ANALYST VIEWS: WHAT DOES THIS MEAN FOR XSTRATA? August 3, 2010 DAVID BUIK | BGC PARTNERS “These results are up 300 per cent on last year. It is a staggering achievement to deliver figures this robust. It shows how much demand for coal has increased in China. This is leading the firm’s push and will continue to be a strong driver for growth into the future. [...]
Glencore eyes sale or IPO of its gold mines June 7, 2010 COMMODITIES trader and miner Glencore is thought to be considering putting its gold mines on the market as gold prices remain robust while other metals prices tumble. One option is understood to be for the Glencore, the world’s biggest commodity trader, to list the assets which mainly consist of the largest gold mine in Kazakhstan, [...]
Glencore sees Xstrata tie-up May 3, 2010 SWISS mining and commodities trading powerhouse Glencore is working on a £55bn merger with Xstrata, the London and Geneva-listed metal extraction giant. Advisers to Glencore are understood to be drawing up plans for the privately-held company to join the public arena through a reverse takeover of Xstrata. Glencore, which already owns 34.4 per cent of [...]
Shell stops selling oil to Iran March 10, 2010 Oil major Royal Dutch Shell has stopped gasoline sales to Iran, it said yesterday, the latest addition to a growing list of firms that have halted supplies under threat of future US sanctions. The Anglo-Dutch oil firm will join the likes of BP, Reliance Industries, and independent Swiss trader Glencore, among suppliers that have either [...]
Decline in prices hurts Glencore March 10, 2010 GLENCORE, the commodity trader, which recently took the first steps towards a possible stock market flotation, warned of a bumpy recovery yesterday after posting a 43 per cent fall in 2009 net profit on a slide in prices. The Swiss group said its net income, excluding exceptional items, fell to $2.72bn (£1.81bn) last year, down [...]
Glencore buys back mine from Xstrata March 5, 2010 SWISS-based commodity trader Glencore has bought back its Prodeco coal operations in Colombia from mining group Xstrata. The purchase price still has to be finalised as it is partly based on capital Xstrata spent on the mines and Prodeco’s earnings. Analysts estimate it will be around $2.5bn (£1.8bn). Xstrata chief executive Mick Davis said: “The [...]
WHAT THE OTHER PAPERS SAY THIS MORNING February 22, 2010 THE SUNDAYS THE SUNDAY TELEGRAPH TORIES’ ENERGY PAPER MONTHS LATE The Conservatives’ flagship energy paper may not appear until April – six months after its original planned publication – leading to industry fears of policy disagreements in the run-up to the election. One senior figure who has seen a draft of the paper said that [...]
Xstrata set to reinstate its divi payout February 8, 2010 MINING group Xstrata is re-introduce dividend payments despite reporting a fall in full-year profits. The company’s pre-tax profits fell to $1.87bn (£1.2bn) in 2009 – down from $6.05bn the previous year. One-off costs and lower commodity prices hit the company’s profits. But it said the medium-term outlook for commodity demand remained “very promising”. Xstrata scrapped [...]
Metals trader Ambrian launches buyout division February 3, 2010 PRECIOUS metals specialist Ambrian Capital has launched a private equity business focusing on natural resources, spearheaded by three former Glencore executives. Ambrian Natural Resources will be led by partners Nicolas Rouveyre, Jean-Pierre Conrad and Kilian Carrarini, and will look to buy and sell businesses in the base and precious metals space. The firm will operate [...]
Rusal float set to earn millions for Rothschild January 3, 2010 RUSSIAN aluminium firm Rusal, owned by billionaire Oleg Deripaska, is planning a $2.6bn (£1.6bn) flotation this month, tipped to earn millions for merchant bank NM Rothschild, it emerged yesterday. Rusal will sell 1.61 billion shares at up to HK$12.50 (£1) a share to cut $14.9bn (£9.2bn) of debt in a float set to value Rusal [...]