Glencore’s Kalmin to become Australia’s newest billionaire

Glencore, the world’s largest commodity trader, in its initial public offering next month in London and Hong Kong which values the company at approximately US$60 billion will also create Australia’s newest billionaire, Steven Kalmin. Kalmin is the Australian chief financial officer for Glencore. With the IPO, Kalmin’s personal worth will increase to US$1.5 billion. Glencore’s other top 12 executives will share about 31% of the stock, with an average worth of US$1.55 billion. (April 13,2011)