The HC Commodities Podcast Schism & Domination: Founding Trafigura & Glencore: Mark Crandall Part 2
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Nov 5, 2025 Mark Crandall, a veteran commodities trader and co-founder of Trafigura and Glencore, shares his insights on the birth of these trading giants. He delves into the pivotal moments that led to their founding, including Mark Rich's vision and the impact of leadership exits. Crandall discusses how owning assets transformed trading houses, creating dominant figures in the industry. He also examines barriers for new competitors and the evolving roles of traders in today's market, along with the future of commodities in a transitioning energy landscape.
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Buying Assets To Anchor Trading
- Mark Rich pioneered buying commodity-related assets by converting a cash-shell Swiss company into a commodity investor.
- That move seeded what became Extrata and later was absorbed back into Glencore.
How Glencore Emerged From A Buyout
- A rapid chain of resignations at Marc Rich&Co triggered a negotiated buyout and renaming to Glencore.
- The group used an internal cash-funded purchase plan and set a threshold to change the company name once Mark's stake fell below 50%.
Trafigura's Scrap-First Origin
- Claude Dauphin left to run his inherited scrap business and founded Trafigura with close colleagues focused initially on scrap metal.
- They chose a neutral, pronounceable name (Trafigura) and expanded into Hungary, Romania and beyond.