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“They submitted a request,” Jean Baptiste Nkongolo Kabila, director general of Congo’s custom’s agency, said Thursday by phone. Katanga Mining Ltd., which is controlled by Glencore, said in a statement earlier Thursday it had been blocked on Nov.9 from exporting copper and cobalt from Congo over a dispute around payments on copper that was never actually mined years ago. The Congo government is asking for $129.8 million to settle the dispute, a number rejected by Katanga.
In the latest twist, Katanga Mining Ltd., in which Glencore owns 86 percent, said it’s been blocked from exporting copper and cobalt from the Congo over a dispute around payments on copper that was never actually mined years ago. Katanga Mining and its Kamoto copper and cobalt mine is one of Glencore’s most important growth projects. The Congo government is asking for $129.8 million to settle the dispute, a number rejected by Katanga.
Chile's copper production from January to September this year jumped 7.3 percent from a year earlier, boosted by a sharp increase in production at BHP's Escondida copper mine. Chile, the world's top copper exporter, produced 4.25 million tonnes of copper in the first nine months of 2018. Escondida, in northern Chile, produced 950,900 tonnes through September, up 57.8 percent from the same period in 2017, when a strike shut down the mine for more than 40 days.
“It’s nice to finally have some positive news in the market,” Gordon Buchanan, a senior trader at Stratton Metal Resources, said by phone from London. Glencore has a long history of curtailing supply to meet demand, and has long criticized rivals for producing too much and depressing prices. As supply increased, mined products like cobalt hydroxide traded at widening discounts.
Katanga Mining Ltd., controlled by Glencore, said Tuesday it will build an ion exchange system to remove uranium, which is expected to cost about $25 million and be ready by the end of the second quarter. There has been a supply-side response to a spike in cobalt prices, fueled by bullish expectations of growth in electric vehicles.Katanga accounts for about a quarter of Glencore’s African cobalt production, with 6,500 metric tons of the metal being mined in the first nine months of the year. Glencore produced 25,700 tons in Congo in that period.Glencore has been ramping up cobalt supply this year amid a boom in batteries, boosting production by 44 percent in the first nine months.
Despite making a lot of noise about its electric vehicle-focused mines such as nickel, copper and cobalt, Glencore has continued to buy more coal assets, adding rival Rio Tinto’s Australian operations to its portfolio this year. Coal-mining profit will eclipse copper earnings -- which are forecast by analysts to be about $5.5 billion -- for the first time since the trading house sold shares in London in 2011.
Recent mine acquisitions have helped Glencore Plc (GLEN.L) achieve 50 percent more cost savings in its coal business than it had targeted, the world's biggest exporter of coal for power plants said on Wednesday. Glencore had expected to achieve annual cash savings of more than $300 million in its coal business by the end of 2018 in a two-year cost-cutting drive, but on Wednesday said it now expects savings of more than $450 million by year-end. The company now expects its mine unit costs to fall to $49 a tonne in 2019, from a forecast of $52 for 2018, from its operations in Australia, Colombia and South Africa, it said in a presentation to analysts on a tour of its Australian coal mines.
The London-listed miner and commodities trader, which posted record half-year earnings in August, said then it had been facing higher costs and weak prices for cobalt and other byproducts. Glencore's copper production rose by 116,600 tonnes to 1,063,100 tonnes from the start of this year and cobalt output jumped 8,700 tonnes to 28,500 tonnes. Rival Anglo American (AAL.L) on Tuesday said its copper production rose 17 percent, helped by an overall increase in productivity as each employee has been 5 percent more productive this year than in 2017.
Glencore Plc on Friday reported a 12 percent rise in copper production so far this year, while cobalt production rose 44 percent, boosted by the restart of Katanga's processing operations in the Democratic Republic of Congo. The London-listed miner and commodities trader, which posted record half-year earnings in August, said then it had been facing higher costs and weak prices for cobalt and other byproducts. Glencore's copper production rose by 116,600 tonnes to 1,063,100 tonnes from the start of this year and cobalt output jumped 8,700 tonnes to 28,500 tonnes.
Among the assets Barrick will acquire in the $5.4 billion deal for Randgold is Kibali, a mine Bristow built from scratch in the Democratic Republic of Congo. While that operation has been a crowning achievement for Randgold, it’s set to challenge Bristow’s trouble-shooting skills even before he takes over as chief executive officer of the enlarged company.
Glasenberg discussed his succession plan in recent meetings and said he has started training three to four front runners as the next chief executive officer, said the people, who asked not to be identified because the conversations were private. Glasenberg, who turns 62 in January, anticipates retiring between the ages of 65 and 67, and believes the next leader should come from a younger generation, the people said. A spokesman for Glencore declined to comment.
(Reuters) - Glencore Plc said its chairman Tony Hayward will no longer be attending the Future Investment Initiative conference in Saudi Arabia, confirming a report in the Financial Times. He is the latest ...
The mine's workforce will be reduced to 930 from 1360, said Glencore, which bought the mine from Rio Tinto (RIO.AX) (RIO.L) in March. The miner, which began operational management of Hail Creek from Aug. 1, said it would introduce a seven days on, seven days off roster system, meaning that employees at the mine would work 7 days and take the next 7 days off. The company also said it would reconfigure the mining methods it uses at Hail Creek and expects the process to be phased in over the next 18 months, with majority of the changes expected to be in place by the second quarter of 2019.
Let's put Glencore Plc (GLNCY) stock into this equation and find out if it is a good choice for value-oriented investors right now.
Glencore Plc (GLEN.L) faces at least two lawsuits by U.S. shareholders accusing the big Anglo-Swiss mining company of having made false and misleading disclosures before it received a subpoena in a corruption probe, and its stock tumbled. The lawsuits were filed on Monday with the U.S. District Court in Newark, New Jersey, and on Wednesday after market hours with the U.S. District Court in Manhattan. Glencore did not immediately respond after market hours on Wednesday to requests for comment.
David Herro, chief investment officer for international equity at Harris Associates, discusses his holding in Glencore Plc. and why he thinks it's a good stock to own. He speaks on "Bloomberg Surveillance." ...
The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy. - The United States and China slapped levies on $34 billion of ...
European shares gained ground at the open as investors prepared for the Federal Reserve minutes to gauge signals about the pace of future rate increases, while the auto sector surged on a report of tariff talks between the U.S. and Europe. Glencore Plc rose 2.5 percent after announcing it’ll buy back as much as $1 billion of its shares. A gauge for the automakers gained 2.4% after Handelsblatt reported the U.S. Ambassador to Germany told the country’s automakers he was asked by Washington to reach a solution between Berlin and Brussels on car tariffs.
shares plunged Tuesday after the world's biggest commodities trader said it had received a subpoena from the U.S. Department of Justice seeking documents related to the Foreign Corrupt Practices Act and money laundering statutes. Glenore said the DOJ subpoena, dated July 2, relates to its business in Nigeria, the Democratic Republic of Congo (DRC) and Venezuela and covers an eleven year period from 2007 to the present. Glencore shares fell more than 12.5% in London trading immediately following news of the subpoena receipt, the steepest one-day decline in three years, to change hands at 305.5 pence each, the lowest level since July 11.
Japan's Tohoku Electric Power Co Inc and Glencore Plc have abandoned talks on annual thermal coal supplies after failing to reach an agreement, the first time in decades the talks have broken down. Tohoku Electric said on Tuesday that the negotiations with Glencore, the world's biggest exporter of seaborne thermal coal, ended without an agreement after protracted negotiations on supplies from April 2018 to March 2019.
Glencore Plc has set its ambitions on expanding in South Africa, the homeland of its chief Ivan Glasenberg. As the company’s former business partner and new President Cyril Ramaphosa promises an economic recovery, Glencore is reaping profits from coal and chrome assets as prices rise. The company announced in October a $1 billion deal to buy Chevron Corp.’s oil refining and fuel service stations in South Africa and considered a bid for the Optimum coal mine.