|Bid||308.00 x 1586300|
|Ask||318.00 x 294500|
|Day's Range||308.25 - 315.40|
|52 Week Range||284.40 - 416.90|
|Beta (3Y Monthly)||1.48|
|PE Ratio (TTM)||7.38|
|Earnings Date||Feb 21, 2018 - Feb 26, 2018|
|Forward Dividend & Yield||0.15 (4.90%)|
|1y Target Est||5.37|
Mining companies operating in Zambia will still meet their operational costs even after the government imposes higher taxes in Africa's No.2 copper producer, its finance minister said on Wednesday. Zambia plans to introduce new mining duties, replace Value Added Tax with sales tax and increase royalties to help bring down mounting debt, Finance minister Margaret Mwanakatwe said while delivering the 2019 budget speech last month.
(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.
Oil prices may have closed the week lower on bearish news, but the continuation of the Iran saga continues to create uncertainty in the markets
The world's biggest trading houses said on Wednesday they saw oil prices not falling below $65 per barrel and possibly breaking above $100 next year as U.S. sanctions on Iran reduce crude exports from the Islamic republic. The range of views illustrates deep uncertainty among top industry players over the outlook, given the reimposition of sanctions on Iran and forecasts of slowing economies and energy demand in 2019, potentially leading to choppy trading. Oil has rallied this year on expectations the sanctions, coming into force on Nov. 4, will strain supplies by lowering shipments from Iran, OPEC's third-largest oil producer.
The United States is set to be the big winner from new marine fuel rules, trading house Gunvor Group predicted on Wednesday, while rival merchants said the world would not face a shortage of distillates as a result of new rules to cut pollution. The UN's International Maritime Organisation (IMO) has set new rules that will ban ships from using fuels with a sulphur content above 0.5 percent from 2020, compared with 3.5 percent now, unless they are equipped with so-called scrubbers to clean up sulfur emissions. The industry has been expecting a sharp rise in demand for cleaner distillates, mainly diesel, at the expense of fuel oil that would become largely redundant.
Base metals from copper to zinc have tumbled this year, caught up as a proxy for trade fears and emerging market jitters. Meanwhile, coal has ground steadily upwards, supported by strong demand from top commodities user China, and is trading near the highest in more than six years. Glencore Plc is in touching distance of seeing its coal mining profits eclipse copper earnings this year for the first time since it sold shares in London in 2011.
Energy and mining stocks helped the FTSE 100 recover some of its losses on Tuesday, in a half-hearted bounce which left the index near its lowest in a month as Brexit negotiations and Italy's budget deficit continued to sap investors' appetite for risk. Britain's top stock index (.FTSE) ended the day where it began, up 0.1 percent after a volatile session, with investors on tenterhooks as Italy's finance minister addressed parliament. A selloff in the previous session had taken the FTSE down to its lowest intraday level since September, and weakest close since April.
For nearly 20 years, the brash, hyperactive Greek known to everyone simply as “Telis” has ruled over the global copper market, buying and selling enough of the red metal to supply every factory in the U.S. twice over. Today, the man who built Glencore’s reputation in copper is facing tough questions about how he did it. Mistakidis, who until recently ran both copper trading and mining, is under intense pressure after a string of investigations, problems and legal headaches.
Australia's competition regulator said on Monday the Port of Newcastle must reduce its charges for ships entering the port to carry coal for Glencore (GLEN.L), in a big win for the global miner. The Australian Competition and Consumer Commission said Port of Newcastle Operations Pty Ltd (PNO) should cut its current rate by about 20 percent to A$0.61 (0.32 pounds) per gross tonne, backdated to 2016. "PNO proposed large increases to the current price, but the ACCC found that a reduction in the price for using the shipping channel was appropriate," ACCC Commissioner Cristina Cifuentes said in a statement.
Zambia's Finance Ministry said on Sunday that it was open to dialogue with mining companies over the government's plans to increase mining taxes. Africa's second-largest copper producer said late last month that it would introduce new mining duties and increase royalties to help bring down mounting debt. "We remain open to dialogue with mining companies that are willing to amicably discuss the transition to the new mining tax regime," a Finance Ministry statement quoted minister Margaret Mwanakatwe as saying.
The interest from two of the biggest commodities trading houses underscores the strategic value of Optimum’s annual entitlement to ship 8 million tons of coal through Africa’s largest export terminal for the fuel. While South Africa is well-positioned for exports to India and China, shipments are constrained by limited port capacity.
Zambia will introduce new mining duties and increase royalties to help bring down mounting debt, the finance minister said on Friday, a move likely to draw opposition from mining firms. Miners such as First Quantum, Glencore and Vedanta Resources have often criticised the government over rising operating costs in Africa's No.2 copper producer. Finance Minister Margaret Mwanakatwe made the comments when announcing her 86.8 billion kwacha ($7.1 billion) budget to lawmakers as crowds gathered outside parliament to protest against what they said was corruption in government.
Zambia will introduce new mining duties and increase royalties to help bring down mounting debt, the finance minister said in a budget speech on Friday, as crowds outside protested about alleged government corruption. Delivering a 86.8 billion kwacha ($7.1 billion) budget in parliament, Margaret Mwanakatwe pledged to bring debt down and to trim the fiscal deficit to 6.5 percent of gross domestic product (GDP) in 2019 from 7.4 percent this year.
Working at the Century Aluminum Co. smelter in Hawesville, Ky., can be like having a job in an oven. The interior temperature hovers around 140F, which isn’t necessarily hotter than, say, your typical steel mill. What’s especially hellish about an aluminum smelter is how close you have to stand to bubbling vats of molten, electrified metal. Over a 12-hour shift they’ll lose several pounds of water weight as they peer over cauldrons, occasionally stirring 1,700-degree liquid aluminum with long metal rods.
Britain's top share index edged up on Tuesday thanks to a surge in oil majors as crude prices hit a four-year high, while retailer Next stole the spotlight after a strong update confounded expectations. The FTSE 100 ended up 0.66 percent, with energy stocks and miners contributing the most to the rise. Next (NXT.L) shares jumped 7.7 percent to the top of the FTSE 100 after it raised its full-year profit forecast and struck an optimistic tone on a no-deal Brexit, saying it is well prepared for the eventuality.
By Danilo Masoni MILAN (Reuters) - European shares closed higher on Tuesday boosted by gains among oil stocks and optimism over the Italian budget while British clothing retailer Next (NXT.L) rallied after ...
Sweeping job cuts by pharmaceutical giant Novartis and an upbeat trading statement by retailer Next are the corporate highlights in Europe Tuesday.
Commodities trader and miner Glencore said on Tuesday it would repurchase more of its shares worth up to $1 billion, increasing the size of an existing buyback programme that followed a subpoena from U.S. authorities. Glencore said in July it would buy back shares worth up to $1 billion in a programme of purchases running to the end of 2018. The London-listed miner, with a market capitalisation of $61 billion, announced plans to repurchase shares after the U.S. government investigation into bribery and corruption sent the stock down more than 15 percent since the start 2018.
Glencore Plc will increase its share buyback program by as much as $1 billion, adding to a growing list of moves by the world’s biggest miners this year to return more money to investors. Glencore’s announcement comes less than a week after No. 2 miner Rio Tinto Group announced a $3.2 billion share buyback following an asset-sale spree. BHP Billiton Ltd. in August paid out a record dividend and pledged to hand shareholders most of the $11 billion reaped in sales of its U.S. shale assets.
Resurgent fears of a protracted and costly trade war dented the FTSE 100 on Monday, while M&A stole the spotlight with Comcast finally clinching a takeover of Sky, and Randgold Resources agreeing a tie-up with Barrick Gold. Europe's largest pay-TV group Sky (SKYB.L) soared after Comcast's offer won an auction for the company with a $40 billion bid. Sky shares jumped 8.6 percent to 17.21 pounds, just below Comcast's cash offer of 17.28 pounds a share.
A slide in sterling after a speech by Prime Minister Theresa May helped boost Britain's exporter-heavy FTSE 100 to a 2 1/2 week high, cementing a three-day rally driven by banks, miners and oil stocks as investors' fears of a trade war faded. On the corporate front, Just Eat shares tumbled as Uber's reported advances to Deliveroo triggered fears of rising competition in the food delivery industry. The FTSE 100 (.FTSE) ended the day up 1.7 percent, extending early gains as developments on the Brexit front sank sterling, supporting the index whose constituents mainly earn outside the UK.
The news helped to drive Rio Tinto's London share price (RIO.L) nearly 2 percent higher by 0927 GMT and pushed up the Australian listing (RIO.AX) by 3.5 percent. Across the mining sector, a trend to hand money back to shareholders has gathered steam following a recovery from the mining and commodity crash of 2015-16 and pressure from investors not to waste growing piles of cash on buying up assets that may never deliver returns. In its latest move, Rio Tinto, which has already returned more money to shareholders than its peers, said it will conduct an off-market share buyback for up to 41.2 million shares in its Australian entity Rio Tinto Ltd, worth about $1.9 billion, and further on-market purchases of London's Rio Tinto plc shares, bringing the total to $3.2 billion.