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LON100:GLEN, Sep 30, 04:15 UTC

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Wednesday, September 23


News

Glencore to extend life of Australian copper smelter, refinery beyond 2022

GLEN

U.S. Glencore to extend life of Australian copper smelter, refinery beyond 2022. (Reuters) - Glencore will spend A$500 million ($356 million) to extend the life of its copper smelter and refinery in the Australian state of Queensland beyond 2022, after reaching a funding agreement with the state government, both parties said on Wednesday. The global miner said it had secured a one-off incentive from the Queensland state government for the business which includes its Mount Isa copper smelter and Townsville refinery, ahead of a state election at the end of October. The agreement will secure around 570 direct smelter and refinery jobs, and a further 520 jobs at chemicals maker Incitec Pivot's (IPL.AX), operations in North Queensland, which take sulphuric acid from the Mount Isa plant, the government said. As part of an A$8 billion funding package, the Queensland State government will also spend A$50 million on the Mount Isa rail line to boost capacity between the state's north-west minerals province where miners like South 32 (S32.AX) also operate, and Townsville, which is its largest port.

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Tuesday, August 25


News

Zambia's ZCCM-IH seeks to take control of Glencore's Mopani Copper Mines

GLEN

A 10% stake was "not sufficient" to determine Mopani's future, Mines Minister Richard Musukwa said in a statement, and ZCCM-IH was therefore seeking a larger stake "with a view to holding a controlling stake in Mopani". The mines minister told Reuters ZCCM-IH was seeking a 51% shareholding "or even more". Musukwa said the government has a team liaising with ZCCM-IH for the negotiations with Glencore, and ZCCM-IH is engaging a transaction adviser. Glencore's announcement in April that it planned to suspend operations at Mopani, citing low copper prices and COVID-19 disruptions, sparked a backlash from Zambia's government, which said Mopani had not given enough notice and threatened to revoke the company's mining licences.

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Thursday, August 06


News

Trevali Enters into Amended and Restated Credit Agreement with Existing Lenders and Secures Facility with Glencore

GLEN

Glencore holds approximately 26.3% of the issued and outstanding common shares of the Company. Ricus Grimbeek, President and CEO commented, “We are pleased to announce that Trevali has secured additional liquidity of up to $45 million at a competitive interest rate from our long-term and supportive lending group and Glencore, our largest shareholder and partner. The Glencore Facility shall not be repaid until the Amended Revolving Credit Facility has been repaid in full. In the Company’s view, it was necessary to close the Glencore Facility within that time period because our senior lenders required the Glencore Facility to be entered into concurrently with the Amended Revolving Credit Facility, and that facility was needed to ensure the Company had reasonable liquidity available to fund its existing operations and immediate working capital requirements. Therefore, the shorter period between announcing and closing the Glencore Facility was reasonable and necessary in the circumstances.

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StockBeat: Glencore's All-in Bet on Oil Consumes Its Dividend, For Now

RIO GLEN +2 more RIO GLEN RIO RIO

StockBeat: Glencore's All-in Bet on Oil Consumes Its Dividend, For Now. Investing.com -- Glencore became the latest natural resources giant to slash payouts to shareholders on Thursday, saying it won’t pay a dividend for the first half, even though a highly profitable trading performance in the period cushioned the blow from asset writedowns, lower prices and production disruptions caused by the pandemic. Another positive update on Thursday was that the ramp-up of operations at its Katanga project in the Democratic Republic of Congo is still on track. But Glencore’s decision to cut its dividend is more a statement of the outlook for trading than for mining. Its oil trading business, in particular, has profited from the extraordinary volatility in crude prices in the spring to buy product for pennies, confident of selling it later at higher ones. But the company needs working capital to hold such vast amounts of oil, in order to meet margining requirements and storage fees.

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London stocks drag Europe lower as Glencore, oil stocks weigh

GLEN

(Reuters) - European equities declined on Thursday as London stocks were sapped after Glencore scrapped its dividend and oil stocks slid, while investors kept a close eye on Washington for progress on U.S. stimulus. The pan-European STOXX 600 index closed 0.7% lower, with London's FTSE 100 falling 1.3% and the German DAX down 0.5%. Europe's mining index, which rallied earlier this week, shed 2.5% after Glencore became the first major mining company to scrap its dividend and said that it would prioritise cutting debt. Wall Street indexes were largely flat, stalling near record levels as U.S. Democrats and White House officials struggled to work out a stimulus package for the coronavirus pandemic-stricken economy.[.N].

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News

Glencore tumble weighs on FTSE 100; BoE sees longer recovery period

GLEN

Glencore tumble weighs on FTSE 100; BoE sees longer recovery period. (Reuters) - London-listed shares broke a three-day winning run on Thursday as commodities giant Glencore tumbled after scrapping its dividend to pay down debt, while the Bank of England forecast a slower-than-expected rebound from the COVID-19 pandemic. Glencore (GLEN.L) dropped 8.1% as it also booked a $3.2 billion impairment charge, driving the FTSE 100 .FTSE down 1.3%. "In choosing to keep the bank rate and the asset purchasing program target unchanged, the BoE still has the door open for further policy action – probably at the November meeting."

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London stocks slide as BoE sees slower rebound, Glencore tumbles

GLEN

London stocks slide as BoE sees slower rebound, Glencore tumbles. “The outlook for the UK economy is not great but having underperformed both Europe and U.S. markets for a very long time, UK equities are poised for some catch-up in the coming months,” said Simona Gambarini, markets economist at Capital Economics in London. Despite a stimulus-led rally since April, the FTSE 100 is still down about 20% this year while the S&P 500 is up 3%, and surging COVID-19 cases have raised the specter of further lockdowns and threatened a nascent business recovery. The Bank of England said on Thursday the British economy would not recover to its pre-pandemic size until the end of next year, later than its earlier estimate of a recovery by the second half of 2021.

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News

It’s Time for Glencore to Embrace Change

GLEN

(Bloomberg Opinion) -- Ivan Glasenberg has built up a formidable commodities giant. The Glencore chief executive officer’s resolute belief in the counter-cyclical value of a trading business paid off in the first half of 2020, with an oil bonanza that helped ease blows dealt by the coronavirus. Glencore could do worse than to take the pandemic hint and revamp its investment proposition, with less of the black stuff and greener assets to get ahead of peers in a sector that hasn’t been a leader in environmental, social and governance terms. It wrote $3.2 billion off the value of Colombian coal, Chadian oil, African copper and Peruvian zinc. Even its oil trading win pushed up a debt burden already higher than most peers, and forced the company to scrap dividends for the year.

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Glencore scraps $2.6 billion dividend after first-half loss

GLEN

Glencore scraps $2.6 billion dividend after first-half loss. The mining and commodities trading company said its net debt jumped 12% in the first six months of the year to $19.7 billion (15 billion pounds) and that it was booking a $3.2 billion charge, mainly due to the broader economic fallout on its businesses from the pandemic. While its trading division's record $2 billion first-half operating profit helped boost overall adjusted earnings, the hefty charges meant Glencore ended up posting a net loss of $2.6 billion - the same amount it had been due to pay in dividends. "The board has concluded that it would be inappropriate to make a distribution to shareholders in 2020, instead prioritising the acceleration of net debt reduction to within our target range," Chief Executive Ivan Glasenberg said. He said the company would wait to see how the pandemic evolves and then review whether to resume dividend payments next year.

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News

Glencore Scraps 2020 Dividend as It Pours Cash Into Trading

GLEN BLK +2 more GLEN BLK BAC TSLA

Glencore Plc ditched its annual dividend after net debt surged because the commodities giant poured money into its trading business to cash in on volatile price swings. Glencore bet heavily on oil when prices collapsed earlier this year, leading to record gains but also a spike in its debt. It went all in on trading during the worst of the pandemic, with the board taking the unusual decision to increase limits -- raising the risk of losing more money than usual but also providing room for bumper gains. The bet paid off: Glencore’s trading business earned $2 billion in earnings before interest and tax, double the returns it made a year earlier, the company reported Thursday. However, net debt rose to $19.7 billion, well above a target of between $10 billion and $16 billion.

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