Global resources shark Glencore must understand the world is no longer for sale – by Jeffrey Sonnenfeldand Steven Tian (Fortune Magazine – April 20, 2023)

In Hollywood, the characters of heroes and villains are usually cleanly defined–but the business world is generally more nuanced. However, the predatory campaign against Teck, the responsible North American mining company producing critical minerals such as copper and zinc that are vital to decarbonization and EV supply chains, by the scandal-ridden, short-sighted Glencore trading shop is the exception to the rule.

Glencore’s history begins with Marc Rich, who launched a shadowy business culture of tax fraud, sanctions evasion, bribery, and support for the cruelest autocratic regimes in the world, keeping Iran afloat during the 1979 hostage crisis and continuing right through their ongoing dealings with Putin’s brutal regime.

Teck, by contrast, has been a poster child within the mining industry for responsible growth, transparency, sustainability, and collaborative community relations. Just this week, Teck’s patriarch and controlling shareholder, trained technical geoscientist Norman Keevil published the second edition of his book Never Rest on Your Ores: Building a Mining Company, One Stone at a Time. In the book, Keevil discusses the longstanding values, culture, and leadership that grew Teck’s value 50-fold over the course of his 70-year control.

Another book, The World for Sale, captures Glencore’s swashbuckling history of deceit and illegal activity. Interestingly, some of the same voices who wrote this aptly titled history of Glencore are now writing articles trumpeting the potential of Glencore’s acquisition offer.

For the rest of this article: