Davis returns to haunt Glencore with $3bn miner September 30, 2013 FORMER Xstrata chief executive Mick Davis reinforced his comeback into the mining sector yesterday, with the announcement that his new mining venture has raised $1bn (£618m). Private equity firm TPG and commodities trading house Noble have invested $500m each in X2 Resources, which aims “to create a new mid-tier diversified mining and metals group by…identifying [...]
Bottom Line: Mick the miner is ready to build September 30, 2013 IT MAY share its name with both a superhero movie sequel and a low-cost Nokia phone, but there’s only one thing that Mick Davis’ new venture looks like – Xstrata. The former chief executive of the resources group, pushed out of the top job as part of a revised deal with merger partner Glencore earlier this [...]
London Report: FTSE is knocked by jitters in US, China and Italy September 30, 2013 BRITAIN’S top share index fell yesterday, with miners hit by weak data from top metals consumer China and with political jitters in Italy and the United States hurting broad investor sentiment. Fresnillo and Glencore Xstrata lost over two per cent after Chinese data unexpectedly pointed to a near-stagnation of private sector factory activity. Yesterday’s market [...]
BHP latest miner to tap debt market with new $5bn bond September 26, 2013 FTSE 100-listed miner BHP Billiton yesterday priced a $5bn (£3.1bn) bond and said it would use the proceeds for “general corporate purposes”. The debt issuance is BHP’s largest in over a year and the firm’s first US debt sale since February 2012. The new debt facility comprises $500m floating rate notes due 2016, $500m 2.050 [...]
Taxes paid by Glencore’s chief executive handed on to charity September 22, 2013 VOTERS in a small Swiss town decided yesterday to donate SwFr110,000 (£75,435) of taxes paid by GlencoreXstrata chief executive Ivan Glasenberg to charity in a protest against the commodities giant’s business practices. Voters in Hedingen, a town of around 3,500 inhabitants in the canton of Zurich, backed by 764 to 662 an initiative to donate [...]
Best of the brokers for 18 September 2013 September 17, 2013 GLENCORE XSTRATA UBS has cut its rating on the commodities giant from “buy” to “neutral” and raised its target from 330p to 335p, as the shares have bounced back 32 per cent from the trough. The broker remains upbeat about Glencore’s cost-cutting plans until copper and coal prices improve. 888 HOLDINGS Numis has a “buy” [...]
Glencore sells off pasta maker September 16, 2013 MINER and commodities trader Glencore Xstrata yesterday said it had agreed to sell Dakota Growers Pasta Company for $370m (£232m) in cash, as it continues to divest assets acquired with its $6bn purchase of Canadian grain handler Viterra last year. To appease regulators around the world, Glencore has already sold a number of Viterra’s assets [...]
Penne for your pasta? Glencore Xstrata to sell off US third largest pasta company September 16, 2013 Glencore Xstrata has confirmed that it's to sell the Dakota Growers Pasta Company. (Release) The company, part of the grain and oilseed marketer and handler Viterra, is being bought by Post Holdings for $370m in cash. The sale is expected to close in January 2014. Dakota Growers is the third largest pasta manufacturer of [...]
Glencore Xstrata makes progress with Zanaga iron ore project September 13, 2013 Mega miner Glencore Xstrata has announced that its Zanaga iron ore project, based in the Republic of Congo, will now proceed in a staged manner (release). They say that will result in a substantial reduction in the initial capital requirement. The Project is working closely with the Republic of Congo Government to advance its development [...]
Xstrata merger saves Glencore at least $2bn September 10, 2013 MINER trader Glencore Xstrata delighted the market yesterday when it said that synergies from this year’s merger would hit at least $2bn (£1.3bn) next year, skyrocketing far beyond initial guidance of $500m. Chief executive Ivan Glasenberg said that a significant proportion of the synergies would come from cutting costs at head and regional offices, [...]