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Financial bubble with Chinese national
Financial bubble with Chinese national
SEAN GLADWELL

Glencore CEO, Ivan Glasenberg, made some telling comments recently on a possible work life for himself once he leaves the Swiss miner and minerals marketer, which he’s run with an ironclad hand for the last 20 years. “When I leave here, I want to go into a totally different business, where the business drives the multiples, and not the market,” he said at the Financial Times (FT) Commodities Mining Summit in October.

Glasenberg has been preparing for his exit from Glencore for a year at least. When he does step down, he’ll be the last of the so-called ‘Billionaires Club’ – the key executives who helped bring Glencore to the London Stock Exchange in 2013 and became fabulously rich as a result.

Notwithstanding this, mining has its limitations – principally the fact that exogenous factors influence market valuations. Mining firms are price-takers, for instance; they are also affected by pulses in economies, such as China.

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