MINING
Glencore vows to keep focus on South Africa
CEO Ivan Glasenberg says former Reserve Bank head Gill Marcus will bring her knowledge of SA as well as finance to Glencore’s board
Glencore still regarded SA as "an interesting country", Ivan Glasenberg, CEO of the diversified miner and marketer, said on Tuesday. Glencore was investing in SA and would continue to do so if there were other opportunities, he said. But he was not looking at the thermal coal assets in SA that South32 has said it would sell, he said. Glencore announced in October it would buy 75% of the Chevron SA assets, which include 820 service stations and a crude oil refinery, for $973m. It followed a deal in August to enter Mexico’s fuel distribution business with a local partner. Glasenberg said Glencore would continue to grow its downstream fuel business, which complemented its oil-trading activities, and it had looked in various African countries. It was too early to say whether it would consider listing the Chevron SA business but it would consider partnerships. He said Glencore would look at upstream oil opportunities but it was more focused on the downstream sector.
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