The combination of Xstrata with Glencore is, in the minds of several analysts, just the beginning of Glencore CEO IvanGlasenberg’s plans, despite the combined $66-billion market capitalised company now being the world's fourth biggest mining company and the world's largest commodities trader. Analysts are asking where the South African will look next. "This is the beginning," Jeffries analyst Chris LaFemina was quoted as saying. Sanford Bernstein’s London analyst Paul Gait spoke of Glasenberg’s post-deal awareness being sharpened for more deals of scale. The combined company already has 100 mines, 130 000 employees and a reported oil division with more ships than the British Navy. Glencore will be the largest exporter of thermal coal and the third-largest producer of mined copper. "There are companies, definitely larger companies, Glencore can continue to look at," Glasenberg was quoted as saying in March. The company’s sprawling network of traders and its on-the-ground knowledge are expected to continue to throw up deals, from logistics buys to oil and mines.