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GLEN.L - Glencore plc

Discussion in 'International Stock Markets' started by Marvan, Nov 4, 2019.

  1. Marvan

    Marvan Active Member

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    Glencore plc engages in the production, refinement, processing, storage, transport, and marketing of metals and minerals, energy products, and agricultural products.

    It operates in three segments: Metals and Minerals, Energy Products, and Agricultural Products.

    The Metals and Minerals segment is involved in smelting, refining, mining, processing, and storing zinc, copper, lead, alumina, aluminum, ferroalloys, nickel, cobalt, and iron ore.

    The Energy Products segment activities include coal mining and oil production operations covering crude oil, oil products, steam coal, and metallurgical coal; and investments in ports, vessels, and storage facilities.

    The Agricultural Products segment engages in the storage, handling, processing, and port facilities of wheat, corn, canola, barley, rice, oil seeds, meals, edible oils, biofuels, cotton, and sugar.

    Glencore plc markets and delivers physical commodities sourced from third party producers and its production to industrial consumers in the automotive, steel, power generation, oil, semi-fabricator, and food processing industries.

    The company also provides financing, logistics, and other services to producers and consumers of commodities.

    It operates in the Americas, Europe, Asia, Africa, Oceania, and internationally.

    The company was formerly known as Glencore Xstrata plc and changed its name to Glencore plc in May 2014.

    Glencore plc was founded in 1974 and is headquartered in Baar, Switzerland.
     
  2. Marvan

    Marvan Active Member

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  3. Marvan

    Marvan Active Member

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    LONDON, Nov 7 (Reuters) - Katanga Mining Limited, a big Congolese copper and cobalt producer, said on Thursday it would raise around $7.6 billion Canadian dollars ($5.8 billion) via a rights issue as part of a debt-for-equity swap with parent Glencore.

    Katanga Mining will subsequently owe Glencore $1.5 billion, reducing its debt from $7.7 billion after experiencing setbacks including a fall in the price of cobalt from record levels of $95,000 per tonne in 2018 to around $35,000 now.

    Thursday's statement said Glencore, which owns approximately 86.3% of Katanga, had agreed to swap $5.8 billion in debt for equity, which will raise its stake further in the firm. Remaining shareholders will also have the chance to take up the rights issue, but it is not yet clear whether they will.

    The residual debt of $1.5 billion will remain outstanding until 2023.

    Given the negative outlook for the cobalt market Katanga said its directors had agreed that recapitalising the company now was the best way forward.

    The debt was scheduled to be paid by Jan. 1, 2021 and recapitalising now will be less dilutive in the event Katanga's creditworthiness deteriorates further.

    Glencore's share price, which has fallen around 10% this year, was trading 1% higher by 1503 GMT.

    Glencore enjoyed a sustained rally as the push for battery minerals encouraged investors to overlook the risk of operating in Democratic Republic of Congo.

    But its share price has underperformed other major miners and its profits have dropped as Glencore has fallen into dispute with the Congolese government over a mining law and been subject to a U.S. Department of Justice investigation.

    It said in July it had begun an overhaul of its underperforming Africa business.

    In a note, Citibank analysts said the recapitalisation would have "limited impact" on Glencore's balance sheet.

    https://finance.yahoo.com/news/glencore-strikes-deal-katanga-over-151955371.html
     
  4. Marvan

    Marvan Active Member

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    Nov 13 (Reuters) - British diversified miner Glencore Plc's Canadian unit said on Wednesday it would permanently close down the Brunswick Lead Smelter in New Brunswick that employs about 420 people.

    The unit said the smelter, which started in 1966, had been 'uneconomic' since the Brunswick mine closed six years ago.

    "We have thoroughly assessed all our options and come to the unavoidable conclusion that the smelter is simply not sustainable, regardless of the recent labour dispute," said Chris Eskdale, Canadian unit's head of zinc and lead assets.

    Earlier on Wednesday, the United Steelworkers (USW) union claimed that over half of the smelter's employees, fighting to improve health and safety standards, were locked out since April 24. (https://bit.ly/33LQYML)

    The union said New Brunswick workers will be picketing at three Glencore operations in Montreal on Wednesday.

    Glencore Canada said it intends to provide pension, severance and outplacement support services to all employees as part of closure settlements to be agreed on.

    It also intends to seek potential relocation opportunities for the smelter workers at its other mining and metallurgical operations, and retain a few to work on site monitoring, water treatment and closure projects in the months ahead.

    https://finance.yahoo.com/news/1-glencores-canadian-unit-close-151235053.html
     

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