[miningmx.com] – IVAN Glasenberg, CEO of Glencore, complained that unstinting supply of metals by the Swiss firm’s rival companies was behind the weak performance of his company’s share price.
“Unfortunately our competitors in the world have produced more supply than demand and commodity prices are down for that reason,” Glasenberg said at the company’s annual shareholders meeting attended by Reuters.
“I am doing my level best to convince my competitors that we should understand the world’s demand and supply,” Glasenberg added. In US dollar terms, Glencore’s share price was down 6% since the start of 2014 compared to declines of 10% for Rio Tinto, 12% for Anglo American, and 16% for BHP Billiton.
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