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Bloomberg

Glasenberg eyes successor as Glencore readies new generation

4th December 2018 Ivan Glasenberg said there will be a generational shift at the top of Glencore over the next few years, suggesting a period of upheaval for the world’s largest commodity trader that’s unprecedented in its short history as a public company. Glasenberg said he’s actively looking for the next CEO... 

Glencore's billionaire copper chief retires under legal pressure

3rd December 2018 Glencore on Monday announced the retirement of-billionaire Aristotelis Mistakidis, its embattled head of copper trading and one of the company’s biggest shareholders. Mistakidis’s departure marks the end of an era. The 56-year-old executive is one of the world’s most powerful commodities traders... 

Congo begins audit of Glencore unit after cobalt exports halted

3rd December 2018 The Democratic Republic of Congo’s (DRC's) government began an audit into how radioactive cobalt produced by a Glencore unit left the country before an alarm was raised. The probe places a further strain on relations between the commodity trader and Congo’s government frayed earlier this year by... 

Why a provincial crisis in western Canada is boosting global oil

3rd December 2018 Global oil giants like the US, Russia and Saudi Arabia that command the attention of traders had some unexpected company on Sunday: a province of less than five-million people in Western Canada. Alberta added to a crude price rally Monday when Premier Rachel Notley announced producers must... 

Gold now has a challenger for the mantle of most-precious metal

3rd December 2018 The scramble for palladium supply has taken the precious metal within striking distance to its costliest cousin – gold. Palladium, used as an autocatalyst in gasoline-fueled vehicles, climbed to a record for a fourth time this month as users of the precious metal compete for limited supply.... 

Paulson rebuffed from stocking Detour's board by ISS

3rd December 2018 Paulson & Co.’s effort to replace most of Detour Gold's board was dealt a blow after a prominent shareholder advisory firm urged investors to side with the company’s plans to appoint just two of the activist’s eight nominees. Institutional Shareholder Services said while Paulson had made a case... 

Almost half of coal power plants seen unprofitable to operate

30th November 2018 The surge in coal prices in the past three years is cutting into the profitability of power stations that burn the fuel, a prominent forecaster said. About 42% of the world’s coal generation capacity is losing money, according to Carbon Tracker, an energy researcher that advocates for climate... 

Germany's miners get shafted as coal power survives on imports

30th November 2018 After following his father and grandfather into the pits of Germany’s Ruhr valley as a teenager, Andreas Schreiter’s family tradition will end when the country’s last hard-coal mine – the 150-year-old Prosper-Haniel site – shuts in December. The 46-year-old – who still has the first lump of... 

Congo State miner blames foreign investors for underdevelopment

29th November 2018 The Democratic Republic of Congo's State mining company blamed international investors and anti-corruption activists for the country’s lack of progress despite its vast mineral wealth. Nongovernmental organisations including the Atlanta-based Carter Center and London-based Global Witness have... 

Glencore draws fresh ire in DRC over cobalt-export suspension

29th November 2018 The Democratic Republic of Congo’s (DRCs) government renewed its criticism of a decision by a Glencore unit to halt cobalt shipments. Glencore-controlled Katanga Mining announced Nov. 6 it suspended sales from its Kamoto mine in southeast DRCafter detecting levels of uranium too high for export... 

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