It ain't over: Glencore CEO

IVAN Glasenberg, the billionaire CEO of major coal exporter Glencore, believes the China-driven commodities super-cycle remains.
It ain't over: Glencore CEO It ain't over: Glencore CEO It ain't over: Glencore CEO It ain't over: Glencore CEO It ain't over: Glencore CEO

Glencore chief Ivan Glasenberg

Blair Price

“The super-cycle ain’t over, China is still buying, demand for commodities hasn’t tapered off, it’s even higher than it’s ever been,” Glasenberg told Bloomberg on Thursday.

“The demand is pretty good. We’ll grow.”

He further flagged the possibility that Glencore could pursue acquisitions – with BHP’s plans to divest its Illawarra Coal metallurgical coal mines not escaping attention.

“Glencore has been mentioned as a possible suitor for the yet-unnamed company being spun out of BHP, which will have a range of assets including nickel assets in South Africa and Colombia, South African and Australian thermal coal operations divisions and the Cannington lead and silver mine located in Queensland,” the newswire reported.

Despite signalling that it could pursue acquisitions, Glencore launched a $US1 billion ($A1.08 billion) buyback of its shares.

The commodities giant’s adjusted net income was $2.01 billion for the first six months of 2014 – up 6% year on year.

Glasenberg’s confidence in China comes despite lower industrial output in the country, weaker commodity prices there amid its declining property markets and the uncertainty emerging from the unravelling of various Chinese commodity financing deals over past months.