Glencore looks increasingly like a mining company with a sophisticated logistics operation on top. That makes the Swiss company's mining assets arguably more important than its commodities-trading operations when it comes to valuation.

Glencore International's surprises are only just beginning. The Swiss company's plan for a flotation of up to $11bn was widely expected. But investors assuming Glencore makes most of its profits from smart bets on commodity prices need a rethink. Instead, Glencore looks increasingly like a mining company with a sophisticated logistics operation on top. That makes Glencore's mining assets arguably more important than its trading operations when it comes to valuation.