GLEN.L - Glencore plc

LSE - LSE Delayed Price. Currency in GBp
233.65
+2.80 (+1.21%)
At close: 4:35PM BST
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Previous Close230.85
Open231.05
Bid234.70 x 0
Ask234.80 x 0
Day's Range229.30 - 234.80
52 Week Range188.51 - 343.60
Volume28,727,457
Avg. Volume43,924,032
Market Cap31.434B
Beta (3Y Monthly)1.02
PE Ratio (TTM)37.69
EPS (TTM)6.20
Earnings DateFeb 19, 2019 - Feb 25, 2019
Forward Dividend & Yield0.16 (7.02%)
Ex-Dividend Date2019-09-05
1y Target Est4.95
  • Financial Times

    Trafigura bets on Congo even as Glencore shuts mine

    Swiss commodity trader Trafigura is helping to finance a $450m Congolese copper and cobalt facility even as Glencore prepares to shut its mine in the resource-rich African country. Trafigura is part of a consortium including the First Bank of Nigeria and Africa Finance Corporation that is backing a processing plant at the Mutoshi mine in the Democratic Republic of Congo, according to two people familiar with the financing. Since Glencore announced in August it was shutting Mutanda, cobalt prices have rebounded by 45 per cent to $17.7 a pound, according to Fastmarkets.

  • Bloomberg

    Warren’s Pregnancy Discrimination Story Is No Outlandish Tale

    (Bloomberg Opinion) -- A core biographical element of Elizabeth Warren’s stump speech — that in the 1970s she lost a job as a public school teacher when her pregnancy became apparent — came in for scrutiny this week after a conservative website, the Washington Free Beacon, went hunting through 1971 New Jersey school board records.Never mind that the records don’t contradict Warren’s story, or that it took place years before the national Pregnancy Discrimination Act of 1978, or that other teachers at her school told CBS that there was a “rule” that pregnant teachers had to leave once they started to show. The doubts raised about this story create a cloud of dishonesty around Warren, just as the Ukraine affair stirs up a murk of corruption around Joe Biden. That’s the way politics works in 2019: Mud doesn’t have to be real to stick to you.But the mudslinging at Warren’s early-career story of pregnancy discrimination is particularly pernicious, because it besmirches not only her, but also all working women. More than 80% of women become mothers, and most have jobs when they find out they’re pregnant. Nonmothers may be seen by employers as “potential mothers” — hence the how-are-we-still-discussing-this advice that a woman should remove her wedding ring before a job interview. The accusation that Warren lied will gain traction because many people believe a bigger lie — that claims of pregnancy discrimination and sexism are exaggerated.But to this day, significant bias against mothers and mothers-to-be persists. Writing in Harvard Business Review, Joan C. Williams and Amy Cuddy observe that although people generally understand that explicitly stating their biases at work is a bad idea, “many remain surprisingly open about their bias against one subset of employees: caregivers, particularly working mothers.”A study led by Shelley Correll at Cornell and published in 2007 found that mothers were expected to be more credentialed and committed than other employees, but offered less money: $11,000 less than childless women and $13,000 less than fathers. Mothers were half as likely to be hired as equally qualified nonmothers were. These findings align with decades of research finding that mothers and visibly pregnant women are seen as less competent than childless women, while fathers pay no such price. The gender pay gap widens so much with a first child — starting in the year before the birth — that many researchers have concluded it’s essentially a motherhood penalty.Pregnant women often find that discrimination begins as soon as they disclose their pregnancy, or, as in Warren’s case, as soon as they can no longer hide it. Erin Murphy’s boss at Glencore told her during a performance review that she was “one of the hardest working” people on the team, as well as “diligent, conscientious and determined.” After she got pregnant with her first child, he told her it would “definitely plateau” her career, something he seems to have personally ensured.For lower-earning women, announcing a pregnancy can lead not to a plateau, but a cliff. The Center for Work Life Law issued a report in 2011 — 40 years after Warren lost that job — finding that such women can still lose their jobs with shocking speed. A receptionist at a day spa was fired within hours of sharing the happy news; a telephone operator the following day; a restaurant worker within two weeks. According to complaints filed, the women’s managers justified these actions by saying the pregnant women were “too moody” or “less agile,” explaining that they were coming up on a busy season or protesting that they couldn’t afford to offer even an unpaid leave. One boss simply blurted, “That’s not going to work.”Bigger, better-lawyered companies tend to be savvier about how they go about this, stopping short of “firing,” but the results are the same. Rachel Mountis was an award-winning salesperson for Merck, and in 2009 was promoted for her stellar results. The next year, though, she became pregnant, and the company laid her off only weeks before her due date, calling it a downsizing. In 2017, pregnant Walmart warehouse employee Whitney Tomlinson said that after she asked for an unscheduled break and a bit of help with the heavy lifting, her supervisors pressured her to apply for unpaid leave, called her a “liability,” and then told her she couldn’t return to work until she gave birth. Try affording that on $15 an hour.Opposition researchers want to neutralize Elizabeth Warren’s personal story precisely because it’s a powerful one. But what makes it powerful isn’t that it’s unusual. It’s that it’s so infuriatingly common.To contact the author of this story: Sarah Green Carmichael at sgreencarmic@bloomberg.netTo contact the editor responsible for this story: Mary Duenwald at mduenwald@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Sarah Green Carmichael is an editor with Bloomberg Opinion. She was previously managing editor of ideas and commentary at Barron’s, and an executive editor at Harvard Business Review, where she hosted the HBR Ideacast. For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Financial Times

    Sierra Leone mine dispute raises fears of resource nationalism

    A number of African governments are working to right what many see as historic imbalances in favour of foreign companies rooted in colonialism and to readdress contracts signed at earlier stages of certain economic cycles.

  • Reuters

    UPDATE 1-Canada's Fortune Minerals scales back mine on weak cobalt prices

    Canada's Fortune Minerals Ltd said on Thursday it would shelve plans to upsize its early-stage cobalt mine in the country's far north while it continues to hunt for a strategic partner. The company's decision to scale back plans at its proposed Nico development in Canada's Northwest Territories comes after cobalt prices, hit by oversupply, have fallen from $47,000 per tonne in January to around $35,470. London, Ontario-based Fortune Minerals said current prices do not justify expanding the daily mill production rate to 6,000 tonnes from 4,650 tonnes at its proposed Nico project, which would also produce gold and bismuth.

  • Moody's

    Century Aluminum Company -- Moody's announces completion of a periodic review of ratings of Century Aluminum Company

    Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Century Aluminum Company and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.

  • Barrons.com

    Copper Prices Set to Rise, Bernstein Predicts

    The key copper/gold price ratio’s extreme lows will be short-lived, with copper prices set to rise, Bernstein has forecast.

  • Dubai’s DSA Leads Bid for Mines Once Owned by Guptas, Glencore
    Bloomberg

    Dubai’s DSA Leads Bid for Mines Once Owned by Guptas, Glencore

    (Bloomberg) -- Dubai’s DSA Investments has teamed up with two South African companies to bid for coal assets that Glencore Plc was pressured into selling to a company controlled by the politically connected Gupta family in 2015.Orchid Mining, a unit of DSA, owns 49% of the venture making the bid and the balance is held by the Smada Group and Nehawu Investment Holdings, which invests funds on behalf of the National Education, Health and Allied Workers’ Union.“I see the opportunity in the coal industry,” said Yusuf Adams, the founder of Johannesburg-based Smada, which has 4,000 employees and mainly operates in the property, security and information technology industries. “Partnering with DSA is an opportunity for Smada.”Tegeta Exploration & Resources (Pty) Ltd., which owns the coal mines and was controlled by the Gupta family and a son of former South African President Jacob Zuma, became embroiled in controversy because of corruption allegations around its supply contracts with power utility Eskom Holdings SOC Ltd. The company is now under administration.Port AccessIts assets include the Optimum coal mine, the Koornfontein colliery and a share in Richards Bay Coal Terminal, which allows it to export the fuel. Port access for coal producers in South Africa is a prized asset and Richards Bay is the biggest coal export port on the continent.The venture will bid for all the assets, said Adams, adding that Smada derives its name by spelling his surname backward. By being 51% owned by black South African companies it complies with Eskom’s procurement guidelines as it tries to boost black participation in the economy a quarter of a century after the end of apartheid. Initially the venture hadn’t included Smada.Adams said he was introduced to DSA by the Qatar Investment Authority, with which he has “a relationship.”Louis Klopper, one of the business rescue administrators running the sales process, confirmed the bid from DSA and Smada. The deadline for bidders submitting their information is Tuesday evening South African time and they are targeting a final decision on the winning bidder in about a month.DisrepairA sale could end the controversy around the mines that have sunk into disrepair.In 2015, the then-mining minister, Mosebenzi Zwane, flew to Switzerland to meet with Glencore’s chief executive officer, Ivan Glasenberg, to convince him to sell the assets to the Guptas. Eskom loaned them part of the money to buy the company, and gave them supply contracts on favorable terms. The transaction is being investigated by a state-appointed commission of inquiry into allegations of corruption.DSA says it manages assets worth more than $10 billion. Nehawu Investment has assets worth more than 3 billion rand, according to its website.(Adds detail on Richards Bay in the fifth paragraph)To contact the reporters on this story: Antony Sguazzin in Johannesburg at asguazzin@bloomberg.net;Archana Narayanan in Dubai at anarayanan16@bloomberg.net;Paul Burkhardt in Johannesburg at pburkhardt@bloomberg.netTo contact the editors responsible for this story: John McCorry at jmccorry@bloomberg.net, Robert Brand, Hilton ShoneFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Reuters

    Electric car boom to turbocharge battery metal producers - Moody's

    Demand for metals used in battery electric vehicles could rise sixfold if electric cars reach 8% of road traffic by the mid-2020s, delivering huge dividends for producing countries like Democratic Republic of Congo, Moody's said on Tuesday. The credit ratings agency said a worldwide shift to electric vehicles would likely drive up demand for cobalt, of which DRC is the world's number one producer, as well as lithium, nickel and copper.

  • How to Invest in Copper Stocks
    Motley Fool

    How to Invest in Copper Stocks

    Digging into the copper mining industry can reveal some potential investment opportunities and better explain what it takes to make money from an ore that is growing in value.

  • Reuters

    UPDATE 3-Canada takes first formal step at WTO to challenge China's canola ban

    Canada, locked in a major dispute with Beijing, is taking the first formal step at the World Trade Organization to challenge China's decision to block Canadian canola exports, Trade Minister Jim Carr said on Friday. China, angry at Canada's detention of a top Huawei Technologies Co Ltd executive last year on a U.S. arrest warrant, blocked all imports of canola seed in March on the grounds they contained pests.

  • Focus: Glencore's risk appetite dwindles, fueling focus on safer regions
    Reuters

    Focus: Glencore's risk appetite dwindles, fueling focus on safer regions

    The Swiss-based commodity trader took majority control last June of PolyMet Mining Corp, which is developing a mine in the Midwest state near the Canadian border estimated to hold a century's worth of copper and nickel, critical to the development of electric vehicles. It is the first time that Glencore has controlled a major mining project in the United States, where President Donald Trump has cut mining regulations and red tape in a bid to encourage domestic mining, a marked change from predecessor Barack Obama, who favored stricter oversight of the sector and slowed or halted several large mining projects. Glencore for years has operated in regions considered high-risk, high-reward, making its shares a draw for some investors who saw the more conservative investing policies of peers, including BHP Group PLC, as too tame.

  • Glencore's risk appetite dwindles, fueling focus on safer regions
    Reuters

    Glencore's risk appetite dwindles, fueling focus on safer regions

    The Swiss-based commodity trader took majority control last June of PolyMet Mining Corp , which is developing a mine in the Midwest state near the Canadian border estimated to hold a century's worth of copper and nickel, critical to the development of electric vehicles. It is the first time that Glencore has controlled a major mining project in the United States, where President Donald Trump has cut mining regulations and red tape in a bid to encourage domestic mining, a marked change from predecessor Barack Obama, who favored stricter oversight of the sector and slowed or halted several large mining projects. Glencore for years has operated in regions considered high-risk, high-reward, making its shares a draw for some investors who saw the more conservative investing policies of peers, including BHP Group PLC , as too tame.

  • Reuters

    Zambia mining firms say mineral royalties should be capped at 7.5%

    Zambia should keep mineral royalties capped at 7.5% in the 2020 budget to safeguard the health of the mining sector and promote additional investment, the Chamber of Mines said on Tuesday. The mining body said in proposals submitted to the finance ministry that the 2019 mining tax regime had raised the tax burden on mines to unsustainable and uncompetitive levels. "If the 1.5% increment on each band of the sliding scale is to be maintained, the maximum rate should be capped at 7.5%, for an LME copper price equalling or exceeding US$7,500/tonne," the Chamber of Mines said.

  • Moody's

    DBCT Finance Pty Ltd. -- Moody's upgrades DBCT Finance to Baa3, outlook revised to stable

    Moody's Investors Service ("Moody's") has today upgraded the rating of DBCT Finance Pty Ltd.'s senior secured ratings to Baa3 from Ba1, and revised the outlook to stable from positive. "IMPORTANT NOTICE: MOODY'S RATINGS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS. DBCT is the financing affiliate of DBCT Management Pty Limited and DBCT Trust, which collectively have economic ownership of the Dalrymple Bay Coal Terminal through a long-term lease, comprising a 50-year initial and 49-year option period.

  • Reuters

    UPDATE 1-Glencore awarded just $19 mln by tribunal in Colombia lawsuit

    A World Bank tribunal has ordered Colombia to repay a $19 million fine it levied on Glencore's coal mining subsidiary Prodeco but declined the company's petition for $575 million in damages, the government said on Tuesday. Prodeco is one of the largest coal miners in the Andean country, which is the world's fifth-biggest exporter of coal. Glencore had asked the World Bank's International Center for Settlement of Investment Disputes to award it damages after Colombia's national comptroller fined it the $19 million in January 2016.

  • U.S. appeals court revives aluminum antitrust cases vs Goldman, JPMorgan, Glencore
    Reuters

    U.S. appeals court revives aluminum antitrust cases vs Goldman, JPMorgan, Glencore

    A federal appeals court on Tuesday revived lawsuits by aluminum purchasers that accused Goldman Sachs, JPMorgan Chase, mining company Glencore and other companies of conspiring to drive up prices for the metal by reducing supply. In a 3-0 decision, the 2nd U.S. Circuit Court of Appeals in Manhattan said a federal judge erred in dismissing antitrust claims by "direct" purchasers of aluminum such as Novelis, and by other purchasers including Eastman Kodak, Fujifilm and Reynolds Consumer Products.

  • Cobalt Prices Soar After Glencore Announces Shutdown of Key Mine
    Motley Fool

    Cobalt Prices Soar After Glencore Announces Shutdown of Key Mine

    Glencore's shutdown of its Mutanda mine has jeopardized global supplies and could significantly hurt electric vehicle makers.

  • 'Dear Vladimir': VTB asks for Putin's help to create Russian grain champion
    Reuters

    'Dear Vladimir': VTB asks for Putin's help to create Russian grain champion

    Russian state-controlled bank VTB has asked President Vladimir Putin to help it create a Russian grain champion to curb the role of foreign traders and give the state greater control over exports, a letter seen by Reuters shows. The letter from VTB Chairman Andrey Kostin dated June 26 made the case for why the Kremlin should give VTB the go-ahead for its plan, which would weaken leading Russian grain traders. VTB and the Kremlin did not respond to requests for comments about the letter.

  • Reuters

    UPDATE 2-Glencore, Trafigura buy metal in Qingdao court auctions

    Commodity traders Glencore PLC and Trafigura have picked up a combined 70,479 tonnes of aluminium over the past week by winning online auctions of metal inventory dating back to China's 2014 Qingdao warehousing scandal, according to the e-commerce platform that hosted the sales. Glencore won an auction for aluminium ingots on Friday, bidding 485.43 million yuan ($68.55 million) for eight consignments totalling 39,745.76 tonnes, all of which entered storage in 2013 or 2014, according to a notice on JD.com.

  • David Herro's Top 5 Buys of the 2nd Quarter
    GuruFocus.com

    David Herro's Top 5 Buys of the 2nd Quarter

    Oakmark International Fund manager establishes 2 new positions Continue reading...