Glencore

Mining Africa - Harmony Godl Mining Company
Harmony Gold Mining Company
September 9, 2020

Glencore

  • Year Founded: 1974
  • Key Founding Individuals: Marc Rich
  • Mined Resources: Gold, copper, coal, aluminium, zinc, lead, nickel and iron ore.
  • Operational Regions: Glencore operates in over 35 countries across the world. The Glencore headquarters are located in Switzerland and the company has satellite offices in the United Kingdom, Netherlands and Jersey

History

Glencore was launched in 1974 as Marc Rich & Co by Marc Rich, a commodity trader and billionaire. The initial focus was on marketing metals, crude oil and minerals. In 1981, a Dutch trading company called Grenaria was acquired by Marc Rich & Co. This acquisition eventually led to the formation of Glencore Agriculture. In 1987, vertically integrated production was started when a Peruvian mine and a US smelter were acquired. In 1990, the company acquired shares in Xstrata. The company name was changed to Glencore in 1993 when management bought out Marc Rich. The name Glencore is an abbreviation of Global Energy Commodity Resources. After acquiring Prodeco Coal in Colombia in 1995, Glencore became a top thermal coal exporter. In 2000, the company began producing copper after acquiring shares in Mopani, Zambia. In 2002, Glencore released an initial IPO through Xstrata and by 2011, the company began trading on the Hong Kong and London stock exchanges.

Company Mission and Vision

Glencore’s mission and vision are to responsibly source commodities necessary to enhance everyday life. This is achieved through strategically growing investor returns while maintaining strong investment ratings and taking responsibility as a leading industry operator. The Glencore values are safety, integrity, responsibility, openness, simplicity and entrepreneurialism.

Staff and Employees

More than 160,000 employees and contractors are employed by Glencore across the globe in countries including Canada, Colombia, Australia, South Africa, Botswana, Ecuador, Peru, Zambia, Brazil, the Democratic Republic of the Congo and Western Sahara. As part of Glencore’s sustainability practices focus is placed on treating employees fairly and upholding their rights.

Directors and Management

The board of directors of Glencore is responsible for strategic direction, financial performance, risk management, acquisitions and disposals, business planning and capital expenditure. As in August 2020, the board comprises of:

  • Anthony Hayward – Non-Executive Chairman
  • Ivan Glasenberg – Chief Executive Officer
  • Peter Coates – Non-Executive Director
  • Leonhard Fischer – Independent Non-Executive Director
  • Martin Gilbert – Senior Independent Non-Executive Director
  • John Mack - Independent Non-Executive Director
  • Patrice Merrin - Independent Non-Executive Director
  • Gill Marcus - Independent Non-Executive Director
  • Kalidas Madhavpeddi - Independent Non-Executive Director

Social Responsibility

Glencore is serious about sustainability and has implemented safety, environment, health and community, and human rights measures as part of its sustainability strategy. The strategy is underpinned by responsible sourcing and supply practices to ensure that only safe and quality products are provided across the entire supply chain. Glencore has clear policies on how to manage and mitigate the risk of catastrophic hazards. The company believes that the global response to climate change is crucial. As one of the largest resource companies in the world, Glencore has a major role to play in global economies transitioning to low carbon output. As such, several policies and regulatory changes have been implemented.

Glencore