Glencore's Glasenberg buys another round

11th Jun 2012 15:49

Ivan Glasenberg, the Chief Executive Officer at Glencore International, has stayed true to his word and made another significant share purchase using part of the money he received from the firm's latest dividend payout. The director bought 2.83m shares at an average price of 356.65p for a total of £10m, a slightly smaller number of shares bought at a higher price than that seen in Glasenberg's previous purchase. This most recent purchase was announced on Monday, the same day the mining giant completed the purchase of a majority interest in Namibian zinc mining group Rosh Pinah Zinc Corporation. Rosh Pinah operates an underground zinc/lead mine in south-western Namibia, 800km south of the capital Windhoek. In 2011, the mine produced 89,000 tonnes of zinc concentrate and 16,000 tons of lead concentrate in 2011. Glencore, which now owns an 80.08% stake in the firm, said in a statement on Monday that an intensive on-mine exploration is ongoing to add to the total mineral resource base of eight million tonnes. No financial information relating to the acquisition was disclosed. Glasenberg earned just under a whopping $110m in the latest dividend payout on Friday 1st. Glencore is currently in the process of a merger with sector peer Xstrata. If the combination is approved, Glasenberg will own around 9.0% of the combined stock. Top Director BuysGlencore International (GLEN) Director name: Mr Ivan GlasenbergAmount purchased: 2,830,000 @ 356.65p Value: £10,093,195RSM Tenon Group (TNO) Director name: Mr Tim IngramAmount purchased: 1,000,000 @ 5.25p Value: £52,500Renew Holdings (RNWH) Director name: Mr Roy J HarrisonAmount purchased: 50,000 @ 74.00p Value: £37,000Bank of America Corp. (BAC) Director name: Mr Donald E. PowellAmount purchased: 4,115 @ $7.25 Value: $29,834Halfords Group (HFD) Director name: Mr Dennis H MillardAmount purchased: 7,500 @ 249.10p Value: £18,682Debenhams (DEB) Director name: Mr Simon HerrickAmount purchased: 13,000 @ 77.41p Value: £10,063Top Director SellsBritish American Tobacco (BATS) Director name: Mr John DalyAmount sold: 40,000 @ 3,100.00p Value: £1,240,000