|Bid||0.0000 x 0|
|Ask||0.0000 x 0|
|Day's Range||4.0900 - 4.1000|
|52 Week Range||3.3800 - 5.4200|
|Beta (3Y Monthly)||1.00|
|PE Ratio (TTM)||17.25|
|Forward Dividend & Yield||0.20 (4.96%)|
|1y Target Est||N/A|
India's antitrust watchdog raided units of global commodities trader Glencore and two other firms in Mumbai on Saturday in an inquiry into alleged collusion on the price of pulses, four sources with knowledge of the raids told Reuters. More than 25 antitrust officials carried out the raids at the offices of local units of Glencore and Africa's Export Trading Group, and India's Edelweiss group which previously had a commodities business, two government sources told Reuters. The Competition Commission of India (CCI) has been investigating allegations that the companies formed a cartel to discuss the pricing of pulses while importing and selling them in the Indian market at higher prices in 2015 and 2016, when India faced an acute shortage, the sources said.
Rio Tinto Group last year became the first major miner to stop digging up coal altogether. Glencore Plc, historically one of the commodity’s most vocal boosters, has promised to cap production at current levels. “We have a portfolio free of coal and oil and gas,” Rio’s Chief Executive Officer Jean-Sebastian Jacques told investors after annual results last month.
HNA is seeking a valuation close to the $775 million it agreed to pay for the stake in its 2017 deal with Glencore Plc, the people said. It’s also aiming to sell airport-cargo handler Swissport International as well as container-leasing business Seaco and aircraft-maintenance firm SR Technics, Bloomberg News has reported. Deliberations about a possible sale of HG Storage are at an early stage, and HNA could still decide against a deal, the people said.
Climate campaigners and their growing allies among big investors appear to be on a roll. Scores of other listed fossil fuel companies are facing a proliferation of demands from investors and campaigners to commit to stronger action on climate.
Glencore said trade barriers are its "foremost risk", but climate, political, legal and other potential dangers have become more pressing for the mining and trading group. Glencore's annual report published on Friday said it was seeking to mitigate its risks through conservative spending and strict compliance after it said in February it would limit its coal capacity. Risk is high on the agenda for mining companies after the Vale dam burst in Brazil in January provided a stark reminder of the potential dangers.
The meeting comes after relations between mining companies and the government deteriorated last year, when former President Joseph Kabila backed an overhaul of Congo’s mining code that hiked royalties and imposed new taxes. Tshisekedi replaced Kabila Jan. 24 after winning elections in December.
Now, prices are in free fall and mining companies are taking the financial hit. In the case of cobalt, it was Elon Musk’s vision of electric cars gaining mass appeal and an ensuing rush of money to bet that the world will need a lot more cobalt, a critical component of lithium-ion batteries. Instead, the surge in cobalt prices triggered a boom in supply from the Democratic Republic of Congo.
Rodrigo Berkowitz, accused in Brazil of belonging to a group of traders who took more than $31 million in bribes, is charged with conspiracy to commit money laundering, according to court papers. Berkowitz, who is based in Houston, is cooperating with U.S. authorities. Berkowitz isn’t identified by name on the court docket but is the “John Doe” in a pending case before U.S. District Judge Raymond Dearie in Brooklyn, New York, according to the person, who spoke on the condition of anonymity because the matter isn’t public.
A former U.S.-based oil trader sought in Brazil over a multimillion-dollar bribery scheme involving commodities traders Vitol, Glencore and Trafigura has agreed to plead guilty to conspiracy to commit money-laundering in the United States, court records show. The plea is part of a cooperation agreement by a key figure in Brazil's "Car Wash" probe into corruption at state-run oil company Petroleo Brasileiro SA, according to people familiar with the matter. Rodrigo Garcia Berkowitz, who worked as a trader for Petrobras in Houston until last year, waived an indictment and offered to plead guilty to the charge, according to documents filed in U.S. District Court in Brooklyn.
After last month's deadly tailings dam disaster at a Vale SA facility in Brazil, Freeport-McMoRan Inc Chief Executive Richard Adkerson sent a memo to his 29,000 employees telling them to immediately report any safety concerns about the scores of dams his company operates. The disaster, which killed more than 300, has sparked a push to set global standards for the construction and inspection of tailings dams, which store the muddy detritus of the mining process, as well as emergency preparations. Freeport, the world's largest publicly traded copper producer, spends several hundred millions of dollars per year on tailings dams upkeep and has not had a tailings dam failure since it acquired Phelps Dodge in 2007.
First there was a court ruling blocking a new mine on climate change grounds, then one of the world’s largest producers Glencore Plc capped output growth, and finally China was seen to be slowing down Australian imports. The developments are symptoms of the fuel’s decline and likely signal headwinds for the industry in Australia, the world’s second-biggest supplier of coal used for power generation and steel making, where the government estimates some A$70 billion ($50 billion) of new projects are in the pipeline. “They’re probably game-changing events from what we once knew of coal,” said David Lennox, a mining analyst at consultancy Fat Prophets.
The world's largest miners said on Tuesday they will sponsor an independent review to set global standards for tailings dam design and maintenance following last month's deadly disaster at a Brazilian facility controlled by Vale SA. The International Council on Mining and Metals, an industry trade group whose members include Glencore Plc, BHP Group Ltd and 25 others, said a committee will review and set standards by the end of the year for the classification and audit of tailings dams, as well as emergency response. Currently there are no established global mining industry standards defining what a tailings dam is, how to build one and how to care for it after it is decommissioned.
Glencore has lodged a complaint with the London Metal Exchange (LME) about the company's inability to take speedy delivery of aluminum from warehouses owned by ISTIM UK in Port Klang, Malaysia, two sources familiar with the matter said. London-listed commodity trader and miner Glencore bought 200,000 tonnes of aluminum on the LME late in January and made preparations to take that metal from ISTIM's warehouses. Metal entering the LME's global warehouse storage network is issued with a title document called a warrant.
PLC mining company in the Democratic Republic of Congo crashed and spilled sulfuric acid on two vehicles, killing about 20 people. The incident took place on Feb. 20, according to the Glencore copper company, Mutanda Mining Sarl, which employed the contractor. Sulfuric acid is commonly used by mining companies in the process of refining copper ore.
Key government ministers took to the airwaves Friday to dismiss a report that Dalian Port Group has imposed an indefinite ban on Australian coal. While quotas and testing has slowed down shipments in some areas, there’s no indication Australia has been singled out, Trade Minister Simon Birmingham said. “We have no basis to believe that there is a ban on Australian coal exports into China,” Birmingham said.
A Reuters report Thursday that the northern port of Dalian had banned imports from China’s biggest supplier of the black stuff sent ripples through global markets, driving the Australian dollar down as much as 1.3 percent after a whipsawing day of trade. London-listed shares in Glencore Plc, Anglo American Plc and BHP Group fell 3.2 percent, 1.5 percent and 2 percent respectively. The obvious fear is that Canberra’s increasingly rocky relationship with Beijing could be prompting more widespread import curbs, not unlike China’s brake on U.S. agricultural exports since the trade war began.