Glencore Bets on South Africa as Ramaphosa Promises Revival
- Miner is reaping profit from coal mining and chrome assets
- Glasenberg and Ramaphosa teamed up on coal deals in the past
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Glencore Plc has set its ambitions on expanding in South Africa, the homeland of its chief Ivan Glasenberg.
As the company’s former business partner and new President Cyril Ramaphosa promises an economic recovery, Glencore is reaping profits from coal and chrome assets as prices rise. The company announced in October a $1 billion deal to buy Chevron Corp.’s oil refining and fuel service stations in South Africa and considered a bid for the Optimum coal mine.