Ivan Glasenberg’s wealth story is unique among African entrepreneurs. While many built fortunes in their home continent, Glasenberg amassed his fortune primarily outside Africa, thanks to his stake in Glencore, a global giant in commodities trading and mining.
Starting at Glencore in 1984, initially in South Africa and later Australia, Glasenberg’s financial prowess quickly propelled him upward. By 1991, he was heading the company’s coal department. In 2002, he took the reins as CEO, steering Glencore to remarkable financial heights until his retirement in 2021, succeeded by Gary Nagle.
After ascending within the coal division, Ivan Glasenberg took the helm as Glencore’s CEO in 2002. His leadership steered the company to remarkable financial heights until his retirement in 2021, succeeded by fellow South African executive Gary Nagle.
Glasenberg’s substantial stake in Glencore, acquired through his funds and dividends, now stands at 9.81 percent, worth $6.67 billion. This stake, a significant part of his $7.77-billion wealth, ranks him as the 297th richest person globally.
His impact on the global mining landscape is unparalleled. In 2013, he led the $29 billion acquisition of Xstrata, a move that cemented Glencore’s position as the largest commodity trader globally. In 2022, the group’s revenue amounted to $255.98 billion.
Now, Glasenberg is diversifying his wealth by finalizing an acquisition of Cicli Pinarello Srl (Pinarello), a respected Italian bicycle manufacturer. Billionaires.Africa has identified several companies and holdings associated with Glasenberg. Here are five such entities:
Glencore is a Switzerland-based powerhouse in the production and marketing of natural resources. It boasts a diverse portfolio, including metals like copper, cobalt, zinc, nickel, and ferroalloys. It also holds a significant presence in coal mining across Australia, Africa, and South America, as well as in the marketing of crude oil, refined products, and natural gas. Under Ivan Glasenberg’s leadership spanning two decades, this Swiss multinational commodity trading and mining giant ascended to unparalleled heights, firmly establishing itself as the world’s largest mining company. Glasenberg owns a notable 9.81-percent stake in Glencore, valued at a staggering $6.67 billion.
- Minara Resources
Minara Resources, based in Western Australia, specializes in the extraction of cobalt and nickel. This mining company is wholly owned by the Swiss commodities trading firm and operates the renowned Murrin Murrin Mine, located in the northeast Goldfields region of Western Australia, ranking among the top ten nickel mines in the country. Glasenberg has served as a non-executive director of Minara Resources since the year 2000.
United Company Rusal is a global leader in aluminum production, holding this esteemed position until it was surpassed by China Hongqiao Group in 2015. Formed through the merger of RUSAL, SUAL, and Glencore’s alumina assets in March 2007, it has played a pivotal role in shaping the aluminum industry. Glasenberg has been an integral part of United Company Rusal as a non-executive director since 2007.
Century Aluminum Company operates on a global scale, producing bauxite, alumina, and primary aluminum. Its operations include bauxite mining and alumina refinement in Clarendon, Jamaica, catering to the worldwide demand for smelter-grade alumina. This alumina is subsequently transformed into primary aluminum at the company’s facilities, which span the United States and Iceland. Notably, Century Aluminum Company boasts three U.S. aluminum smelters in Hawesville, Kentucky, Robards, Kentucky (Sebree), and Mt. Holly, South Carolina (Mt. Holly), in addition to one smelter in Grundartangi, Iceland (Norðurál).
- Xstrata Plc
Xstrata Plc, an Anglo-Swiss multinational mining company headquartered in Zug, Switzerland, registered in London, United Kingdom, was a prominent player in coal, copper, nickel, primary vanadium, zinc, and ferrochrome production. It held the distinction of being the world’s largest exporter of thermal coal. In a historic merger on May 2, 2013, Glencore acquired Xstrata. The Glencore Xstrata merger was one of the largest in the history of the mining industry, leading to the retirement of the Xstrata brand. Consequently, the company name transitioned from Glencore Xstrata Plc to Glencore Plc, with Glasenberg assuming the role of CEO of this newly formed, multibillion-dollar entity.
