Rock-solid logic backs Glasenberg’s stand

Ivan Glasenberg’s willingness to sacrifice the size of his projects stems from a critical philosophical difference to other miners. But Glencore Xstrata will also benefit disproportionately from tighter market supply.

Ivan Glasenberg is being hailed by cash-hungry investors as an industry leader because of his declared antipathy towards greenfields investment and his intense focus on carving into Glencore Xstrata’s cost base and capital expenditures. Given the nature of the portfolio he acquired through the takeover of Xstrata, however, he probably doesn’t have a lot of choice.

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