Heavy metal: FTSE 100 miner Glencore earnings crash as copper prices sink August 7, 2019 Glencore earnings dived 32 per cent to $5.6bn in the first half of 2019, the miner confirmed this morning, as it blamed poor performance in its African mines and lower prices for copper and cobalt. The figures Glencore’s earnings before interest, tax, depreciation and amortisation (Ebitda) slumped 32 per cent year on year to $5.6bn. [...]
Glencore to halt production at world’s biggest cobalt mine after price halves August 6, 2019 Glencore is planning to stop production at the world’s largest cobalt mine after prices for the metal plummeted. The miner has told staff that Congo’s Mutanda mine is “no longer economically viable” in a letter seen by the Financial Times. Read more: Congo starts evicting up to 2,000 illegal miners from Glencore site where dozens [...]
Tory party CEO Mick Davis resigns as lobbyist David Frost becomes Johnson’s EU adviser July 24, 2019 The Tories’ chief executive and treasurer Mick Davis has resigned from his party roles, citing the need for a new team under Boris Johnson. Davis’s decision to quit came as the chief executive of the London Chamber of Commerce, David Frost, resigned from his post to take up the role as EU adviser to the [...]
Revolut ‘to appoint Martin Gilbert as chairman in next few weeks’ July 14, 2019 Revolut is reportedly gearing up to appoint Martin Gilbert as its first ever chairman in a bid to strengthen governance and improve investor sentiment ahead of an upcoming fundraising. Gilbert, a former co-chief executive of Standard Life Aberdeen (SLA), was first confirmed as an adviser to chief Nikolay Storonsky in March. Read more: Revolut fights [...]
Congo starts evicting up to 2,000 illegal miners from Glencore site where dozens died July 4, 2019 The Congolese army has started evicting miners from a Glencore site after a landslide which killed dozens. Illegal miners were being dispersed from the area around the copper and cobalt mine run by a Glencore subsidiary today. Read more: Glencore head of oil Alex Beard retires amid US investigations The company London-listed miner confirmed that [...]
Norway’s sovereign wealth fund to divest from fossil fuel investments June 12, 2019 The world’s biggest sovereign wealth fund appears set to sell its $1bn (£788m) stake in London-listed Glencore, after Norwegian politicians today passed a bill to divest from fossil fuel investments. The decision will see the country’s $1 trillion fund sell stakes in companies which get more than 30 per cent of revenues from coal. It [...]
Ferrexpo shares increase on earnings expections rise June 7, 2019 Shares in oil and gas giant Ferrexpo jumped eight per cent this morning after the miner announced that earnings are expected to rise. Ferrexpo said group earnings before interest, tax, depreciation and amortization would “increase materially” compared with the first half of 2018. Read more: Oil dips to four month low as US inventories soar [...]
Glencore head of oil Alex Beard retires amid US investigations June 3, 2019 Glencore parted ways with another of its top brass today, as the man who helped make it an oil trading giant announced he would step down amid US probes into its activities. Alex Beard, 52, who has been head of oil since 2007, will leave at the end of the month. Read more: Australian weather [...]
BHP bets on batteries as it decides to keep its Australian nickel mine May 14, 2019 London-listed miner BHP has said it wants to keep its Australian nickel mine as the industry starts betting on a battery-powered future. Chief executive Andrew Mackenzie today said the company would hold on to the Nickel West mine which it has tried to sell several times. Read more: BHP Billiton faces $5bn claim for failure [...]
Australian weather batters Glencore production guidance April 30, 2019 Mining giant Glencore today downgraded for its copper output estimates, as production at some mines are set to be hit by upgrade works. Copper production is expected at around 1.46m tonnes in the financial year, Glencore said, down from a previous 1.54m tonnes estimate. Read more: JP Morgan backs Sirius Minerals $3.8bn financing package for [...]