Glencore appoints new industrial mining chief
The global trader and miner promotes Peter Freyberg to head its newly created industrial mining post
London — Glencore has appointed Peter Freyberg to the newly created role of head of industrial mining, the global trader and miner said on Monday, while its head of copper marketing Telis Mistakidis retires at the end of the year. The London-listed miner said billionaire Mistakidis, who owns a 3.2% stake in the company, will be replaced by Nico Paraskevas. Shares in London jumped 4.4% on Monday midafternoon, mostly in line with the wider mining index as metal prices rose. Glencore was ordered by the US Department of Justice in July to hand over documents about its business in the Democratic Republic of Congo (DRC), Venezuela and Nigeria as part of a corruption probe. Long-time CEO Ivan Glasenberg has said he wishes to retire by the time he turns 65. "The management has been here a long time since the IPO … there comes a time where the younger generation needs to take over," the 61-year-old Glasenberg told analysts on a call. He added that there could be more management changes in th...
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