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Glencore to lift the lid some more
Edited by : AL CIRCLE
2 min read
The world will get a further insight into the workings of Swiss-based global commodities trader Glencore International when it outlines its business dealings for the first three months of 2011 on Tuesday (4 pm Sydney time, June 14).
It will be the first interim management statement since Glencore went public last month, when it raised close to $US10 billion with an initial share offer that valued the company at just over $US59 billion.
In its IPO prospectus, Glencore revealed it had turnover of $US145 billion for the 2010 calendar year, ranking it second among the big commodities traders. No. 1 is Dutch-based Vitol, which turnoved over $US195 billion in 2010. Trafigura, the other big independent trader – also based in the Netherlands – had turnover of about $US80 billion last year.
Glencore holds a key 34.5 per cent stake in mining giant Xstrata along with stakes in a host of other energy, mining and metal producers, including Century Aluminum in the United States and zinc/leader producer Kazzinc in Kazakhstan.
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Glencore also holds 8.75 per cent of the world’s largest aluminium producer, United Co. Rusal, which in turn holds 25 per cent of Russian nickel and palladium producer Norilsk Nickel. Last December, Glencore’s rival Trafigura agreed to pay about $US3.5 billion for a stake of 8 per cent in Norilsk, and just last week was awarded its first contract to handle Norilsk’s metal sales in Southeast Asia. Glencore has handled up to 38 per cent of Norilsk’s sales in the past.
It will be the first interim management statement since Glencore went public last month, when it raised close to $US10 billion with an initial share offer that valued the company at just over $US59 billion.
In its IPO prospectus, Glencore revealed it had turnover of $US145 billion for the 2010 calendar year, ranking it second among the big commodities traders. No. 1 is Dutch-based Vitol, which turnoved over $US195 billion in 2010. Trafigura, the other big independent trader – also based in the Netherlands – had turnover of about $US80 billion last year.
Glencore holds a key 34.5 per cent stake in mining giant Xstrata along with stakes in a host of other energy, mining and metal producers, including Century Aluminum in the United States and zinc/leader producer Kazzinc in Kazakhstan.
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Glencore also holds 8.75 per cent of the world’s largest aluminium producer, United Co. Rusal, which in turn holds 25 per cent of Russian nickel and palladium producer Norilsk Nickel. Last December, Glencore’s rival Trafigura agreed to pay about $US3.5 billion for a stake of 8 per cent in Norilsk, and just last week was awarded its first contract to handle Norilsk’s metal sales in Southeast Asia. Glencore has handled up to 38 per cent of Norilsk’s sales in the past.
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