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Glencore

  • Glencore pleads guilty to seven counts of bribery

    Guilty as charged

    Glencore Energy today pleaded guilty on seven charges of bribery and failing to prevent bribery in relation to a series of African oil deals. The Anglo-Swiss firm pleaded guilty on all seven counts put forward to it at Southwark Crown Court, after charges were brought against the company by the UK’s Serious Fraud Office (SFO). [...]

  • Glencore trading profits set to soar amid volatile commodity prices

    Glencore

    Glencore is on course to post record profits from its trading business in the first half of the year as it continues to feel the lift of volatile commodity prices.

  • Glencore pays $1bn settlement to US authorities after admitting bribery in UK court

    Corruption

    Commodity trader Glencore has agreed to pay more than $1bn to US and Brazilian authorities to settle corruption investigations, after indicating it will plea guilty to bribery charges in the UK. Glencore said it will pay a combined sum of $1.06bn to the US Department of Justice (DoJ) and Commodity Futures Trading Commission (CFTC), and [...]

  • Production slumps at Glencore as pandemic strains continue

    February 2, 2022

    Mining giant Glencore reported a slump in production of coal and many of its key metals last year as the pandemic continued to restrict output across its operations.

  • Glencore’s marketing business FY earnings to surpass $3.2bn, says mining giant boss

    October 29, 2021

    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

    August 17, 2021

    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

    August 5, 2021

    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 [...]

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