Glencore

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Glencore International AG, a privately-owned company organised under the laws of Switzerland and, together with its subsidiaries ("Glencore") is a leading, diversified natural resources group with worldwide activity in the mining, smelting, refining, processing and marketing of metals and minerals, energy products and agricultural products. Glencore is engaged in the physical trading of commodities on a global basis, purchasing physical commodities as principal, mostly from producers and selling and delivering these commodities to industrial consumers such as car manufacturers, steel mills, public utilities and flour mills. Glencore also provides financing, logistics, marketing and purchasing services to producers and consumers of commodities. These activities are supported by strategic investments in industrial assets relating to Glencore's core physical trading business. Turnover for the 2001 fiscal year was US$ 44,5 billion, Total Assets were US$ 10,8 billion and Total Shareholder's Equity was US$ 2,3 billion at 31 December 2001. Glencore International AG is rated BBB+ and Baa2 by Standard & Poor's and Moody's respectively.