Glencore was Radiant World’s ‘senior partner,’ executive says
Glencore has been described as Radiant World's "senior partner" by an executive, according to a recent interview with Bloomberg. Rakesh Sethi, chairman of Sapphire Minmetals Corporation, explained that Glencore's relationship with the Radiant World network was driven by the company's desire to increase its iron ore trading volumes.
This partnership was beneficial for both parties, as Glencore sought more market control and customer base. Sapphire was part of Radiant World until 2015, and despite being legally separate entities, both companies have acknowledged their close working relationship. The interview sheds light on the complexities surrounding Glencore's dealings with Radiant World and related companies, which have led to a US$480 million provision for the company, one of its largest trading losses in history.
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