RE:RE:An excellent read for IVN shareholdersYeah, Glencore has been really lucky. On almost every deal, their timing is impeccable. Ivan Glasenberg, like his predecessor, Marc Rich, was born with the proverbial horseshoe...
The exact details of every transaction will probably never be known. But from the public record, and leaked papers, the substance is clear. There are a few operators with the local expertise and understanding, and the willingness to risk life and reputation, to cut lucrative mineral deals with military dictatorships. Half the country is owned by a handful of families and multinationals. Vassals scramble for the crumbs of the king. The statements of Gertler and Glencore confirm by denial.
Gertler categorically repudiates the characterisation and implications of the press's criticisms, but addresses no claim or issue in particular, refutes no specific point. He (or, rather, his lawyer) goes on to say that he is an important employer, contributing to jobs, taxes, and economic development, and a generous philanthorpost. He is no different than most powerful men. He is driven to increase wealth and influence, and when he has more than he can ever use, he gives back, on his terms, to his causes and his recipients, and with his name attached.
Glencore simply lays out the history as a sequence of corporate transactions, a skeletal retelling of financial fact, neither illuminating nor refutable. A history written by a certified public accountant. Ignotium per ignotius.
O Africa, thou dark and mysterious land.