Glencore reported its first annual net loss since 2015 after writing down $2.8 billion in impairments mainly related to the closure of its African copper operations
) will make more changes to its front bench this year, Chief Executive Ivan Glasenberg said on Tuesday, as the world’s largest commodities trader hastens a transition to a new generation of leaders.
“We want a smooth generation change. There will be a few senior management changes coming,” Glasenberg told reporters. “Once the new generation is in place and ready to move on, then it will also be the time for me to move on. Long-time head of copper Telis Mistakidis retired in 2018, while head of oil Alex Beard stepped down last June.
Glencore’s coal operations in Colombia, where it has interests in three mines, ship mainly to Europe, where cheap gas prices have made it harder to compete. Colombia accounted for about 17% of Glencore’s coal production in 2019. Overall, the Anglo-Swiss miner reported a net loss of $404 million for 2019, compared with a profit of $3.41 billion a year earlier.
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