After months of negotiations, the sale of Glencore’s Peruvian copper mine Las Bamba to the Chinese state owned company China Minmetals Corp, or specifically its subsidiary MMG, has been completed (April 2014). At $5.85 billion it is one of the largest Chinese investments in the commodities sector.
The Chinese investors are planning an increase in the production of copper with Las Bamba and Toromocho mines producing 400,000 tonnes of copper per year in the next five years, starting mid 2015.(1) With this takeover, China now controls 33% of the investments in Peruvian copper production companies (3). ... →
According to a recent SRF (Swiss Radio and Television) Rundschau report, extremely high sulfur dioxide emissions from Glencore Xstrata’s Mufulira copper mine site are endangering the health and lives of local residents in the Zambian town of Mufulira. Contamination levels between .5 and 5km from the mine measured up to 30X higher than World Health Organization (WHO) accepted levels. ... →
After countless failed attempts to contact the Swiss mining giant Glencore Xstrata regarding their controversial activities, the company’s CEO Ivan Glasenberg has invited Jolanda Spiess-Hegglin, co-president of the Alternative Green Party in Switzerland’s Zug district and one of the company’s greatest critics, to participate in a face-to-face discussion. This provides a rare opportunity for Spiess-Hegglin to confront the company with the allegations voiced by many of Glencore Xstrata’s opponents. ... →
The raw material and mining company Glencore Xstrata reduced its activities in the disputed Tampakan mine project in the Philippines. The decision is justified by the lack of consent of the local population and the prohibition of the provincial government of South Cotabato to operate an open-cast mine. In June, NGOs claimed that the mine project would lead to a displacement of 5,000 indigenous inhabitants and accused Glencore of trivializing the issue. ... →
The U.S. Commodity Futures Trading Commission (CFTC) has summoned Glencore, Goldman Sachs and JPMorgan Chase in connection with their investigation over artificially high metal prices. The CFTC intends to examine documents and emails of the last three years. The subpoenas are regarded as a further sign that the CFTC takes the allegations uttered by consumers seriously and that the investigation process is stepped up. ... →
In Novemeber 2012, the ethecon Foundation Ethics & Economics awarded their “Black Planet” award to the Swiss commodity trading company, GLENCORE. The foundation recently presented the award to Glencore’s executives, including Ivan Glasenberg, Simon Murray, and Tony Hayward, as well as some of their prominent shareholders at Glencore’s annual shareholder meeting on 16 May 2013. The foundation’s goal was to once more echo the company’s irresponsible business practices and call for reform. ... →