34 Facts About Glencore

Glencore plc is an Anglo-Swiss multinational commodity trading and mining company with headquarters in Baar, Switzerland.

Glencore had a number of production facilities all around the world and supplied metals, minerals, crude oil, oil products, coal, natural gas and agricultural products to international customers in the automotive, power generation, steel production and food processing industries.

Glencore was formed in 1994 by a management buyout of Marc Rich + Co AG.

Glencore's shares started trading on the Johannesburg Stock Exchange in November 2013.

Glencore's name is an abbreviation of "Global Energy Commodity Resources".

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Specifically, the CIA found that Glencore had paid $3,222,780 in illegal kickbacks to obtain oil in the course of the UN oil-for-food programme for Iraq.

Glencore denied these charges, according to the CIA report quoted by ABC.

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

Glencore was the subject of an initial public offering in May 2011 in a dual listing in London and Hong Kong valued at about $US60 billion.

Glencore went public to raise gross proceeds of around $10 billion.

In October 2020, Glencore provided $10 million in bridge financing to Falco Resources, a gold and copper miner operating in Quebec.

The chief executive, Ivan Glasenberg, was interviewed for Panorama by John Sweeney and said 'It was impossible to remedy any way faster' Glencore said the pollution started long before the company took over the refinery and that it has now ended.

Glencore was accused of acquiring illicit "conflict minerals" In a detailed letter sent to Global Witness, the company denied any wrongdoing.

Glencore acquired stakes in the Kansuki mine in Congo's southern Katanga Province in 2012.

Glencore is financing the entire development of the Kansuki mine, thereby carrying the costs for the other partner companies, which are associated with Mr Gertler.

Glencore has responded a number of times to Global Witness regarding these allegations.

In March 2018, it was reported that Glencore would sell one third of its cobalt output to China's battery recycler GEM.

Glencore paid the royalties in a currency other than dollars to skirt sanctions and discussed the deal with Swiss and US authorities.

Glencore settled a dispute involving the Kamoto copper and cobalt mine, but differences remain about tax and royalty payment.

In 2013 and 2014, a subsidiary of Glencore Xstrata was awarded two offshore drilling licences off the coast of occupied Western Sahara.

Glencore, which had effectively taken over Katanga, agreed to vote for the joint venture.

Glencore received a controversial presidential pardon from US President Bill Clinton on 20 January 2001, Clinton's last day in office.

Glencore is a co-owner of large coal freighters fleet SwissMarine.

In May 2018, Bloomberg reported that Britain's Serious Fraud Office may open a bribery investigation into Glencore's dealing with Dan Gertler and DRC President Joseph Kabila.

On 24 May 2022, Glencore pleaded guilty to multiple counts of bribery and agreed to pay penalties of about $1.

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In May 2022, Glencore pled guilty to charges of corrupt dealings with foreign governments, and agreed to pay a $1.

Glencore executives acknowledged the "unacceptable practices" and "misconduct identified in these investigations", but argued that the company had been making efforts to improve its ethics and compliance program since before it knew of the US DOJ investigation.

Glencore predicted that fines for the seven corruption charges would not exceed the US$1.

Glencore again predicted that fines would not exceed the US$1.

Glencore faces continued investigations from the Office of the Attorney General of Switzerland and the Dutch Public Prosecution Service.

Glencore had earlier suspended operations at its Ravensworth underground mine following falling coal prices, escalating production costs, and a higher Australian dollar.

In February 2019, Glencore announced it would reduce production at one of its biggest copper and cobalt mines operations in Congo.

Glencore instead argued for capping coal mine production, thereby running them down, and using the thus generated cash to increase the production of other raw materials in high demand due to the global energy transformation, such as nickel, copper and cobalt.

Glencore will be succeeded by South African Gary Nagle, who is currently running the firm's coal business.