Glencore Has Taken a Provision on Radiant World Exposure

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August 5, 2026 - 08:57

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(Bloomberg) — Glencore Plc said it has taken a provision on its exposure to iron ore trader Radiant World but that the exposure was not material to the company.Chief Executive Officer Gary Nagle told journalists on Wednesday that Glencore had stopped doing any new business with Radiant World and had taken “some provision” on its exposure to the company. He declined to specify the size of the provision.Glencore still has some pre-existing contracts with Radiant World with some “outstanding items,” he said. The company is seeking to “address them in a legally compliant manner,” Nagle said.Bloomberg reported last week that several major commodity traders had stopped dealing with Radiant World amid concerns it provided banks with falsified documents about iron ore trades. Vitol Group and Cargill Inc. had done no business with Radiant World for several months, while Glencore was not entering into any new business with Radiant World, Bloomberg reported.At the time, a spokesperson for Radiant World said that Bloomberg’s reporting was “categorically untrue” and that the company’s trading relationships were “healthy and uninterrupted.”A representative for Radiant World had no immediate comment on Nagle’s statement on Wednesday.Little known outside the Singapore-focused world of iron ore trading, Radiant World has risen rapidly within it to become one of the largest traders of the steelmaking commodity.Its growth has been aided by backing from Glencore, which had become a key counterparty in many of Radiant World’s trades, supplying large volumes of ore, especially from Brazil, Bloomberg reported last year.Glencore routinely held a large financial exposure to Radiant World in the hundreds of millions of dollars, Bloomberg reported at the time citing people familiar with the matter, with the larger trader often receiving full payment for the cargoes only when Radiant World had found buyers for them in the Chinese market.(Updates with additional background.)©2026 Bloomberg L.P.