Glencore copper chief Telis Mistakidis to step down at the end of the year amid management reshuffle

Glencore's billionaire copper chief Telis Mistakidis is to step down at the end of the year amid a wider management reshuffle at the mining company.

Mistakidis, a Greek billionaire who began working at Glencore in the early 1990s, will be replaced by Nico Paraskevas.

The management shakeup comes as the mining giant faces a probe by the US Department of Justice (DOJ) over its activities in the Democratic Republic of Congo (DRC).

In the summer the DOJ demanded documents about Glencore's activities in the DRC, Venezuela and Nigeria as part of a corruption investigation. The DOJ wanted to see documents and records relating to compliance with the US foreign corrupt practices act and money laundering.

The management change will see Peter Freyberg, currently head of global coal assets, switch to the newly created role of head of industrial mining assets. 

Gary Nagle will take up Freyberg's old position, while Japie Fullard has been appointed head of ferroalloys assets, replacing Stuart Cutler who will retire at the end of the year.

Jason Kluk and Ruan Van Schalkwyk have been appointed as joint heads of ferroalloys marketing.

Shares were up nearly six per cent at the time of writing.