Glencore

Corporate brand

A Swiss-headquartered multinational commodity trading and mining group active across metals, minerals, energy and agricultural products.

Last updated November 4, 2026

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Overview

Glencore plc is an Anglo-Swiss multinational company whose businesses combine commodity production, processing, marketing, logistics and trading. Headquartered in Baar, Switzerland, with its registered office in Saint Helier, Jersey, and major oil and gas activities headquartered in London, the group operates across mining, metals and minerals, energy products and agricultural commodities. Its customers include companies in automotive manufacturing, steelmaking, power generation, petroleum refining, food processing and other industrial sectors. The business traces its origins to Marc Rich & Co. AG, established in 1974 by commodity traders Marc Rich and Pincus Green. The predecessor company developed a trading model that linked international commodity markets with physical assets, transport and processing capacity. In 1994, following financial difficulties and a change in control, the business was acquired through a management buyout and became Glencore International. The name is generally explained as a contraction of Global Energy Commodity Resources. Before becoming publicly traded, Glencore built a substantial private network of mines, smelters, refineries, farms, storage facilities, ports and trading operations. Its commercial reach expanded through investments and partnerships in copper, zinc, nickel, cobalt, aluminium, coal, oil, oil products, natural gas, grains and related commodities. The company’s integrated structure allows it to market production from assets in which it has ownership interests while also buying and selling material produced by third parties. A decisive turning point came with the 2013 merger with Xstrata, a major mining company with which Glencore had long-standing commercial and governance connections. The transaction significantly increased Glencore’s production base and geographic footprint, particularly in copper, coal, zinc, nickel and other mined commodities. The combined company adopted the Glencore plc name in 2014. Glencore floated on the London Stock Exchange in 2011 in one of the largest initial public offerings associated with a commodity company. It also obtained a secondary Hong Kong listing, later withdrawn, and began trading in Johannesburg after the Xstrata combination. Its primary listing remains in London, where it is a constituent of the FTSE 100 index. The company has repeatedly attracted scrutiny because of the scale and opacity traditionally associated with physical commodity trading, its dealings in countries with weak governance, environmental and labour concerns, tax disputes, and allegations involving corruption. Glencore has denied or contested a number of allegations, while investigations by United States, British and Brazilian authorities resulted in significant legal consequences and compliance reforms. Its activities in the Democratic Republic of the Congo, Zambia, Colombia and other producing regions have been a recurring focus of civil-society and regulatory attention. Climate strategy is another central issue. Glencore has remained a major coal producer and trader while arguing that an orderly reduction in coal production is preferable to simply selling mines to owners that may not observe comparable climate standards. At the same time, it has emphasized copper, cobalt, nickel and other materials used in electrification and energy-transition technologies. The group has stated an ambition to achieve net-zero total emissions by 2050 and has announced interim emissions-reduction objectives, although climate campaigners and some shareholders have challenged the adequacy and credibility of its plans. Glencore remains an active, diversified global commodities group. Its current identity is defined by the combination of industrial assets and a large marketing platform, exposure to both energy and transition metals, and a business model designed to earn returns from production, processing, transportation and market volatility.

History

Glencore’s history begins in 1974, when Marc Rich and Pincus Green established Marc Rich & Co. AG. The company specialized in international commodity trading at a time when oil, metals, minerals and agricultural products were increasingly being moved through complex cross-border supply chains. Its model relied on market knowledge, financing, shipping and long-term commercial relationships as well as ownership or control of physical infrastructure. The company’s predecessor became controversial because of its willingness to trade with politically difficult jurisdictions and governments. Allegations concerning dealings with apartheid-era South Africa, the Soviet Union, Iran and Saddam Hussein’s Iraq became part of the public record. In relation to the United Nations Oil-for-Food Programme, investigators alleged that illicit payments had been made to obtain Iraqi oil; the company rejected the allegations. In the early 1990s, a group of employees led by Claude Dauphin left to establish Trafigura. Marc Rich & Co. also experienced financial problems, including losses connected with an unsuccessful attempt to influence the zinc market. In 1994, Rich sold his controlling interest in the business to a management group. The resulting company became Glencore International, with the new name reflecting its global energy and commodity focus. During the following years, Glencore expanded from trading into a broad portfolio of mines, smelters, refineries, warehouses, farms and logistics assets. It acquired or developed interests in copper and cobalt in the Democratic Republic of the Congo, zinc and lead operations, coal mines, nickel assets, aluminium-related businesses and energy infrastructure. Its strategy was to combine production with marketing, allowing the group to participate in both physical supply and international price formation. Glencore’s dealings in the Congo generated sustained scrutiny. A 2005 investigation involved proceeds from an oil transaction that authorities regarded as fraudulent gains. The company also became associated with Dan Gertler through mining interests in the country. Its Congolese assets, including Katanga Mining and the Mutanda mine, became important sources of copper and cobalt but were accompanied by disputes over governance, ownership, payments and human rights. The group’s 2011 public offering ended a period in which it had operated largely outside public markets. The London and Hong Kong flotation raised substantial capital and disclosed the scale of Glencore’s trading and industrial operations. Glencore later withdrew its Hong Kong secondary listing and added a Johannesburg listing in connection with the Xstrata transaction. Glencore had long been a major marketing partner and shareholder of Xstrata. In 2012, the two companies agreed to merge in an all-share transaction. The deal initially faced opposition to executive retention arrangements and required regulatory approval, including from China. It was completed on 2 May 2013. The enlarged group combined Glencore’s trading platform with Xstrata’s large mining portfolio, and changed its name from Glencore Xstrata to Glencore plc in 2014. The post-merger period included portfolio restructuring and investment in energy, metals and agricultural commodities. Glencore closed or curtailed some higher-cost coal operations, bought Chevron’s Southern African downstream fuel interests in 2017, expanded in Brazilian fuel distribution in 2018 and adjusted production at Mutanda in the Congo in 2019. It also maintained Canadian gold and nickel interests and provided bridge financing to Falco Resources in Quebec in 2020. Ivan Glasenberg retired as chief executive in 2021 after almost two decades in the role and was succeeded by Gary Nagle. Under Nagle, Glencore continued to position copper, cobalt and nickel as strategically important to electrification while retaining coal as a major business. The group argued that managed production declines could be more effective than selling coal assets to less accountable operators. Legal and ethical scrutiny intensified in the late 2010s and early 2020s. Investigations in the United States, United Kingdom and Brazil addressed bribery, corruption and market manipulation. In 2022, Glencore agreed to major penalties and pleaded guilty in relevant proceedings. These cases led to compliance commitments and reinforced the reputational risks inherent in the group’s geographic reach and trading activities. Glencore has also expanded copper exposure through the MARA project in Argentina, increasing its interest in 2022 and 2023. Today it remains one of the world’s largest diversified natural-resources companies, combining mines and processing facilities with global marketing and logistics. Its future is shaped by commodity volatility, demand for transition metals, coal decarbonization, regulatory oversight and the social and environmental performance of its operating assets.

2023
Further investment in MARA
[6]Further investment in MARAglencore.com
Glencore increases its interest in the Argentine copper-gold development project.
2022
US and UK bribery and market-manipulation resolutions
[4]United States Department of Justice: Glencore resolutionjustice.gov
Glencore resolves major criminal investigations and agrees to substantial penalties.
2021
Gary Nagle becomes chief executive
[5]Glencore CEO succession announcementglencore.com
Gary Nagle succeeds Ivan Glasenberg as CEO.
2017
Chevron Southern African assets acquired
[1]Glencoreen.wikipedia.org
Glencore acquires Southern African downstream fuel assets later associated with Astron Energy.
2014
Company adopts the Glencore plc name
[1]Glencoreen.wikipedia.org
The combined company changes its name from Glencore Xstrata to Glencore plc.
2013
Xstrata merger completed
[1]Glencoreen.wikipedia.org
Glencore completes its all-share merger with Xstrata, substantially enlarging its mining portfolio.
2011
London and Hong Kong IPO
[1]Glencoreen.wikipedia.org
Glencore becomes publicly traded through a large dual-market initial offering.
1994
Management buyout creates Glencore International
[1]Glencoreen.wikipedia.org
A management buyout following financial difficulties at Marc Rich & Co. creates Glencore International.
1974
Marc Rich & Co. AG is founded
[1]Glencoreen.wikipedia.org
Marc Rich and Pincus Green establish the commodity-trading predecessor of Glencore.

Products and positioning

A vertically integrated global commodities producer, processor, marketer and trader.

Metals and mining
Copper
Glencore mines, processes and markets copper from operations in several producing regions. Copper is sold to industrial customers and is central to the group’s positioning around electrification, power infrastructure, transport and renewable-energy equipment.
Metals and mining
Cobalt
Cobalt is produced principally as a by-product or co-product of copper operations, especially in the Democratic Republic of the Congo. It is marketed for applications including rechargeable batteries and superalloys, although supply-chain due diligence remains a major issue.
Metals and mining
Zinc and lead
Glencore operates and markets zinc and lead concentrates, refined metal and associated products. These materials serve galvanizing, construction, batteries, industrial manufacturing and other downstream uses.
Metals and mining
Nickel
The group produces and markets nickel from assets including operations in Canada and Australia. Nickel is used in stainless steel, alloys and some battery chemistries, making it part of Glencore’s energy-transition materials portfolio.
Energy commodities
Coal
Coal remains a major Glencore business, covering thermal and metallurgical coal mining, marketing and logistics. Thermal coal supplies power generation, while metallurgical coal is used in steelmaking. The business is subject to the group’s managed-decline climate strategy.
Energy commodities
Oil and oil products
Glencore trades crude oil, refined petroleum products and related energy commodities through an international marketing and logistics network. Its oil and gas headquarters are in London, reflecting the importance of this activity within the wider group.
Agriculture and food ingredients
Agricultural commodities
The agricultural business markets grains, oilseeds and other farm commodities. It connects producers, storage and transport infrastructure with food, feed and processing customers in international markets.
Development project · 2022
MARA project
MARA is a copper-gold project in Catamarca, Argentina, held through a joint venture. Glencore increased its interest through transactions completed in 2022 and 2023, with the project intended to become a significant future copper producer if developed and commissioned.

Controversies

2022
Bribery and market-manipulation convictions
Glencore entities pleaded guilty or entered resolutions in the United States and United Kingdom concerning bribery and market manipulation, agreeing to penalties and compliance-related obligations.
Source
2022
Australian coal bribery case
A Glencore-linked entity pleaded guilty in the United States to paying bribes through intermediaries connected with coal business in Australia and other jurisdictions.
Source
2020
UniCredit sues Hin Leong and Glencore over oil deal
UniCredit sued Hin Leong over a letter of credit and also sued Glencore in connection with the matter. UniCredit alleged in court documents that same-day sale-and-buy-back transactions made the purchase a sham and deprived it of security over the financed goods.
Source
2018
US corruption investigation
The United States Department of Justice investigated Glencore and related entities over possible violations of anti-corruption laws involving business in Nigeria, the Democratic Republic of the Congo and Venezuela.
Source
2011
Mopani tax-avoidance allegations
Civil-society organizations and an alleged audit report accused Mopani Copper Mines in Zambia of using transfer pricing and inflated costs to reduce taxable profits. Glencore and Deloitte rejected the allegations; the dispute became a prominent debate about taxation and multinational mining in Zambia.
Source

2023
Further MARA investmentM&A
Background
The company continued consolidating its position in the Argentine copper-gold project.
Action taken
Glencore acquired an additional 56.25% interest from Pan American Silver for cash and a royalty.
Aftermath
The transaction increased Glencore’s exposure to a project designed to produce substantial copper if commissioned.
Purchase consideration. US$475 million plus a 0.75% net smelter return royalty (2023)
Source
2022
Acquisition of additional MARA interestM&A
Background
Glencore sought to expand its exposure to future copper supply in Argentina.
Action taken
The company acquired Newmont’s interest in the MARA project, increasing its joint-venture share.
Aftermath
Glencore became a larger participant in a proposed copper-gold development in Catamarca.
Consideration. US$124.9 million at closing plus contingent instalments (2022)
Source
2021
Chief executive successionOther
Background
Ivan Glasenberg announced his retirement after nearly two decades as chief executive.
Action taken
Gary Nagle was appointed to succeed him.
Aftermath
The succession maintained continuity while placing a new executive in charge of the group’s portfolio, compliance and transition strategy.
Source
2020
Managed decline rather than immediate coal divestmentStrategy
Background
Glencore argued that selling coal mines could transfer them to owners less committed to climate objectives.
Action taken
Management promoted production caps and a managed decline of coal while directing investment toward copper, nickel and cobalt.
Aftermath
The approach distinguished Glencore’s climate strategy from outright coal divestment and remained controversial among investors and environmental groups.
Source
2019
Mutanda production reductionStrategy
Background
The Mutanda copper-cobalt operation faced difficult market and operating conditions, including low prices and rising costs.
Action taken
Glencore announced a reduction in production while considering alternative mining techniques.
Aftermath
The decision highlighted the volatility of cobalt and copper supply and the sensitivity of the asset to operating economics.
Source
2014
Post-merger corporate rebrandingStrategy
Background
The enlarged business needed a unified identity after the Glencore-Xstrata combination.
Action taken
The company changed its name to Glencore plc.
Aftermath
The Glencore name became the public identity of the combined mining and commodities group.
Source
2012
Agreement to merge with XstrataM&A
Background
Glencore and Xstrata already had substantial commercial, ownership and board relationships, and the combination promised to integrate a global trading platform with a large mining portfolio.
Action taken
The companies agreed an all-share merger in which Glencore would issue shares to Xstrata shareholders.
Aftermath
After regulatory and shareholder approvals, the transaction closed in 2013 and transformed the scale of the group.
Source
2011
Public listing decisionOther
Background
Glencore had operated as a relatively private commodity-trading and industrial group for decades, while requiring capital and greater public-market access.
Action taken
The company launched a dual London and Hong Kong initial public offering.
Aftermath
The flotation raised substantial capital, disclosed the scale of the business and made Glencore a major listed-market constituent.
Source

Recent events

2022.01.11
Reported2022.01.11
Glencore completes acquisition of Cerrejón[9]Glencore完成对Cerrejón的收购bnamericas.com
BNamericas reported that Glencore completed its acquisition of 100% of Colombia’s Cerrejón coal mine.
Unconfirmed
Glencore agrees to sell its Bolivian zinc businesses[10]嘉能可同意出售其玻利维亚锌业务en.mercopress.com
Glencore agreed to sell its Bolivian zinc businesses, comprising two mining companies, to Canadian company Santa Cruz Silver Mining for US$110 million. The sale is subject to regulatory approval in Canada and was due to be completed within three months.
2021.07.05
Reported2021.07.06
Glencore appoints Kalidas Madhavpeddi as chairperson[11]嘉能可任命卡利达斯·马达夫佩迪为董事长iol.co.za
Glencore said it appointed Kalidas Madhavpeddi as chairperson, succeeding Tony Hayward at the end of the month.
2021.06.29
Reported2021.07.01
Glencore CEO Ivan Glasenberg retires and Gary Nagle succeeds him[12]Glencore首席执行官Ivan Glasenberg退休，由Gary Nagle接任iol.co.za
Glencore chief executive Ivan Glasenberg retired on Tuesday after 19 years in the role, and Gary Nagle succeeded him.
Weekdays and relative dates follow the original report; their exact calendar dates have not been verified.
Unconfirmed
Reported2021.06.28
Glencore acquires Anglo American's Cerrejón stake[13]嘉能可收购英美资源集团的塞雷洪股权dailymaverick.co.za
Anglo American sold its 33.3% interest in the Cerrejón joint venture in Colombia to Glencore for $294 million, completing its exit from thermal coal, according to the article.
2021.06.28
Reported2021.07.01
Glencore announces acquisition of Anglo American and BHP stakes in Cerrejón[12]Glencore首席执行官Ivan Glasenberg退休，由Gary Nagle接任iol.co.za
Glencore announced it would pay $588 million for Anglo American's and BHP's stakes in the Cerrejón coal mine in Colombia.
2021.01.19
Reported2021.01.19
Glencore agrees to transfer its Mopani stake to ZCCM[14]嘉能可同意将其Mopani股权转让给ZCCMiol.co.za
Glencore said its subsidiary Carlisa Investments had signed an agreement to transfer its 90% interest in Mopani Copper Mines to ZCCM. Completion remained conditional on regulatory approvals in Zambia and approval by ZCCM shareholders and its board.
2020.12.04
Reported2020.12.04
Glencore names Gary Nagle as CEO successor[15]嘉能可任命Gary Nagle为首席执行官继任者afr.com
Glencore named coal-business head Gary Nagle to succeed CEO Ivan Glasenberg next year, when Glasenberg retires.
2020.11.27
Mining companies and municipality launch enterprise development workshops[16]矿业公司与市政当局启动企业发展中心配套工坊engineeringnews.co.za
Exxaro, Steve Tshwete local municipality and mining companies Arnot OpCo, Anglo American Coal South Africa and Glencore partnered to establish an enterprise development centre for local entrepreneurs in Mhluzi; executives attended the launch of industrial workshops on November 27.
Unconfirmed
Reported2020.09.29
UniCredit sues Hin Leong and Glencore over oil deal[8]UniCredit sues Hin Leong and Glencore over oil dealfinancialpost.com
UniCredit sued Hin Leong over a letter of credit and also sued Glencore in connection with the matter. UniCredit alleged in court documents that same-day sale-and-buy-back transactions made the purchase a sham and deprived it of security over the financed goods.

Sources19 sources

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