|Bid||258.95 x 1586300|
|Ask||258.90 x 294500|
|Day's Range||257.55 - 265.60|
|52 Week Range||257.55 - 409.80|
|Beta (3Y Monthly)||1.07|
|PE Ratio (TTM)||10.82|
|Earnings Date||Aug 7, 2019|
|Forward Dividend & Yield||0.15 (4.82%)|
|1y Target Est||4.95|
Chris Mahoney, the veteran head of Glencore’s agricultural business, has announced his retirement after 17 years as chief executive. The retirement marks a further changing of the guard at Glencore, the Swiss-based miner and commodity trader. Last year, Aristotelis Mistakidis, the head of the company’s copper business and a key lieutenant of Glencore chief executive Ivan Glasenberg, stepped down.
There’s the prospect that the material will be “phased out, potentially sooner than expected,” Chief Financial Officer Peter Beaven said in an investor presentation on Wednesday. BHP follows its biggest competitors Rio Tinto Group and Glencore Plc in questioning the future role of coal used for power generation, as investors press for more action to tackle climate change and tighten restrictions on holding companies that produce the fuel. Rio sold its final coal mines last year, while Glencore said in March it would seek to limit production.
Glencore's unit plans to provide feedstock for the refinery, which is expected to result in an annual production of about 2,000 to 2,500 tonnes per annum of cobalt in sulfate from the refinery. The First Cobalt refinery in Ontario, 600 km from the U.S. border, has the potential to produce either a cobalt sulfate for the lithium-ion battery market or cobalt metal for the North American industrial and military applications. Once operational, the refinery would become the only North American producer of refined cobalt for electric vehicle market.
Mining company Vedanta and its Zambian unit Konkola Copper Mines (KCM) said they were seeking urgent talks with the Zambian president following a high court order on Tuesday to appoint a provisional liquidator. A day after President Edgar Lungu announced a plan to strip KCM of its mining licence and bring in new investors, a high court document seen by Reuters, named Zambian law firm Lungu Simwanza & Company to oversee KCM.
Hopes for a speedy resumption of oil exports from Russia to Poland and Germany along the Druzhba pipeline route are fading after plans to remove dirty oil from the pipeline had a major setback last week, three trading sources said. Russia halted oil flows along the pipeline to Eastern Europe and Germany in April because of contaminated crude, leaving refiners in Europe scrambling to find supplies. Under the restart plan, Total was due to take the lion's share of the dirty oil into its Leuna refinery in Germany to dilute and process it there, sources said.
The London Metal Exchange (LME) has dismissed a complaint from miner and commodity trader Glencore over its inability to take fast delivery of aluminium from warehouses owned by ISTIM UK in Port Klang, Malaysia, two sources familiar with the matter said on Monday. Sources had told Reuters earlier this year that Glencore's complaint highlighted uncertainties in the LME's storage rules, after industry reform sparked by accusations from consumers that banks and traders were hoarding metal in LME warehouses.
Zambia plans to strip Vedanta-controlled Konkola Copper Mines (KCM) of its mining licence and bring a new investor into the operation, in a move likely to stoke international miners' concerns about rising government intervention in the sector. Zambian President Edgar Lungu announced the plan on Monday, which his spokesman said followed a number of breaches of the terms of the licence, without giving details. Zambia, Africa's second-biggest copper producer, has also proposed tax changes that Lungu says he will push through, despite opposition from international miners which say they will deter investment that Zambia desperately needs.
The move marks an escalation in tension between the government and mine owners, after Lungu last week threatened to “divorce” Vedanta and Glencore Plc, two of the biggest employers in Africa’s second-largest copper producer. Lungu mainly targeted Konkola Copper Mines, Vedanta’s local unit, in a weekend visit to Zambia’s Copperbelt province, where some companies are cutting production and firing workers.
Total and Eni have stopped payments for the contaminated oil sold to them by Russian firms and said they will only pay when compensation is agreed, trading sources said, upping the stakes in what the sources say is Russia's worst oil supply disruption. The French and Italian oil majors told their suppliers, including Russia's Rosneft and Surgut, that they would be ready to make payments when the extent of damages is clear and would pay for clean oil when supplies resume, the sources said. Total and Eni are big buyers of Russian oil and are still purchasing it via multiple routes besides Druzhba, which is a major pipeline from Russia to Central Europe and Germany.
Vedanta Resources is urgently seeking a meeting with the Zambian government over the future of its Konkola Copper Mines subsidiary, which President Edgar Lugu wants to nationalise. Mr Lungu announced plans on Monday to strip Vedanta-controlled KCM of its mining license and bring in a new investor to run the business, which is one of African’s largest copper producers and employs over 13,000 people. Mined metal production at KCM reached 91,000 tonnes last year.
Glencore is working on a deal to address the heavy debt load of Katanga Mining, the beleaguered Canadian-listed company that controls one of its most important assets. Glencore owns 86 per cent of Katanga Mining, which in turn controls the Kamoto Copper Company (KCC), one of Africa’s biggest copper producers and a key global supplier of cobalt. Katanga has been a near constant source of headaches for Glencore, which is run by billionaire trader Ivan Glasberg.
LONDON/MOSCOW (Reuters) - The bills are due for millions of barrels of contaminated Russian oil that have been stuck for weeks in pipelines from Belarus to Germany - but no one wants to pay. Western oil companies and European refiners that bought the oil a month ago, before discovering it was unusable, have so far refrained from freezing payments as they are keen to maintain good long-term relations with the world's second biggest oil exporter and avoid protracted legal battles in Russian courts. Instead, several Western buyers have asked Russian producers if they can postpone payments for the tainted crude while buyers and sellers agree how to resolve the mess - and how to share the costs, four traders involved in Russian oil trading said.
The restructuring, which also involves several banks that supported the Trafigura deal, is key for Congo as it will help to unlock financial help from the International Monetary Fund. The Congo-Trafigura deal, which still needs to be formally ratified, will extend the debt maturity to 10 years from an original five years, the people said, asking not to be identified because the information isn’t public. The deal includes a clause for accelerated repayments if oil prices rise above a certain level.
The metals and mining industry can “transcend” its biggest customer China as rising global living standards and the shift to cleaner forms of energy drives demand for raw materials, according to Ivan Glasenberg, the billionaire boss of Glencore. For more than a decade miners have looked to China, ploughing billions of dollars into new projects and deals to feed the country’s seemingly insatiable appetite for commodities.
Oil at the port of Ust-Luga was also contaminated. At least 5 million tonnes of oil, or about 36.7 million barrels, have been contaminated by organic chloride, a chemical compound used to boost oil extraction by cleaning wells and accelerating the flow of crude. The compound must be removed before oil is sent to customers because it can destroy refining equipment.
BHP Group, the world’s biggest mining company, is to keep its Australian nickel assets, betting on a brighter future for the business as the electric car revolution takes hold. It boasts three mines, a smelter and a refinery.
Moody’s has upgraded Glencore because of its increased resilience to volatile commodity markets but said the miner’s rating was likely to remain capped because of environmental and corporate governance concerns. Glencore is the world’s biggest producer of seaborne thermal coal, which is burnt in power stations to generate electricity, and operates in some of the world’s most challenging jurisdictions, including the Democratic Republic of Congo and Zambia.
By Muvija M and Shashwat Awasthi (Reuters) - UK blue-chip stocks rose slightly on Friday, recouping the session's losses as mining stocks gave investors something to cheer about at the end of a largely ...
Moody's Investors Service ("Moody's") has today upgraded to Baa1 from Baa2 the long term issuer rating of Glencore plc ("Glencore") and to Baa1 from Baa2 the group's senior unsecured instrument ratings. Glencore's P-2 short term ratings were affirmed. Moody's also upgraded to (P)Baa1 from (P)Baa2 the senior unsecured rating on Glencore's medium-term note (MTN) programme.
MELBOURNE/SINGAPORE (Reuters) - A crash in Australian thermal coal prices is raising fresh questions about the viability of a controversial $4 billion (3 billion pounds) coal mine just a week ahead of a national election in which climate change is a key issue. Final approval of the Carmichael coal mine in Queensland, owned by India's Adani Enterprises, should come in "a matter of weeks, not months" following nearly a decade on the drawing board, the company's mining chief executive, Lucas Dow, told Reuters last month. Adani has said it is aiming to start producing 10 million tonnes a year of coal from March 2020, but analysts say the target date is optimistic.
By Olga Yagova and Dmitry Zhdannikov MOSCOW/LONDON (Reuters) - Trading houses Vitol, Glencore and Trafigura are caught in the crossfire between Russian oil producers and Western buyers, which have refused ...
The world's biggest diversified miners have yet to see their share prices reflect their role as providers of the minerals needed for a shift to a low-carbon economy. Mining companies provide minerals such as cobalt used in electric vehicle batteries and copper for increased electrification, and the sector's balance sheets are in rude health. Reminders of the dangers include a disaster in Brazil at a Vale tailings dam in January that killed an estimated 300 people, and a U.S. corruption investigation into Glencore, announced in April.
(Bloomberg) -- China agreed to restructure debt owed by the Republic of Congo -- one of a series of preconditions sought by the International Monetary Fund before it grants the debt-laden central African nation a bailout.