In 1999 Südelektra AG is renamed Xstrata. With the new name comes new management, and a new aggressive strategy: a shift towards mining, particularly base metals and coals, through the rapid acquisition of mining assets. Xstrata is listed on the London Stock Exchange...
In 1995, Glencore acquires Prodeco, a Colombian coal-mining group that owns the Calenturitas concession in the Cesar region of northern Colombia. Production begins in 2004, and is significantly expanded by the acquisition and integration of the nearby La Jagua mine.1...
A series of disastrous zinc trades by Marc Rich nearly bankrupts his company, and so he is eventually pushed out in 1993, with his controlling stake bought back by management. Seeking to distance themselves from Rich, the new management rename the company Glencore.1...
In 1990, Marc Rich + Co. buy a 34.5% stake in Südelektra, becoming the largest shareholder.1 This marks the start of a long relationship between Glencore and Xstrata that later culminates in a takeover. As separate entities for now, the two groups nonetheless maintain...
“The biggest tax evasion case in US history” is levelled at Marc Rich in 1983, containing charges of criminal fraud, wire fraud, racketeering, and flouting a ban on trading with Iran during the 1979-81 hostage crisis. The charges carry with them a potential sentence...
