Agriculture trading boss Chris Mahoney of the world’s biggest commodities trader Glencore was quoted as saying “The environment is a good one. High prices, lots of volatility, a lot of dislocation, tightness, a lot of arbitrage opportunities.
“We will be able to provide the world with solutions…and that should also be good for Glencore.” he was quoted as saying during a business conference call.
The Glencore bosses words have exposed the trader’s eagerness to exploit the soaring prices of the escalating global food crisis and droughts. The remarks have prompted fury across the globe with charities, aid agencies and governments.
The UN’s Food and Agriculture senior economist Concepcion Calpe told The Independent “Private companies like Glencore are playing a game that will make them enormous profits.”
A statement from Oxfam said Glecore was “profiting from the misery and suffering of poor people who are worst hit by high and volatile food prices…If we are going to fix the ailing food system then traders must be part of the cure.”
Former UN employee and global food trade expert Raj Patel told The Guardian “They are millionaires making money from other people’s misery caused by the drought. It’s the sad fact of how the international food system – that they pushed for and our governments gave to them – works.”
A spokesperson for Glencore said “Regardless of the business environment, Glencore is helping fulfil global demand by getting the commodities that are needed to the places that need them most.”
Glencore recently announced pre-tax profits of $2.2 billion (£1.4 bn).
Main image: Ivan Glasenberg, CEO of Glencore International (Getty)
