Glencore is unwilling to build projects and most other miners are trying to find lower-cost development routes.

Glencore also has extensive direct interests in mining companies including a 35 per cent of the London-listed Xstrata.

嘉能可还在矿业企业中持有大量直接股权，包括在伦敦上市公司xstrata所持35%股权。

Glencore dwarfs its rivals in terms of size and the number of raw materials it trades.

在规模和交易的原材料种类方面，嘉能可的竞争对手都相形见绌。

Glencore and the cornerstone investors declined to comment.

嘉能可以及基础投资者均拒绝置评。

But Glencore shareholders have to believe it if their company pursues this merger at current share prices.

但如果公司寻求在当前股价水平上实现合并的话，嘉能可的股东必须相信这一点。

Glencore said on Sunday its overall positions in grains had mixed "outcomes" in 2010.

嘉能可周日表示，从整体上看，其2010年谷物头寸的“结局”喜忧参半。

Glencore added another worry this week, when it revealed its share in a number of raw materials markets.

嘉能可上周披露了自己在一些原材料市场中占据的市场份额，这些数字又让人们多了一层担忧。

Hong Kong-listed Glencore shares jumped 5.5 per cent to HK$ 53.45.

在香港上市的嘉能可股票大涨5.5%，收于53.45港元。

Instead, combining Xstrata and Glencore creates the first mega vertically integrated commodities business.

实际上，斯特拉塔和嘉能可进行合并，将缔造出第一家庞大的垂直整合型大宗商品交易企业。

He has, however, promised not to sell a single share while he works for Glencore.

不过，他已经作出承诺，在为嘉能可效力期间，不会出售任何公司股票。

Glencore, however, saw that plant as critical for its businesses, according to people familiar with the situation.

而知情人士透露，嘉能可认为该冶炼厂对于其业务极为重要。

Glencore stopped supply in late 2009, breaking a relationship with Iran of more than three decades.

嘉能可于2009年末停止供应，中断了与伊朗30多年的关系。

Xstrata spiked 9.9 per cent, while Glencore rose 6.9 per cent.

斯特拉塔股价上涨了9.9%，而嘉能可股价上涨了6.9%。

CIF will also have the option to sell its share of iron ore to Glencore.

CIF还有权将归于自己的那部分铁矿石出售给嘉能可。

Glencore expects to price its IPO around May 19, becoming a public company a few days later.

嘉能可预计将在5月19日前后确定其ipo发行价格，并于其后数日上市。

But the higher figure also reflects the fact that Glencore does speculate in the market from time to time.

但较高的风险偏好也反映出，嘉能可的确不时在市场中进行投机活动。

Glencore was one of the 16 parties fined in the EU case.

在欧盟的这件案子中，嘉能可是遭到罚款的16家公司之一。

Glencore has not yet reported full-year production data.

嘉能可（Glencore）尚未公布全年产量数据。

Glencore believes it would be able to return with a fresh offer later.

嘉能可相信，以后它能够以一个新的要约重新实施收购。

Standard life also owns a 0.3 per cent stake in Glencore.

标准人寿也持有嘉能可0.3%的股份。

Oonly four fillies ever ran.

只有四匹小雌马参赛过。