Television deals, ratings generate record-setting NFL revenueAwareness still at disadvantage in decades-long battle for tennis pay equity -- When Kenny Ives took over as boss of the trading arm of one of China’s top miners, his model was clear: “23 years at Glencore, and I loved it. So why would I do it differently?”
“IXM were proud to be number three,” Ives said in an interview this week, speaking publicly for the first time since he was hired as CEO. “But CMOC and myself and the senior management team, we have aspirations to be more.” IXM, originally the metals business of agricultural trader Louis Dreyfus Company, started out as a trader of concentrates, or semi-processed ores bought from mining companies.By the time LDC sold it in 2018, it was largely focused on generating profit from proprietary trading – betting on geographical and time spreads – while the business of buying, selling and transporting physical raw materials took a back seat, Ives says.
For now, the company is still much smaller than Trafigura and Glencore, which dominate the world of metal trading. It traded 6.3 million tons of non-ferrous metals and concentrates last year, compared to 23.3 million at Trafigura and about 17 million at Glencore. Still, some are sceptical that it will be possible to build a world-beating trading house under Chinese ownership.