Glencore International AG, the commodity trader that’s considering an initial public offering, may grow to rival the world’s largest mining companies, according to investor Nathaniel Rothschild.

The Baar, Switzerland-based company is at a “crossroads” in its development, said Rothschild, who bought $40 million of Glencore bonds convertible into shares upon an IPO. Glencore said last month it sold as much as $2.2 billion of the bonds.


Commodities are still a “huge area” of interest for Rothschild, he said. He’s buying $100 million of stock in United Co. Rusal, the Russian aluminum producer controlled by Oleg Deripaska, which is planning an IPO this month.

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