of awareness of the population with respect to conscious and sustainable consumption, and networks at home and abroad with other non-governmental organizations and grassroots movements. From 2000 to 2015,

814-783: A gold and copper miner operating in Quebec . "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. 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

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888-473: 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

962-575: 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. It was listed on the London Stock Exchange in May 2011 and was a constituent of the FTSE 100 Index . It had a secondary listing on

1036-591: A number of times to Global Witness regarding these allegations. 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. During the FT Commodities Global Summit in Lausanne, Switzerland, CEO Glasenberg stated "if cobalt falls into

1110-685: 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 . By some estimates, it is the world's largest commodity trader, and among the world's largest companies. The company was formed in 1994 by a management buyout of Marc Rich + Co AG (itself founded in 1974). The company merged with Xstrata in 2013, increasing its size substantially. Before that,

1184-542: Is a joint venture between Yamana Gold , Glencore and Newmont in the Catamarca province of Argentina. Proven and probable mineral reserves - 5.4 million tons of copper and 7.4 million ounces of gold . In 2023, Glencore acquired a 56.25% interest in the MARA project from Pan American Silver . The company paid $ 475 million plus a royalty of 0.75% of the net smelter return (NSR). Once commissioned, MARA will be one of

1258-554: 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) in the US; Glencore partial subsidiary Minara Resources Ltd (AU:MRE), a 70.5% stake in one of Australia's top three nickel producers and 8.8% in United Company Rusal (HK:486),

1332-497: 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 forecasted that Glencore's dividends could exceed $ 10 billion in total in 2022. In November 2023, Glencore acquired

1406-753: Is one of the financially richest nations in the world. There are also legally binding regulations to be established, on a national and international level – which compel also business enterprises based in Switzerland to adopt a just, sustainable and social code of conduct, and which render a company's observance of its responsibilities verifiable. According to the EvB's aims, enterprises based in Switzerland assume their corporate social responsibility. Multicorporate enterprises are committed to respecting human rights, labour laws and conventions, as well as socio-ethical, ecological, and peace-keeping norms of conduct, by supporting

1480-422: Is termed "Blood Coal". Pax released a report and included the testimony of victims and the paramilitary that attacked the indigenous population. 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

1554-466: Is the biggest mining takeover ever, and after approval would create an entity with 2012 sales of US$ 209 billion. 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. In October 2012, BBC News reported that Glencore had more ships than

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1628-529: Is to improve the living conditions of the so-called underprivileged populations in other countries, so the EvB declared long-term aims. According to the aims, Switzerland has to formulate its policies in such a way that the Swiss economy does not prosper at the cost of other countries and their populations, by using its membership in international and multilateral organizations Switzerland. Therefore, also campaigns for fair relations between industrialized and so-called developing countries are to organize, as Switzerland

1702-642: The Public Eye Awards event has been held by EvB and Greenpeace Switzerland in Davos as a counter-event to the annual meeting of the World Economic Forum (WEF), and to spotlight irresponsible business practices. Public Eye was intended as a counter-public view to the closed elitist circle of the WEF. Since 2005 Public Eye has awarded prizes for shameful conduct in order to draw attention to

1776-678: 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

1850-448: 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 2011, five non-government organisations filed

1924-889: The Hong Kong Stock Exchange , but had withdrawn from January 2018. Glencore's shares started trading on the Johannesburg Stock Exchange in November 2013. The Qatar Investment Authority was its biggest shareholder as of 2016. In March 2022, Qatar's Sovereign Wealth Fund announced it would sell a stake worth £ 812 million ( US$ 1.1 billion) in Glencore Plc. The company has been embroiled in numerous controversies and investigations related to environmental damage and corrupt practices. The company has pleaded guilty to multiple instances of bribery and corrupt practices as part of investigations in

1998-613: The World Trade Center in Amsterdam . Louis Dreyfus companies are present in more than 100 countries, with 72 offices. Major offices are located in Geneva , London , Beijing , Buenos Aires , Paris , São Paulo , Singapore , New York City and Connecticut . Aggregate average annual gross sales in recent years have exceeded US$ 120 billion. The company employs more than 22,000 people globally at peak season. In 1851,

2072-552: 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. Just before completing its forced April 2013 takeover of mining rival Xstrata as it awaited Chinese regulatory approval for its long-planned merger,

2146-591: 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

2220-651: The Russian aluminium giant that went public in 2010. 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. 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

2294-534: The United States and the United Kingdom. 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

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2368-627: The WHO-recommendations by a factor of 70 up to 2013. The emissions now exceed the recommendations by 3% of 70 = 210%. 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

2442-544: The Wayuu off their land in what she described as a "massacre". 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

2516-594: The Zambian Government hundreds of millions of dollars in lost revenue. 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. Glencore and its own auditor, Deloitte , rejected these allegations. As of 2013, Glencore's payments to Zambia's government had increased. Due to weak global prices for

2590-428: 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

2664-526: 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. Concerns cited by financial analysts to explain the falling stock price included a weak global commodity market and Glencore's high level of debt $ 30 billion. The company reduced its debt by selling off stock and assets. Along with several other major coal producers, Glencore

2738-407: The case is still ongoing: "[A]s of December 31, 2018, Bunge's Argentine subsidiary had received income tax assessments relating to 2006 through 2009 of approximately 1,276 million Argentine pesos (approximately $ 34 million), plus applicable interest on the outstanding amount of approximately 4,246 million Argentine pesos (approximately $ 113 million)." Glencore Glencore plc

2812-424: 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 . Glencore was also accused of acquiring illicit " conflict minerals " In a detailed letter sent to Global Witness, the company denied any wrongdoing. Glencore acquired stakes in

2886-643: 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. 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

2960-548: The company began talks with the Congolese government. In August, CEO Glasberg announced that Glencore was considering legal action. 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

3034-410: The company to Glencore International, the commodities trading and industrial company. Glencore's name is an abbreviation of " Gl obal En ergy Co mmodity Re sources". 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

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3108-437: 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. Glencore has

3182-710: The company was founded in the Alsace region of France by Léopold Dreyfus , the 18-year-old Alsatian Ashkenazi Jewish son of a farmer from Sierentz , under the name of his father, Louis Dreyfus. Léopold purchased wheat from local farmers in Alsace and transported it to Basel in Switzerland , 13 kilometres (8 mi) away. Léopold developed a fortune whilst still a teenager through cross border cereal trading. He rapidly diversified across shipping, weapons manufacturing , agriculture, oil and banking, thus establishing one of

3256-893: The dark side of the globalization championed by the WEF, and NGO 's from over 50 countries have already nominated corporations for the Public Eye Awards. Following the announcement of the Lifetime Award winner on 23 January 2015, a closing conference was held in Davos, with the participation of the Yes Men , Sven Giegold , the Association for the Taxation of Financial Transactions and for Citizens' Action Attac co-founder and European Parliamentarian , and Adrian Monck as Managing Director and Head of Public Engagement of

3330-581: The dynasty, based in Paris, was headed by Robert Louis-Dreyfus (who was also the CEO of Adidas ) until his death in 2009. It is currently overseen by his widow, Russian-born Margarita Bogdanova Louis-Dreyfus . A third branch of the family's business is headed by Philippe Louis-Dreyfus (b. 1945) and is concerned primarily with offshore industrial activities and freight shipping operations. A case of transfer mispricing came to light in 2011 in Argentina involving

3404-582: The entire value creation chain. The Swiss population has to be informed about the conduct of the Swiss business enterprises, and the Swiss policies with respect to developing countries, and therefore to enable the Swiss people to decide and act in a responsible fashion. EvB aims also to increase the awareness of the population with respect to their purchasing decisions, thus creating consumer attitudes which promote equitable economic relations with partner countries. To achieve these aims, EvB carries out research and gathers information on issues of global justice, with

3478-529: The general assembly on 23 May 2016, the members decided to change their organisation's name to Public Eye . EvB announced that the NGO's new name is forward-looking , and is already well established thanks to the former counter-summit of the same name that they organised to protest against the Davos World Economic Forum for 15 years. It is believed that Public Eye is more representative of

3552-464: The global energy transformation, such as nickel , copper and cobalt. 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. Glencore said it planned to reach net-zero carbon emissions by 2050 aiming at

3626-478: 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. The DRC supplies 60% of the world's cobalt ore, while China produces more than 80% of

3700-426: The inception of a long-term battery supply contract with Tesla Motors in mid-2020. 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. In 2013 and 2014, a subsidiary of Glencore Xstrata was awarded two offshore drilling licences off the coast of Western Sahara . According to

3774-474: The manifesto was presented to the Swiss Federal Council. In 1971, the movement was constituted into an association. Funded by donations the organization grew to 18,000 members by the late 1970s. At the annual general assembly in 2012, the regional branches were amalgamated into one overall national organization. As of 2016, the NGO is supported by over 25,000 members. As a representative of

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3848-554: 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. In 2022, Glencore acquired Newmont 's 18.75% interest in the MARA project, which increased Glencore's interest to 43.75%. Glencore will pay $ 124.9 million at closing and $ 30 million in installments upon commercial production at an annual interest rate of 6% (not to exceed $ 50 million). MARA

3922-527: 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. In July 2018, the DRC enforced a new mining code, which forced Glencore to pay higher taxes. In response,

3996-487: 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. 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." Glencore acquired a 50% share in SAMREF Congo SPRL in 2007,

4070-522: The past, even after his indictment in 1983. 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 . He received a controversial presidential pardon from U.S. President Bill Clinton on 20 January 2001, Clinton's last day in office . In 2024, it was reported that the Chilean tax authorities were initiating

4144-461: The process of recouping more than $ 1.5 billion in unpaid taxes from Glencore. Public Eye (organization) Public Eye is a sustainability -oriented, politically and religiously independent solidarity development non-governmental organisation based in Switzerland. Public Eye notably encourages Swiss politics and business to respect human rights and the environment in poor countries. Erklärung von Bern, literally Berne Declaration ,

4218-668: The recorded profits earned in the country. According to the country's revenue and customs service, the outstanding taxes amounted to almost US$ 1 billion. The companies involved have denied the allegations. To date, the Argentinian tax authorities have not replied to the Swiss NGO Public Eye 's request regarding the current state of the case. In its 2018 annual report to the US Securities and Exchange Commission (SEC), Bunge mentioned provisions which suggest that

4292-443: 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 climate goals. 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

4366-571: The so-called dependency theory , the founder involved especially for the elimination of the dependency of the so-called developing countries by the developed countries and for a sustainable development cooperation . EvB also participated in the 1970s in the drafting of the Federal Law on Development Cooperation, and in 1992 related to the referendum against Switzerland's accession to the International Monetary Fund . At

4440-591: The steelmaking coal business of Teck Resources for $ 9 billion. At the same time, Glencore announced its intention to spin off its coal assets by 2025 into a separate entity that will be listed on the New York Stock Exchange with secondary listings on the Toronto and Johannesburg exchanges. In 2006, Swiss public television ( TSR ) reported that allegations of corruption and severe human rights violations were being raised against Glencore due to

4514-415: 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

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4588-439: The values, aims and methods of the organisation , and focuses on the issue of "business and human rights" . The name change was implemented in mid-September 2016. In general, EvD demands in magazines and information campaigns, the creation of fair trade conditions, but also addressed nutrition awareness and health issues, among other things, the use of pesticides, biotechnology and genetic engineering and drug policy. The focus

4662-606: The wealthiest dynasties in Europe. His descendants still own the company to this day. By the early 20th century, the Louis-Dreyfus family was described as one of the "top five biggest fortunes of France". The family being Jewish , during the Second World War much of the family assets were confiscated by the Vichy government and some members of the family fled to America. In 1941 a temporary non-Jewish administrator

4736-604: The world's four largest grain traders, ADM , Bunge , Cargill and LDC. Argentina's revenue and customs service began an investigation into the four companies when prices for agricultural commodities spiked in 2008 and yet very little profit for the four companies had been reported to the office. As a result of the investigation, it was alleged that the companies had submitted false declarations of sales and routed profits through tax havens or through their headquarters. In some cases, they were said to have used phantom firms to buy grain and had inflated costs in Argentina in order to reduce

4810-439: 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%. On 2 May 2013, it completed the merger with Xstrata. On 20 May 2014, Glencore Xstrata changed its name to Glencore plc. After

4884-487: The world's refined cobalt. 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. In

4958-685: The world's top 25 copper producers, with a capacity of 200,000 tonnes per annum for the first 10 years. 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. GlencoreXstrata operates a gold mine in Nunavut and nickel mines in Nunavik . In October 2020, Glencore provided $ 10 million in bridge financing to Falco Resources,

5032-411: Was appointed to run the Louis Dreyfus Corn Dealers company. On 11 May 2018, Louis Dreyfus Company sold its metals platform (LDC Metals, or LDCM) to NCCL Natural Resources Investment Fund. The final price of the transaction was US$ 466 million. In December 2023, Louis Dreyfus Company made a takeover bid to acquire Australian cotton processor Namoi Cotton. In March 2024, it was announced LDC had signed

5106-480: 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." In May 2011, United Arab Emirates state-owned Aabar Investments confirmed an investment of $ 850 million in Glencore International plc as

5180-472: Was founded in 1968 by the merger of signatories to a manifesto on “Switzerland and the Developing Countries“ by a group of theologians, which objected to the growing differences in prosperity between the so-called first world and the third world . One thousand people signed the consequently called Erklärung von Bern , meaning declaration of Bern, and among other things declared to contribute 3% of their income towards development cooperation. On 6 January 1969

5254-450: Was impossible to remedy any way faster' Glencore said the pollution started long before the company took over the refinery and that it has now ended. 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

5328-668: 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

5402-717: Was the largest new shareholder in Glencore. Prior to its merger with Xstrata , Glencore is reported to have served as a marketing partner for the company. 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 . 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

5476-429: Was the motive for the massacre. Glencore disputed the court's ruling. 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". Glencore/Xstrata's activities in Colombia under their subsidiary, Prodeco,

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