The global mining and trading business Glencore will get new leadership next year, with the firm announcing Friday that CEO Ivan Glasenberg will retire and that Gary Nagle, a senior deputy overseeing coal industrial assets, will succeed him, the Wall Street Journal reports.
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Glasenberg, 63, started with Glencore in 1984 and has been CEO for 18 years. Nagle, 45, joined the company in 2000, working his way up via coal operations in Colombia, South Africa’s alloy assets and now in Australia.
About a year ago, Glasenberg bluntly stated the need for a changing of the guard.
“The old guys will be leaving,” he said then, holding true to his word Friday when he told investors:
“It’s time to hand over to the new generation and a younger leader. Gary can take this company forward in the future. I’m happy to have him being the custodian of my shareholding in the company.”
China outmaneuvers U.S. on mining, Politico says
Politico does a deep dive on China’s decades-long strategy to ensure its supply of raw materials, and cobolt presents a case in point. The U.S. is attempting to catch up.
The article sums up the scope of China’s efforts like this:
“China’s drive to secure its own access to cobalt has been driven by an approach that put long-term goals over short-term profits. For the last two decades, China has invested heavily in cobalt mining operations in Africa. Beginning in 2000, Beijing encouraged overseas foreign investment in developing countries, especially in natural resources such as minerals. Beijing’s “Belt and Road” initiative in 2013 then started pumping an estimated trillion dollars into building trade corridors between China and Africa and Europe. As part of a $6 billion deal in 2007 dubbed “minerals for infrastructure,” China secured mining rights in a major cobalt mine in the DRC in exchange for building projects such as roads, highways and hospitals.”
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