Ivan Glasenberg will step down next year as CEO of Glencore, which under his direction has grown into one of the world’s largest natural resource companies. He will be replaced by another South African, Gary Nagle, who will oversee the low-carbon transition the world’s top coal exporter has outlined.
Glencore’s tentacles reach out across the commodity value chain, and its trading divisions set it apart from many of its mining peers – even when prices are depressed, commodities get traded, generating revenue. The company is one of the world’s leading marketers of crude oil. Its production assets include copper, cobalt, nickel, zinc, lead and ferroalloys such as chrome ore. It is a major marketer and trader of iron ore. The company also has recycling operations.
Glasenberg told journalists during a conference call on Friday that the company might spin off its coal assets under the new CEO. “Our diversified portfolio uniquely positions us to play an essential role in the global transition to a low-carbon economy,” Glasenberg was quoted as saying.