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.
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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.
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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 Buys
Glencore International (GLEN)
Director name: Mr Ivan Glasenberg
Amount purchased: 2,830,000 @ 356.65p
Value: £10,093,195
RSM Tenon Group (TNO)
Director name: Mr Tim Ingram
Amount purchased: 1,000,000 @ 5.25p
Value: £52,500
Renew Holdings (RNWH)
Director name: Mr Roy J Harrison
Amount purchased: 50,000 @ 74.00p
Value: £37,000
Bank of America Corp. (BAC)
Director name: Mr Donald E. Powell
Amount purchased: 4,115 @ $7.25
Value: $29,834
Halfords Group (HFD)
Director name: Mr Dennis H Millard
Amount purchased: 7,500 @ 249.10p
Value: £18,682
Debenhams (DEB)
Director name: Mr Simon Herrick
Amount purchased: 13,000 @ 77.41p
Value: £10,063
Top Director Sells
British American Tobacco (BATS)
Director name: Mr John Daly
Amount sold: 40,000 @ 3,100.00p
Value: £1,240,000
