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Glencore

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Glencore International AG
Company typePrivately held company
IndustryRaw materials
Founded1974
HeadquartersBaar, Switzerland
Key people
Ivan Glasenberg, CEO
RevenueEUR 76,000,000,000 (2006)
−8,114,000,000 United States dollar (2015) Edit this on Wikidata
Total assets128,485,000,000 United States dollar (2015) Edit this on Wikidata
Number of employees
2,000 in marketing, 50,000 in industrial production through subsidiaries (2006)
Websitewww.glencore.com

Glencore International AG (formerly called Marc Rich & Co. AG) is one of the world's largest suppliers of commodities and raw materials, and is also among the world's largest privately held companies. As of 2006, it was Europe's sixth-largest company in terms of turnover.[1] According to the Sunday Times,[2] the company had USD 4,600,000,000 in shareholders' equity at the end of 2004 and is completely owned by its management.

With production facilities around the world, Glencore supplies metals, minerals, crude oil, oil products, coal and agricultural products to international customers in the automotive, power generation, steel production and food processing industries.

Corporate assets

As of 2006, assets fully or partly controlled by Glencore include:[3]

Area Company Product Location Employees % owned by Glencore
North America Evergreen Aluminum Aluminium Washington, USA 10 (plant idle) 100%
Columbia Falls Aluminum Co. Aluminium Montana, USA 145 100%
Windalco Aluminium Jamaica 1,200 93%
Alpart Aluminium Jamaica 1,300 93%
South America Prodeco Coal Santa Marta (port) and Calenturitas (mine), Columbia 256 100%
Carbones de La Jagua (formerly Caribe) Coal La Jagua, Columbia 350 100%
Los Quenuales Zinc, lead Yauliyacu, Peru 1,998 97%
Los Quenuales Zinc, lead Iscaycruz, Peru 1,271 97%
Perubar Zinc, lead Rosaura, Peru 444 85%
Sinchi Wayra Zinc, lead, tin 5 mines, Oruro and Potosi regions, Peru 3,427 100%
Aguilar mine Zinc, lead, sulphuric acid North west of Argentina 1,725 100%
Moreno Sunflower oil and meal Crushing plants: Necochea, Daireaux, Villegas and Grainer; Argentina 575 100%


History and charges of illegal acts

According to an Australian public radio report, "Glencore's history reads like a spy novel".[4] The company was founded as Marc Rich & Co. AG in 1974 by billionaire commodity trader Marc Rich, who was charged with tax evasion and illegal Iran deals in the U.S., but pardoned by President Bill Clinton in 2001. In 1993 and 1994, Rich sold all of his majority share in Marc Rich & Co. AG back to the company.[5] The enterprise, renamed to Glencore, was now owned and run by his former associates, including former Glencore CEO Willy Strothotte and present CEO Ivan Glasenberg.

ABC Radio also reported that Glencore "has been accused of illegal dealings with rogue states: apartheid South Africa, Communist Russia, Iran, and Iraq under Saddam Hussein", and has a "history of busting UN embargoes to profit from corrupt or despotic regimes". [4] Specifically, Glencore was reported to have been named by the CIA to have paid USD 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.[4][2]

Moreover, Swiss public television (TSR) reported in 2006 that allegations of corruption and severe human rights violations were being raised against Glencore on account of the alleged conduct of its Colombian Cerrejón mining subsidiary. Local union president Francisco Ramirez was reported to have accused Cerrejón of forced expropriations and evacuations of entire villages in order to enable mine expansion, in complicity with Colombian authorities. According to TSR, a representative of the local Wayuu indians also accused Colombian paramilitary and military units, including those charged with Cerrejón mining security, of forcibly driving the Wayuu off their land, in what she described as a "massacre".[6]

Association with mining companies

Glencore is also noted for its association with the publicly traded Xstrata mining group, also headquartered in the Canton of Zug, Switzerland. Glencore is reported to serve as a marketing partner for Xstrata.[2][7] As of 2006, Glencore leaders Willy Strothotte and Ivan Glasenberg are on the board of Xstrata, which Strothotte chairs.[8] According to the Sunday Times, Glencore controls 40% of Xstrata stock and has appointed the Xstrata CEO, Mick Davis.[2][9] Similar arrangements are reported to exist with Century in the U.S. and Minara in Australia.[10]

Footnotes

  1. ^ "Six Swiss companies make European Top 100". Swissinfo. October 18, 2006. Retrieved 2006-10-22. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  2. ^ a b c d Peter Koenig (September 25, 2005). "Secretive Swiss trader links City to Iraq oil scam". The Sunday Times. Retrieved 2006-10-22. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  3. ^ Sources: www.glencore.com, Worldwide Operations, accessed October 23, 2006]
  4. ^ a b c Stephen Long (February 11, 2005). "Swiss link undermines Xstrata's bid for WMC". ABC Radio. Retrieved 2006-10-22. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  5. ^ "Glencore Buys Out Founder". New York Times. November 10, 1994. Retrieved 2006-10-22. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  6. ^ Frank Garbely, Mauro Losa (29 June 2006). "Paradis fiscal, enfer social" (in French). Télévision Suisse Romande. Retrieved 2006-10-22. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  7. ^ Alex Schärer (December 13, 2001). "Die Erben des Marc Rich" (in German). WochenZeitung. Retrieved 2006-10-22. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
  8. ^ www.xstrata.com, List of non-executive directors, accessed 22 October 2006
  9. ^ See also www.xstrata.com, Investor disclosure, accessed 22 October 2006
  10. ^ "Glencore ist größtes Privatunternehmen Europas" (in German). Handelsblatt. 16 August 2005. Retrieved 2006-10-22. {{cite news}}: Cite has empty unknown parameter: |coauthors= (help)
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