Abstract
When BHP and Billiton merged in 2001, Billiton’s chief financial officer, Mick Davis, found himself without a job, or at least one he wanted. So, in October that year, he joined Xstrata, a small Swiss-based company with a few zinc and ferroalloys assets in Australia and South Africa, as chief executive officer (CEO). The company was majority owned by Swiss trader Glencore International. In March 2002, Xstrata listed on the London Stock Exchange (LSE) and raised $1.4 billion of new equity. With these funds, it purchased Glencore’s thermal coal assets, again mostly in Australia and South Africa.
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Notes
How Xstrata Won Falconbridge, National Post, undated (likely late 2006), available at www.financialpost.com
The idea of globalisation spawned an extensive literature. One of the best contemporary books on the subject was T.L. Friedman (2006) The World is Flat (Penguin Books).
PwC (2008) Mine: As Good as It Gets? PricewaterhouseCoopers.
D. Humphreys (2014) ‘The Mining Industry and the Supply of Critical Minerals’ in G. Gunn (ed.), Critical Metals Handbook (Chichester, West Sussex, UK: American Geophysical Union and Wiley), p.26.
PwC (2014) Mine: Realigning Expectations, PricewaterhouseCoopers.
PwC (2014) Mine: Realigning Expectations, PricewaterhouseCoopers.
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© 2015 David Humphreys
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Humphreys, D. (2015). An Industry Transformed. In: The Remaking of the Mining Industry. Palgrave Macmillan, London. https://doi.org/10.1057/9781137442017_6
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DOI: https://doi.org/10.1057/9781137442017_6
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