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Colorful mining trader Ivan Glasenberg will retire as head of Glencore, the huge mining giant and one of the world’s 500 largest state-owned companies.
Michael McCrae, director of Minining Audiences, noted the change on the Kitco Roundtable podcast, which was taped Friday. McCrae was joined by correspondent Paul Harris; editor Neils Christensen; and special guest Terry Harbort, CEO of Talisker Resources.
Ivan Glasenberg joined Glencore in April 1984 and has been CEO since January 2002. Glasenberg led the deal which saw Glencore’s $ 90 billion merger with Xstrata in 2013.
Glencore is one of the world’s largest diversified natural resource companies with 160,000 employees and contractors and $ 11.6 billion in 2019 profits.
Glasenberg’s successor is Gary Nagle who has held management positions in coal and ferroalloys. Nagle is 45, Glasenberg 63.
“Glasenberg’s departure will mark a transition to a new, younger leadership for the company, which, along with other mining companies, has faced increasing pressure from investors to reduce carbon emissions,” Reuters writes .
The roundtable also noted that Seabridge Gold expanded its footprint in British Columbia’s Golden Triangle after taking over the Snowfield project from Pretium Resources for $ 105 million. Osisko Mining grabbed the headlines with its drilling results at Windfall, a project Harbort helped advance before his current position at Talisker.
Harbort was asked what decisions he made when building his company and team.
“We strongly believe that exploration is a science, and we must apply this science to be successful as an exploration company,” said Harbort. “Many companies can [be] a little luck … a little luck. We hear all these stories and we all have a little joke about them, but the majority of great discoveries and teams that make multiple discoveries [are] based on systematic exploration and application of good science. “
Warning: The opinions expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. This is not a solicitation to effect an exchange of commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for any loss and / or damage resulting from the use of this publication.
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