The greatest enigma of the mining industry – Ivan Glassenberg - Prime Insights - Business Magazine

The greatest enigma of the mining industry – Ivan Glassenberg

Ivan Glassenberg

The greatest enigma of the mining industry – Ivan Glassenberg

  • Not many business entrepreneurs around the world can accomplish their dream of successfully establishing their self-business empire as per their choice. One such person is Ivan Glassenberg, who is not only the CEO of Glencore but also the board member of Minara Resources Ltd. Today, Glencore is a successful commodity trading and mining company created by Ivan.
  • Ivan was born on January 7, 1957, in South Africa. He holds a bachelor’s degree in both commerce and accountancy from the University of Witwatersrand, South Africa. Furthermore, he is also the CA and has received an MBA from the IBEAR Program at the University of Southern California in 1983.
  • Initially, Ivan worked with Nexia Levitt Kirson, a firm of Chartered Accountants for 5 years. Right after this, his journey to Glencore began. Glencore is an abbreviation of Global Energy Commodity Resources. It is a company of British multinational origin, founded as Marc Rich & Co. Ag. In 1974, named after its founder Marc Rich, who was a billionaire commodity trader.
  • In 1984, Glassenberg joined Glencore in the coal department of South Africa and Australia. From 1989-1990, Glencore was efficiently managed by Ivan, especially its Hong Kong and Beijing offices. He became the head of the coal company’s department because of his dedication and hardwork in 1991. Finally, 11 years later, he rose to the position of CEO of Glencore.
  • Today, Glencore has become the world’s biggest commodity trading firm and is ranked 10th in the Fortune Global 500 list of the world’s largest companies. It also operates in the Democratic Republic of Congo, Venezuela and Nigeria.
  • A big step towards evolution began in 2nd May 2013 when Glencore and Xstrata merged as a multi-billion mining company. After this merging only, Glassenberg took responsibility for the position of the CEO.
  • Glencore increased its offer for Xstrata to 3.05 of Glencore shares. After the merger, the newly formed company kept on ascending to every height of success. Ivan was always a bright future-forward businessman who used his dividends to buy shares of Glencore in 2011, additionally, he also bought the US $55 million of Glencore stocks.
  • By April 2012, Ivan held more than 54% of Glencore stock, making him the 20th riches mining billionaire with a net worth of US $7.3 billion, according to Forbes. Since 2002, Ivan served as an executive director of Xstrata Plc and as a non-executive director of Rusal Plc, since 2007. He was also the non-executive director of Century Aluminum Co., between 2010 and 2011.
  • Glassenberg has made huge profits in the copper, coal and cobalt prices, making Glencore’s net profit take a jump in 2019. Glassenberg’s sheer talent in the mining industry sector has transformed Glencore into one of the world’s biggest leading natural resources groups by buying Xstrata.
  • Ivan has earned the name of “one of the great enigmas of the corporate world”. Glassenberg has always maintained the privacy of his company people and has never exposed any details of their lives because he knew that he could keep the success of his company going under the lid of this secrecy. This also prevented the company’s way of growing from inside, getting open in front of the global media.

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