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2024-04-15 21:30:49

Glencore

Swiss multinational commodity trading and mining company.
Swiss multinational commodity trading and mining company.

Glencore, formed in 1994, is a major player in commodities trading and mining. It merged with Xstrata in 2013, ranking high in global company lists.

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1973
Glencore Nordenham

Glencore Nordenham is a facility in Germany acquired by Glencore in 1973, specializing in metal production.

1974
Founding of Glencore

Glencore, one of the world’s largest diversified natural resource companies, was founded in 1974. It has a rich history and has grown through organic means and acquisitions.

1983
Marc Rich indicted on tax evasion charges

In 1983, Marc Rich was indicted on tax evasion charges, described as one of the biggest cases in US history. This event led to Rich fleeing to Switzerland and remaining on the FBI's most-wanted list for almost two decades.

1987
Glencore diversifies into non-commodities sectors

In 1987, Glencore expanded its business beyond commodities trading by acquiring a 27% stake in a U.S. aluminium smelter.

1988
Glencore acquires majority stake in Peruvian lead and zinc mine

In 1988, Glencore further diversified its portfolio by purchasing a two-thirds stake in a Peruvian lead and zinc mine.

1990
Glencore acquires stake in Xstrata

In 1990, Glencore acquired a stake in the miner Xstrata, which was then known as Sudelektra AG. This strategic move marked a significant development in the company's expansion.

1993
Marc Rich + Co AG Loss

In 1993, Marc Rich lost $172 million and control of his firm in a failed attempt to dominate the zinc market.

1994
Formation of Glencore through management buyout of Marc Rich + Co AG

In 1994, Glencore was formed through a management buyout of Marc Rich + Co AG. This marked the beginning of Glencore's journey as a major player in the commodities trading and mining industry.

1996
Glencore Australia Established

Glencore Australia has been a significant component of the Glencore corporation for 25 years.

1998
Glencore Australia Mining Investments Begin

In 1998, Glencore started its mining investments in Australia, marking the beginning of its presence in the Australian mining sector.

2001-01-20
Marc Rich's Controversial Presidential Pardon

On January 20, 2001, former U.S. President Bill Clinton granted a controversial presidential pardon to Marc Rich, who was indicted for tax evasion and controversial oil deals with Iran during the Iran hostage crisis.

2002
Australian Expansion in Metals, Minerals, Energy Products, and Agriculture

In 2002, Glencore's Australian expansion was rapidly accelerating in various sectors including metals, minerals, energy products such as coal, and agriculture.

2003
Glencore Agriculture starts operations in Australia

In 2003, Glencore Agriculture initiated its operations in Australia, marking the beginning of its presence in the Australian agricultural sector.

2005
Seizure of proceeds from oil sale to Glencore in Congo

In 2005, proceeds from an oil sale to Glencore were seized in the Democratic Republic of Congo due to fraudulent gains as part of a corruption investigation.

2006
Purchase of Noranda Mines Limited and Falconbridge Nickel Mines Limited by Xstrata

In 2006, Xstrata acquired Noranda Mines Limited and Falconbridge Nickel Mines Limited, which were later acquired by Glencore in 2013.

2007
Glencore acquisition of 50% share in SAMREF Congo SPRL

In 2007, Glencore acquired a 50% share in SAMREF Congo SPRL, a company holding 80% of the Mutanda Mine in Congo. This acquisition further expanded Glencore's mining interests in the region.

2010-07
Transfer of 75% stake in Kansuki mine to a company linked to Dan Gertler

In July 2010, Congo's government secretly transferred a 75% stake in the Kansuki mine to a company associated with Dan Gertler at undervalued prices. This transaction raised questions about the involvement of influential figures in the mining industry.

2010-08
Glencore acquisition of shares in the company holding Kansuki mine stake

In August 2010, Glencore acquired half the shares of the company that obtained the 75% stake in the Kansuki mine, effectively becoming the operator of the mine. This move solidified Glencore's presence in the mining sector in Congo.

2011-03-01
Recommendation for sale of Mutanda Mine share to entity linked to Dan Gertler

On 1 March 2011, SAMREF recommended that Congo's state-run company Gécamines sell its 20% share in the Mutanda Mine to an entity associated with Dan Gertler. This raised concerns about the relationships between Glencore, Gertler, and the mining industry in Congo.

2011-05-25
Glencore International Plc's Hong Kong Stock Exchange Debut

On May 25, 2011, Glencore International Plc's shares fell by 3 percent during their debut on the Hong Kong Stock Exchange. The decline was attributed to a lower start in London the previous day and concerns from retail investors about the expensive offer price.

2012-05-09
Glencore's Annual Shareholder Meeting

On May 9, 2012, Glencore held its annual shareholder meeting in the Swiss town of Zug. CEO Ivan Glasenberg was seen smiling as he left the meeting.

2012-11-20
Xstrata Shareholder Meeting for Glencore Takeover

On November 20, 2012, Glencore CEO Ivan Glasenberg arrived at an extraordinary shareholder meeting in Zug, Switzerland. Shareholders of miner Xstrata were anticipated to approve a $31-billion acquisition by Glencore, marking one of the biggest mergers in the industry.

2013-05-02
Merger Completion of Glencore and Xstrata

On May 2, 2013, Glencore successfully completed the merger with Xstrata, forming one of the largest mining and trading entities in the world.

2014-02-07
Willy Strothotte tees off at Pebble Beach National Pro-Am golf tournament

In 2014, Willy Strothotte, the founding CEO of Glencore, participated in the Pebble Beach National Pro-Am golf tournament at the Monterey Peninsula Country Club in Pebble Beach, California.

2014-05-20
Name Change of Glencore Xstrata to Glencore plc

On May 20, 2014, Glencore Xstrata officially changed its name to Glencore plc, marking a significant transition in the company's identity post-merger.

2017-11-05
Paradise Papers Revealed Glencore's Loan to Dan Gertler

On November 5, 2017, the Paradise Papers exposed that Glencore had loaned $45 million to Israeli billionaire Dan Gertler in exchange for assistance with officials in the Democratic Republic of Congo regarding a joint venture at the Katanga copper mine.

2018-07-03
U.S. Department of Justice Subpoenas Glencore

On July 3, 2018, Glencore disclosed receiving a subpoena from the U.S. Department of Justice related to compliance with the Foreign Corrupt Practices Act and money laundering statutes. The subpoena pertains to Glencore's operations in Nigeria, the Democratic Republic of Congo, and Venezuela.

2019-03-06
Accusation of Glencore engaging in lobbying campaign

On March 6, 2019, The Guardian Australia accused Glencore, with the help of consulting firm CT Group, of conducting a large-scale lobbying campaign to promote coal use globally. The campaign allegedly involved undermining environmental activists, influencing politicians, and spreading pro-coal messages on social media.

2020-06
Glencore partners with Tesla for cobalt supply

In June 2020, Glencore and Tesla collaborated for the supply of cobalt in lithium-ion batteries, marking a significant move in the battery industry.

2020-08
Glencore suspends dividend payments

In August 2020, Glencore halted dividend payments to focus on reducing its debt due to the COVID-19 pandemic's impact, becoming the first major mining company to do so.

2020-10
Glencore Provides Financing to Falco Resources in Canada

In October 2020, Glencore offered $10 million in bridge financing to Falco Resources, a gold and copper mining company in Quebec, Canada, demonstrating its commitment to supporting mining ventures.

2020-12
Ivan Glasenberg announces retirement as Glencore CEO

In December 2020, Ivan Glasenberg announced his retirement as Glencore CEO after nearly 20 years. He will be succeeded by Gary Nagle, who currently manages the firm's coal business.

2021-06-22
Glencore announces reopening of Mutanda mine

On June 22, 2021, Glencore reported that the Mutanda mine would be reopened towards the end of 2021 and resume production in 2022. Discussions with Congo's mining ministry had taken place, and the company's cobalt prospects were boosted by a battery supply contract with Tesla Motors.

2022-05-24
Glencore pleads guilty to bribery charges

On 24 May 2022, Glencore admitted to multiple counts of bribery and agreed to pay around $1.5 billion in penalties.

2022-08-19
Glencore shares plunge after disappointing financial results

On August 19, 2022, shares in Glencore dropped by 10% to 159p following disappointing financial results and worries regarding the company's substantial debt burden.

2023-11
Glencore acquires Teck Resources' steelmaking coal business

In November 2023, Glencore acquired Teck Resources' steelmaking coal business for $9 billion. Additionally, Glencore announced plans to spin off its coal assets into a separate entity by 2025.

2023-12
Glencore's Board of Directors as of December 2023

As of December 2023, Glencore's Board of Directors includes Kalidas Madhavpeddi as the non-executive chairman, Gary Nagle as the CEO, and other non-executive directors such as Peter Coates, Martin Gilbert, Liz Hewitt, Gill Marcus, Patrice Merrin, Cynthia Carroll, and David Wormsley.

2024-04-26
Reporting Code of Conduct Violations at Glencore

The Raising Concerns programme allows individuals to report any behavior that violates Glencore's Code of Conduct in confidence.

End of the Timeline
Glencore

Information

Glencore

Swiss multinational commodity trading and mining company.
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