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LON100:GLEN, Jun 25, 06:39 UTC

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Is the Glencore share price a long-term play?

GLEN

Shares of Glencore (LSE: GLEN) have underperformed the FTSE 100 over the last year, falling 24% while the index has been essentially flat over the same period. Is the current price a good entry point to the mining and commodity trading giant, or should investors stay away? It is difficult to say when or if the problem will go away, so I won’t attempt to forecast that either way. However, there is another reason behind the recent share price weakness, and that has been poor financial results. Moreover, governments and institutional investors have increased pressure on Glencore and other mining companies to change their models in order to address the issue of climate change. For instance, production of coal, a particularly-high margin commodity for Glencore, is going to be capped at current levels, meaning that management will have to look elsewhere for ways to increase the bottom line.

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Will Glencore’s share price rebound as asset sale heats up?

GLEN CMCX

Glencore's [GLEN] share price is down over 24% since this time last year, and having put its Chad oil fields up for sale, the mining giant looks to be pulling out of African oil production less than a decade after moving in. The move comes at a time when Glencore is selling off non-performing assets in the hope of cutting debt and turning around a plummeting share price.Glencore's 1-year share price performance, CMC Markets, 24 June 2019. The Chad oil fields have cost Glencore $1.9 billion in impairment fees after the company scaled back its development program and stopped drilling between 2016 and 2017. According to Reuters, net oil production from Glencore’s Chad oil fields accounted for just over half of its 12,700 barrels per day. For comparison, BP produces close to the equivalent of 4 million barrels of oil every day.

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Sunday, June 23


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The Glencore share price: time to buy?

GLEN RIO +2 more GLEN RIO RIO RIO

The last five years have seen almost every major mining company on the London market put in a strong performance. One glaring exception to this is FTSE 100 firm Glencore (LSE: GLEN), which has fallen by 20% over the last five years — a period when the rival Rio Tinto (LSE: RIO) share price has risen by 45%. As a natural value investor, I’ve been getting interested. Critics say that its hard-driving trading ethos and big coal business makes Glencore a bit of a dinosaur. One downside of Glencore’s trading-focused business model is that it needs more debt to operate than rival mining groups. However, the company has proved well able to manage this during difficult periods.

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Thursday, June 20


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Why I’d buy the Glencore share price at today’s dirt cheap price

GLEN

Why I’d buy the Glencore share price at today’s dirt cheap price. The Glencore share price is down 26% over the past 12 months, and fears of a global slowdown aren’t the only culprit. It is now being probed for “corrupt practices” by the US Commodity Futures Trading Commission (CFTC), amid reports of money-laundering and other compliance issues in the Democratic Republic of Congo, Venezuela and Nigeria. Coal is likely to face growing environmental challenges, for example, Norway’s massive sovereign wealth fund may sell its $1bn stake to meet its Parliament’s tighter ethical investing rules. However, that is only around 2.03% of Glencore’s stock, and the shift to electric power could boosts earnings at its copper and cobalt mines in Africa.

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Monday, June 17


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Bosnia's Aluminij seeking strategic partner, says talking to Glencore

GLEN

SARAJEVO, June 17 (Reuters) - Bosnia's aluminium smelter Aluminij Mostar is seeking a strategic partner to avoid bankruptcy and a consortium led by London-listed miner and commodity trader Glencore has shown interest, its general manager said on Monday. Aluminij, based in Bosnia's southern town of Mostar and one of the Balkan country's biggest exporters, has been in trouble for years over heavy debt accumulated because of high alumina and electricity prices. Federation Industry Minister Nermin Dzindic said on Monday the audit had shown that Aluminij could resume operating if it found a strategic partner which would help it re-organise, or otherwise face bankruptcy. Aluminij's General Manager Drazen Pandza said it was hard to find investors ready to take risks with regards to the company's debt and high electricity prices but talks were under the way with the consortium led by Glencore, the Aluminij's long-time trade partner.

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Wednesday, June 12


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UPDATE 1-Norway fund may have to offload $1 bln stake in Glencore in shift away from coal

GLEN

OSLO, June 12 (Reuters) - Norway's $1 trillion sovereign wealth fund may have to sell a $1 billion stake in commodities firm Glencore and other investments to meet tighter ethical investing rules adopted by its parliament. Norway's parliament agreed on Wednesday to the centre-right government's plan that the world's largest fund would no longer invest in companies that mine more than 20 million tonnes of coal annually or generate more than 10 gigawatts (GW) of power from coal. The fund would also have to sell its 2.16% holding in miner Anglo American, worth $620 million, they added, citing their own analysis. Other divestments would include the fund's 1.39% stake in Germany's RWE worth $186 million, its 2.22% holding in Australia's South32 worth $266 million and the 1.03% it owns in Germany's Uniper among others, the green campaigners said. That led the fund to sell its stakes in 83 mostly coal-producing companies, such as Peabody Energy and Coal India, as well as power producers ranging from Portland General Electric to Korea Electric Power .

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Glencore puts Chad oilfields up for sale - sources

GLEN

By Julia Payne and Dmitry ZhdannikovReuters - UK Focus12 June 2019, 14:24 UTC. Glencore's net oil production from the West African country accounted for more than half its net production at 7,700 barrels per day (bpd) out of a total net 12,700 bpd. The sources said that Glencore put the assets up for sale less than a month ago and a data room including drilling and seismic details had recently been opened. It entered Chad in 2012 by buying minority stakes in some licences owned by Calgary-based Caracal Energy and in 2014, the miner acquired the Chad-focused operator for $1.6 billion. However, the purchase was ill-timed taking place just months before a major oil price slump and since 2015, Glencore has booked impairments of $1.9 billion on its Chad assets after it scaled back its development programme and froze drilling between early 2016 and the second half of 2017.

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Norway fund may have to offload $1 billion stake in Glencore in shift away from coal

GLEN

OSLO (Reuters) - Norway's $1 trillion sovereign wealth fund may have to sell its $1 billion (£786 million) stake in commodities giant Glencore, among other companies that derive more than 30 percent of their revenue from coal, to meet proposed tighter ethical investing rules. Under the centre-right government's plan, expected to be adopted by Norway's parliament on Wednesday, the world's largest fund would no longer invest in companies that mine more than 20 million tonnes of coal annually or generate more than 10 gigawatts (GW) of power with coal. Other divestments would include the fund's 1.39% stake in Germany's RWE worth $186 million, its 2.22% holding in Australia's South32 worth $266 million) and the 1.03% it owns of Germany's Uniper among others, the green campaigners said. The proposed rules on investing in coal, part of a broader shift to renewable energy, led the fund to sell its stakes in 83 mostly coal-producing companies, such as Peabody Energy and Coal India, as well as power producers ranging from Portland General Electric to Korea Electric Power.

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Thursday, June 06


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First Cobalt (TSXV:FCC) CEO: Glencore Will Make a Good Ally as We Push the First Cobalt Refinery Forward

GLEN

According to First Cobalt (TSXV:FCC,OTCQX:FTSSF) CEO Trent Mell, there are three things that are unique about his company: its management team, its asset location and its North American cobalt refinery. Glencore and First Cobalt signed a MOU to negotiate a supply of cobalt feedstock and financing to recommission First Cobalt’s refinery in Ontario, Canada. According to Mell, First Cobalt has a 60 day exclusivity period to conclude a definitive agreement with Glencore. The study identified bottlenecks within the existing flow sheet that, if addressed, will allow the facility to significantly increase production over previous estimates of 2,500 tonnes per annum at US$30 million in CAPEX.

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Monday, June 03


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Glencore's head of oil, Alex Beard, retires amid U.S. probes

GLEN

LONDON, June 3 (Reuters) - Glencore's head of oil, Alex Beard, who helped make the firm one of the world's top three oil trading houses, will retire this month, the company said on Monday in yet another management shake-up amid U.S. probes into its activities. Glencore, founded by trader Marc Rich, has come under U.S. scrutiny in the past year over its business in the Democratic Republic of Congo, where it produces cobalt and copper, and in Venezuela and Nigeria, where it trades oil and refined products. Beard, 52, will be replaced by the head of oil marketing, Alex Sanna, who was key in expanding Glencore's refined products trading in recent years. Glencore is worth $44 billion and Mistakidis held a 3.2% stake in the company, worth $1.4 billion at current prices, while Beard held a 2.5% stake worth $1.1 billion.

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