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92-924: Lonmin plc , formerly Lonrho plc , was a British producer of platinum group metals operating in the Bushveld Complex of South Africa . It was listed on the London Stock Exchange . Its registered office was in London , and its operational headquarters were in Johannesburg , South Africa. Lonmin rose to international attention following the Marikana miners' strike in August 2012, in which over 100 striking Lonmin employees were shot (36 killed and 78 wounded) by South African Police Service officers. On 10 June 2019, Sibanye-Stillwater completed

184-544: 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

276-522: 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,

368-554: 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

460-578: 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

552-700: 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

644-544: 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

736-690: 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

828-783: 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

920-576: A gold mining business in Ghana . The former Conservative minister Duncan Sandys , a director of Ashanti, became Lonrho's chairman in 1972. Sir Angus Ogilvy , married to a member of the British royal family ( Princess Alexandra ), was a Lonrho director and this increased media interest in the company's affairs. Ogilvy's career ended when Lonrho was involved in a sanctions-busting scandal concerning trade with Rhodesia. Prime Minister, Edward Heath , criticised

1012-473: 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

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1104-413: A native metal, but it can also occur in various different minerals and alloys. That said, Sperrylite (platinum arsenide , PtAs 2 ) ore is by far the most significant source of this metal. A naturally occurring platinum-iridium alloy, platiniridium, is found in the mineral cooperite (platinum sulfide , PtS). Platinum in a native state, often accompanied by small amounts of other platinum metals,

1196-503: 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

1288-591: 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

1380-626: A series of violent incidents which began when leaders from the National Union of Mineworkers (NUM) allegedly opened fire on striking NUM members on 11 August. The Marikana Massacre , as referred to in the media, occurred when police broke up an occupation by striking Lonmin workers of a 'koppie' (hilltop) near Nkaneng shack settlement in Marikana on Thursday 16 August 2012. As a result of the police shootings, 34 miners died and an additional 78 miners were injured causing anger and outcry against

1472-542: 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

1564-554: 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),

1656-471: Is being exposed to halogenated Pt salts, which can cause allergic reactions in high rates of asthma and dermatitis. This is a hazard that can sometimes be seen in the production of industrial catalysts, causing workers to have reactions. Workers removed immediately from further contact with Pt salts showed no evidence of long-term effects, however continued exposure could lead to health effects. Platinum use in drugs also may need to be reevaluated, as some of

1748-534: Is complex, because it occurs in ores mixed with other metals such as palladium, silver , platinum, and gold . It is found in platinum ores and obtained free as a white inert metal which is very difficult to fuse. Principal sources of this element are located in South Africa, Zimbabwe, in the river sands of the Ural Mountains , North and South America, and also in the copper-nickel sulfide mining area of

1840-515: Is considerable concern for how the accumulation of Pt metal emissions will impact the environment as well as human health. This is a threat that will need more research to determine the safe levels of risk, as well as ways to mitigate potential hazards from platinum group metals. Glencore Glencore plc is a Swiss multinational commodity trading and mining company with headquarters in Baar , Switzerland. Glencore's oil and gas head office

1932-500: Is contaminated by these hazardous Pt metals emitted from VECs. This can potentiality harm other species, including humans if we eat these hazardous animals, such as fish. Platinum metals extracted during the mining and smelting process can also cause significant environmental impacts. In Zimbabwe, a study showed that platinum group mining caused significant environmental risks, such as pollution in water sources, acidic water drainage, and environmental degradation . Another hazard of Pt

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2024-536: Is found in alluvial and placer deposits in Colombia , Ontario , the Ural Mountains , and in certain western American states. Platinum is also produced commercially as a by-product of nickel ore processing. The huge quantities of nickel ore processed makes up for the fact that platinum makes up only two parts per million of the ore. South Africa , with vast platinum ore deposits in the Merensky Reef of

2116-469: 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, the company was already one of

2208-497: 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

2300-588: Is recovered commercially as a by-product from nickel mining and processing. Ruthenium is generally found in ores with the other platinum group metals in the Ural Mountains and in North and South America . Small but commercially important quantities are also found in pentlandite extracted from Sudbury, Ontario , and in pyroxenite deposits in South Africa . The industrial extraction of rhodium

2392-545: Is seen by many as therefore being responsible for the massacre. Submissions by the South African Police Service accused Lonmin of being responsible for the violence because of their failure to negotiate with striking miners. In late January 2014 thousands of employees belonging to Lonmin went on strike, demanding a basic salary of R12,500 ($ 1,180). This amount excludes so-called "living out allowances", for staff who choose not to stay in mine housing on

2484-422: 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

2576-466: 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

2668-663: Is used, the chloride complexes are produced. Depending on the details of the process, which are often trade secrets, the individual PGMs are obtained as the following compounds: the poorly soluble (NH 4 ) 2 IrCl 6 and (NH 4 ) 2 PtCl 6 , PdCl 2 (NH 3 ) 2 , the volatile OsO 4 and RuO 4 , and [RhCl(NH 3 ) 5 ]Cl 2 . Significant quantities of the three light platinum group metals—ruthenium, rhodium and palladium—are formed as fission products in nuclear reactors. With escalating prices and increasing global demand, reactor-produced noble metals are emerging as an alternative source. Various reports are available on

2760-503: The 2007–2008 financial crisis . Xstrata and its 24.9% stake in Lonmin was later acquired by Glencore on 2 May 2013. Glencore announced on 11 February 2015 that it intends to divest its 23.9% stake in Lonmin, which it inherited through the acquisition of Xstrata. Glencore's divestment in Lonmin will be implemented by way of a distribution in specie to Glencore shareholders. Farmer resigned as CEO in 2012 for health reasons. In 2019, Lonmin

2852-494: The Bushveld Igneous Complex because of this. Further research is needed to determine the environmental impacts. Classical purification methods exploit differences in chemical reactivity and solubility of several compounds of the metals under extraction. These approaches have yielded to new technologies that utilize solvent extraction . Separation begins with dissolution of the sample. If aqua regia

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2944-582: The Bushveld complex , is the world's largest producer of platinum, followed by Russia . Platinum and palladium are also mined commercially from the Stillwater igneous complex in Montana, USA. Leaders of primary platinum production are South Africa and Russia, followed by Canada, Zimbabwe and USA. Osmiridium is a naturally occurring alloy of iridium and osmium found in platinum-bearing river sands in

3036-678: 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

3128-448: 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

3220-604: The Guardian Media Group bought the Observer in 1993. Tiny Rowland was finally ejected from Lonrho in October 1993 after a boardroom tussle with director Dieter Bock. He was replaced by Nick Morrell, a former chief executive of The Observer . Two months before Rowland's death (on 26 July 1998) the assets of Lonrho were split. Two publicly listed companies, Lonrho plc and Lonrho Africa plc were created –

3312-889: 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

3404-552: The Sudbury Basin region. Although the quantity at Sudbury is very small, the large amount of nickel ore processed makes rhodium recovery cost effective. However, the annual world production in 2003 of this element is only 7 or 8 tons and there are very few rhodium minerals. Palladium is preferentially hosted in sulphide minerals, primarily in pyrrhotite . Palladium is found as a free metal and alloyed with platinum and gold with platinum group metals in placer deposits of

3496-630: The Ural Mountains and in North and South America . Trace amounts of osmium also exist in nickel-bearing ores found in the Sudbury , Ontario , region along with other platinum group metals. Even though the quantity of platinum metals found in these ores is small, the large volume of nickel ores processed makes commercial recovery possible. Metallic iridium is found with platinum and other platinum group metals in alluvial deposits. Naturally occurring iridium alloys include osmiridium and iridosmine , both of which are mixtures of iridium and osmium. It

3588-417: The Ural Mountains of Eurasia , Australia , Ethiopia , South and North America . However it is commercially produced from nickel- copper deposits found in South Africa and Ontario, Canada . The huge volume of nickel-copper ore processed makes this extraction profitable in spite of its low concentration in these ores. The production of individual platinum group metals normally starts from residues of

3680-552: 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,

3772-600: The Italian humanist Julius Caesar Scaliger (1484–1558) as a description of a mysterious metal found in Central American mines between Darién (Panama) and Mexico ("up until now impossible to melt by any of the Spanish arts"). The name platinum is derived from the Spanish word platina ("little silver"), the name given to the metal by Spanish settlers in Colombia . They regarded platinum as an unwanted impurity in

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3864-538: 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

3956-651: 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

4048-534: 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

4140-627: 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

4232-544: 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

4324-594: 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

4416-469: The accumulation of platinum group metals in the environment may actually pose more of a risk than previously thought. Future research is needed to fully grasp the threat of platinum metals, especially since as more internal combustion cars are driven, the more platinum metal emissions there are. The bioaccumulation of Pt metals in animals can pose a significant health risk to both humans and biodiversity. Species will tend to get more toxic if their food source

4508-564: The acquisition of Lonmin plc. The company was incorporated in the United Kingdom on 13 May 1909 as the Lon don and Rho desian Mining and Land Company Limited. It had a founding capital of £1300, which was raised by seven shareholders. Led by Julius Weil, the company started to invest in mining rights in Rhodesia. In 1912 Lonrho started to invest in farming land as well and by 1945 it had become Rhodesia's biggest company. Businessman Tiny Rowland

4600-428: 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

4692-526: 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

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4784-424: 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

4876-643: 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

4968-548: 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

5060-410: 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

5152-507: The company, describing it in the House of Commons in 1973 as "an unpleasant and unacceptable face of capitalism." By 1979, Lonrho employed 140,000 people worldwide. During the 1980s, Lonrho entered the British newspaper market, buying the Sunday newspaper The Observer in 1981 and the newly launched daily Today in 1986. Today was sold to News International the following year, while

5244-417: The exhaust system of vehicles to reduce harmful emissions, such as carbon monoxide (CO), by converting them into less harmful emissions. Generally, ultramafic and mafic igneous rocks have relatively high, and granites low, PGE trace content. Geochemically anomalous traces occur predominantly in chromian spinels and sulfides. Mafic and ultramafic igneous rocks host practically all primary PGM ore of

5336-520: The former retaining all the non-African businesses and mining assets. In 1999, Lonrho plc was renamed as Lonmin plc and a new era as a focused mining company began. In 2000 Gordon Haslem became CEO. In 2004 Brad Mills became CEO: Mills in turn announced his intention to resign from his position in 2008. Mills leaves behind a "significant contribution in developing the company over the past four years" according to chairperson, Sir John Craven , as his introduction of mechanized mining has increased safety for

5428-425: The future. For example, metallic Pt are considered to not be chemically reactive and non-allergenic, so when Pt is emitted from VECs it is in metallic and oxide forms it is considered relatively safe. However, Pt can solubilise in road dust, enter water sources, the ground, and increase dose rates in animals through bioaccumulation . These impacts from platinum groups were previously not considered, however over time

5520-513: 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

5612-478: 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

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5704-426: 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

5796-410: The lanthanide element gadolinium (at temperatures below 20 °C), are the only known transition metals that display ferromagnetism near room temperature. Naturally occurring platinum and platinum-rich alloys were known by pre-Columbian Americans for many years. However, even though the metal was used by pre-Columbian peoples, the first European reference to platinum appears in 1557 in the writings of

5888-554: 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

5980-527: 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,

6072-621: The mine property. This is the same salary for which striking miners were shot and killed by the South African Police Service (SAPS) in 2012. Most of the miners belonged to the miners' union 'AMCU' which South African politician and Commander in Chief of the Economic Freedom Fighters had vowed to sponsor in order to allow the miners to continue striking. The platinum miners were mainly based in Marikana,

6164-428: The miners, as well as increasing productivity. Lonmin indicated that former chief strategic officer responsible for the company's business development, Ian Farmer, would replace him. On 1 October 2008, after building a 24.9% stake in Lonmin, Xstrata announced it was not proceeding with a takeover pitched at £33 per Lonmin share, blaming the failure of its bid on "unprecedented uncertainty in financial markets" caused by

6256-487: 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,

6348-522: 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

6440-631: The police and South African government. Further controversy emerged after it was discovered that most of the victims were shot in the back and many victims were shot far from police lines. The violence on 16 August 2012 was the single most lethal use of force by South African security forces against civilians since the end of the apartheid era . During the Marikana Commission, it also emerged that Lonmin management solicited Lonmin shareholder and ANC heavyweight, Cyril Ramaphosa , to coordinate "concomitant action" against "criminal" protesters and

6532-438: The possibility of recovering fission noble metals from spent nuclear fuel . It was previously thought that platinum group metals had very few negative attributes in comparison to their distinctive properties and their ability to successfully reduce harmful emission from automobile exhausts. However, even with all the positives of platinum metal use, the negative effects of their use need to be considered in how it might impact

6624-421: The production of other metals with a mixture of several of those metals. Purification typically starts with the anode residues of gold, copper, or nickel production. This results in a very energy intensive extraction process, which leads to environmental consequences. Carbon dioxide emissions are expected to rise as a result of increased demand for platinum metals and there is likely to be expanded mining activity in

6716-401: The same mineral deposits. However, they can be further subdivided into the iridium-group platinum-group elements (IPGEs: Os, Ir, Ru) and the palladium-group platinum-group elements (PPGEs: Rh, Pt, Pd) based on their behaviour in geological systems. The three elements above the platinum group in the periodic table ( iron , nickel and cobalt ) are all ferromagnetic ; these, together with

6808-511: The side effects to these drugs include nausea, hearing loss, and nephrotoxicity. Handling of these drugs by professionals, such as nurses, have also resulted in some side effects including chromosome aberrations and hair loss. Therefore, the long term effects of platinum drug use and exposure need to be evaluated and considered to determine if they are safe to use in medical care. While exposure of relatively low volumes of platinum group metal emissions may not have any long-term health effects, there

6900-819: The silver they were mining. By 1815, rhodium and palladium had been discovered by William Hyde Wollaston , and iridium and osmium by his close friend and collaborator Smithson Tennant . The platinum metals have many useful catalytic properties. They are highly resistant to wear and tarnish, making platinum, in particular, well suited for fine jewellery . Other distinctive properties include resistance to chemical attack, excellent high-temperature characteristics, high mechanical strength, good ductility, and stable electrical properties. Apart from their application in jewellery, platinum metals are also used in anticancer drugs, industries, dentistry, electronics, and vehicle exhaust catalysts (VECs). VECs contain solid platinum (Pt), palladium (Pd), and rhodium (Rh) and are installed in

6992-443: 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

7084-591: 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

7176-415: 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

7268-576: The third year. The agreement also ensured no platinum worker would earn less than R8,000 as a basic salary. In October 2017, Mining Forum of South Africa (MFSA) and Bapo ba Mogale Investments (BBMI) have pleaded President Jacob Zuma to suspend Lonmin's operating licence over non-compliance with its social and labour plan (SLP) for the years 2014 to 2018. Platinum group The six platinum-group metals are ruthenium , rhodium , palladium , osmium , iridium , and platinum . They have similar physical and chemical properties, and tend to occur together in

7360-426: The town in which Julius Malema jump-started his political party and gained popularity with most of the miners. The strike, the longest in the history of South Africa, ended in late June 2014 when the mineworkers union signed a 3-year settlement deal with the mine owners which saw the lowest paid workers, whose basic salary was less than R12,500, increased by R1,000 ($ 95) a month for two years, and by R950 per month in

7452-439: 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

7544-466: 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

7636-487: 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

7728-685: 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,

7820-485: The world. Mafic layered intrusions , including the Bushveld Complex , outweigh by far all other geological settings of platinum deposits. Other economically significant PGE deposits include mafic intrusions related to flood basalts , and ultramafic complexes of the Alaska, Urals type. Typical ores for PGMs contain ca. 10 g PGM/ton ore, thus the identity of the particular mineral is unknown. Platinum can occur as

7912-452: Was acquired by Sibanye-Stillwater . The Company was a producer of platinum group metals operating mainly in the Bushveld Complex in South Africa. It had two multi-shaft mining operations, located respectively in: At the Marikana platinum mines, operated by Lonmin at Marikana near Rustenburg , 3,000 workers walked off the job on 10 August 2012 after Lonmin failed to meet with workers. The event garnered international attention following

8004-604: 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

8096-508: 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

8188-668: 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

8280-552: Was recruited as chief executive in 1962. For many years during the second half of the twentieth century it was frequently in the news, not only due to the politically sensitive part of the world in which it had mining businesses, but also – as it strove to become a conglomerate not wholly dependent on these businesses – in a number of takeover battles, most notably for the Harrods of Knightsbridge department store. In 1968, Lonrho acquired Ashanti Goldfields Corporation ,

8372-717: 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

8464-429: 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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