A major milestone in Glencore’s growth story was its 2013 mega-merger with Xstrata — a $90bn deal that cemented its transition from trader to mining house.

At the time, Glencore had not wanted to list itself, opting rather to grow through two publicly listed vehicles: Enex Resources, which would be created to house the coal assets; and Xstrata, a ferrochrome producer, in which Glencore had a 40% stake...

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