Glencore’s marketing business FY earnings to surpass $3.2bn, says mining giant boss Glencore's marketing business FY earnings to surpass $3.2bn, says boss Glencore’s marketing business has lifted its full year adjusted earnings forecast to exceed $3.2bn, the mining giant’s CEO Gary Nagle said in the firm’s third quarter production update. Shares dipped 0.8 per cent to 356.4p per share during early trading. It follows Glencore’s recovery from reduced production as global energy markets have begun to rebalance [...]
Glencore invests in Britishvolt’s electric battery gigafactory plans Mining giant Glencore is investing in the battery start-up Britishvolt and its construction of a gigafactory to support the UK’s car industry transition to electrical vehicles. As part of the partnership, Glencore will also supply cobalt, one of the key raw materials used in electric batteries, the Financial Times reported. As the biggest producer of [...]
Commodity price surge: Glencore shareholders spy £2bn payday Glencore’s shareholders are looking at an around £2bn payday this year after commodity price surges hoisted the mining giant to a record performance in the past six months. Revenue hit £67.4bn in the first half of the year, up by some £16.3bn in comparison with the first half of 2020. The London-listed mining and trading [...]
Glencore ‘in talks’ with GFG over refinancing aluminium business July 2, 2021 Sanjeev Gupta’s GFG Alliance is reportedly in talks with commodities giant Glencore over refinancing debt at its European aluminium business Alvance. The metals tycoon is scrambling to refinance his business after the collapse of main lender Greensill in March. The FT reported that Glencore and GFG were in discussions over refinancing $500m of debt at [...]
Glencore chairman Tony Hayward to step down March 11, 2021 Glencore chairman Tony Hayward today confirmed that he would step down from the role before next year’s annual general meeting. The former BP chief executive will remain in the role while the mining giant handles the departure of long-term chief executive Ivan Glasenberg. Back in December the FTSE blue-chip said that Glasenberg would step down [...]
Rio Tinto chairman to step down over destruction of sacred site March 3, 2021 The chairman of Rio Tinto will step down as the mining giant has come under fire for destroying a sacred cave system in Australia. The global outcry over the destruction of the 46,000-year old Aboriginal site, known as Jukkan Gorge, has led the US government to rethink its plan for Rio Tinto and BHP to [...]
Glencore’s Australia mine expansion ‘threatens sacred sites’ March 2, 2021 Expansion at an Australian mine run by Glencore puts several sacred Aboriginal sites at risk, an inquiry heard on Tuesday. The head of a Northern Territory oversight authority said that a range of locations including a historical quarry were in danger. Glencore’s McArthur River Mine received approval from the territory’s mining minister last year to [...]
Glencore reinstates dividend after slimming down debt February 16, 2021 Glencore today said it will reinstate its dividend for the full year after improved second-half trading helped the mining giant trim its debt pile. The London-listed firm, which last year slashed its dividend in a bid to reduce debt, has proposed a payout of $1.6bn (£1.1bn) for 2020, or $0.12 per share. It follows an [...]
Government to investigate Glencore over Chad wastewater spill January 27, 2021 The UK government will investigate a complaint against mining giant Glencore over a wastewater spill in Chad in 2018. According to three human rights groups, which brought the complaint, the FTSE 100 firm “failed to conduct appropriate environmental and human rights due diligence in relation to wastewater leaks and an alleged oil spill at the [...]
Glencore shares fall as miner cuts dividend amid growing debt August 6, 2020 Shares in miner Glencore fell 3.8 per cent this morning after the commodities giant said that it would scrap its $2.6bn dividend to concentrate on reducing debt. As a result of the coronavirus pandemic, which has lowered prices for the company’s minerals due to a slump in demand, Glencore said it had booked a total [...]