Glencore has set its ambitions on expanding in SA, the homeland of CEO Ivan Glasenberg. As the company’s former business partner, President Cyril Ramaphosa, promises an economic recovery, Glencore is reaping profits from coal and chrome as prices rise. The company announced in October a $1bn deal to buy Chevron’s oil refining and fuel service stations in SA and considered a bid for the Optimum coal mine. The oil bid was "a strong vote of confidence in the South African environment", said Martin Kingston, CEO of NM Rothschild in SA, which is advising Chevron on the sale. "Glencore understands the environment very well. They are effective behind the scenes and … have their finger on the pulse." Glasenberg, who started his career trading South African coal in the 1980s, has a wide range of business connections in the country, including Ramaphosa. They have known each other for about 30 years and cemented their partnership in 2005, when Glencore picked Ramaphosa to be its black economic...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.