Glencore Global Cartel

Glencore is a monster cartel of the international financial oligarchy that has brought under its control many companies operating in mining, energy, agriculture, shipping, marketing and finance in fifty countries. Glencore plc has its headquarters in Baar, Switzerland and its registered address in Saint Helier, Jersey. 

Glencore operates as a supranational entity of private interests exercising dictate over governments and the states where it does business. Wherever the financial oligarchy does not exercise control, it uses its social wealth, connections and the military power of the imperialists to seize control through regime change, invasion, sanctions, blockades, assassinations, anarchy, violent subversive clashes with governments with no aim other than to cause disorder and weaken the existing state, and any other means deemed necessary to serve its private interests.

One hundred and fifty-eight thousand Glencore workers around the world produced value calculated as realized gross income worth U.S.$219.754 billion in 2018. Glencore says it owns fixed and circulating assets worth U.S.$128.485 billion, with which workers extract natural resources, ship commodities and engage in office work and finance. Marketed stock in the company is held in order of degree by Qatar Investment Authority, Ivan Glasenberg, Harris Associates, BlackRock, Daniel Maté, Telis Mistakidis, Norges Bank and others.

According to Wikipedia, the present cartel was created through a merger of Glencore with Xstrata in 2013 and is ranked tenth in the Fortune Global 500 list of the world's largest companies.

Before the merger, Glencore was already the largest company in Switzerland and the world's largest commodities trading company, with a 2010 global market share of 60 per cent in internationally tradable zinc, 50 per cent in copper, 9 per cent in the grain market and 3 per cent in the oil market. It supplied metals, minerals, crude oil, oil products, coal, natural gas and agricultural products to international customers in the automotive, power generation, steel production and food processing industries.

Xstrata's operations have been merged into Glencore. It continues as a major producer of coal and the world's largest exporter of thermal coal, copper, nickel, primary vanadium and zinc and the world's largest producer of ferrochrome. Its operations in 19 countries across Africa, Asia, Australasia, Europe, North America and South America became part of the Glencore Empire. Before the merger Xstrata was the 16th-largest company traded on the London Stock Exchange.

According to company information, the core Xstrata mining activity has been broadened into a "Private Investment Company" with interests held in diverse sectors and 51 portfolio companies in 30 countries. Wikipedia defines a portfolio company as a company or entity in which a venture capital firm, a buyout firm, or a holding company invests.

Glencore's website states:

"Glencore is one of the world's largest global diversified natural resource companies and a major producer and marketer of more than 60 commodities. The Group's operations comprise around 150 mining and metallurgical sites and oil production assets.

"With a strong footprint in both established and emerging regions for natural resources, Glencore's industrial and marketing activities are supported by a global network of offices located in over 35 countries.

"Glencore's customers are industrial consumers, such as those in the automotive, steel, power generation, battery manufacturing and oil sectors. We also provide financing, logistics and other services to producers and consumers of commodities. Glencore's companies employ around 158,000 people, including contractors."

Besides the Belledune smelter, Glencore controls eight other plants in Canada outside New Brunswick.

This article was published in

Number 27 - November 20, 2019

Article Link:
Glencore Global Cartel


Website:   Email: