BY ANDREW PEAPLE
Glencore International's surprises are only just beginning. The Swiss company's plan for a flotation of up to $11 billion was widely expected. But investors assuming Glencore makes most of its profits from smart bets on commodity prices need a rethink. Instead, Glencore looks increasingly like a mining company with a sophisticated logistics operation on top. That makes Glencore's mining assets arguably more important than its trading operations when it comes to valuation.
Glencore has built its mining and energy asset ...
Email
Printer Friendly
Order Reprints
![[SECURITY]](http://web.archive.org/web/20110422063425im_/http://si.wsj.net/public/resources/images/WO-AF336_SECURI_C_20110421181448.jpg)
![[PALINGUY]](http://web.archive.org/web/20110422063425im_/http://si.wsj.net/public/resources/images/NA-BL195_PALING_C_20110421175027.jpg)
![[MISRATA]](http://web.archive.org/web/20110422063425im_/http://si.wsj.net/public/resources/images/WO-AF326_MISRAT_C_20110421181324.jpg)
![[STORM]](http://web.archive.org/web/20110422063425im_/http://si.wsj.net/public/resources/images/NA-BL204_STORM_C_20110421184914.jpg)
![[TV_REVIEW]](http://web.archive.org/web/20110422063425im_/http://si.wsj.net/public/resources/images/WK-AX600_TV_REV_C_20110421145620.jpg)
Most Recommended
“It's not so much experiencing...;”
“I didn't like the old Obama but...;”
“As usual, Blinder doesn't know...;”
“I didn't like him then and I...;”
“People aren't going to vote...;”