GLENCORE’S ATTEMPT AT REINVENTING MINING HAS RUN INTO TROUBLE

The Economist on 1st December carried an article saying that, once a commodities trader that merely bought and shipped stuff others dug out of the ground, in recent years Glencore has gate crashed an august club of global mining companies, such as Rio Tinto and Anglo-American, whose histories stretch back to colonial times.  Its transformation has not been problem-free.  Authorities in the US, Canada and the UK are probing whether its executives, known in the industry for their sharp suits and elbows, deployed even sharper business practices to get ahead.  Investors have started to question the firm’s prospects; and its share price has slumped.  The article says that it began as a private partnership, set up in 1974 as Marc Rich & Co.  Marc Rich gained fame as a consummate trader, and infamy for evading US authorities irked by his sanctions-busting and tax dodging.  He was ousted from the firm in 1993, after which the company was renamed Glencore.

https://www.economist.com/business/2018/12/01/glencores-attempt-at-reinventing-mining-has-run-into-trouble

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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