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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.” “The Chinese are very aware of the strategic dimension of sourcing commodities,” says Jean-Francois Lambert, a consultant and former trade finance banker. “The polarization in global politics makes it even more strategic for them to be there rather than relying on third parties.”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.
He arrived at IXM at a low point for the company, with profit last year falling to the lowest in years as higher interest rates hit metals traders across the industry. Still, the company’s profit before tax is back on track this year to reach the $200 million that has been a high watermark until now. As the business grows, Ives says, he plans to “blow through those figures.”
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