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GLCNF.PK vs. ETF Alternatives
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- | On the move
- Monday, June 17, 3:20 PM J.P. Morgan turns a bit more positive on mining stocks (XME), moving to Neutral from Underweight on the sector as miners cut capex and the sector's relative price/book ratio is back to 2009 lows. While the firm remains skeptical that free cash flow yield could turn positive again in 2014, it says the market could give the sector the benefit of the doubt for a while. Sector favorites: RIO, GLCNF.PK. Comment! [Commodities, Quick Ideas]
- Wednesday, June 12, 6:34 AM The board of Glencore (GLCNF.PK) has a new member - former Morgan Stanley CEO John Mack, who will serve as an independent nonexecutive director. Glencore's search for a new chairman continues, with former BP CEO Tony Hayward occupying the spot on an interim basis. Comment! [Commodities]
- Tuesday, June 4, 8:35 AM China's demand that Glencore Xstrata (GLCNF.PK) sell the Las Bambas copper mine in Peru as a condition for approval of Glencore's takeover of Xstrata may pave the way for bids on the ~$5B project from Chinese state-backed Chinalco (ACH) and MMG Ltd. Glencore reportedly is looking to sell the mine, which is expected to produce a minimum of 440K tons/year. 1 Comment [Commodities]
- Tuesday, June 4, 7:59 AM Glencore Xstrata (GLCNF.PK) secures local government approval for a $360M expansion of its McArthur River mine in northern Australia to more than double processing capacity. Expansion of the mine, home to the world's largest zinc deposit, can now move ahead this year. Glencore expects to reach its annual capacity target of 5.5M metric tons of ore in 2014. Comment! [Commodities]
- Monday, June 3, 7:55 AM Glencore Xstrata (GLCNF.PK) fires 1,000 workers across three of its chrome mines in South Africa for going on illegal strike last week, bringing those operations to a halt. The dispute adds to long-running friction in the mining industry that has raised concerns about Africa's largest economy and sent the rand to four-year lows. The country is home to ~75% of the world's chromite reserves. Comment! [Commodities]
- Sunday, June 2, 6:40 PM Glencore Xstrata (GLCNF.PK) and Blackstone (BX) may bid for Rio Tinto's (RIO) 59% stake in Iron Ore of Canada, sources tell WSJ. RIO put the position up for sale earlier this year. Some say Blackstone is the more likely suitor given that Glencore is still busy integrating Xstrata. The Journal notes that mining companies are becoming "more cautious on bidding for new assets [as] investors demand restraint on spending [amid] falling commodity prices" (previous). Bankers say this has opened the door for private-equity. Comment! [Commodities, M&A]
- Saturday, June 1, 12:54 AM Glencore Xstrata (GLCNF.PK), which finalized its merger this week, is experiencing wildcat strikes at three of its chrome mines in South Africa, which are operating at "minimal scale" after the dismissal of 200 of the striking workers. The three mines in Limpopo province are a joint venture with Merafe Resources. Comment! [Commodities, M&A]
- Tuesday, May 21, 10:57 AM Given their activity in the Platts oil trading window, it’s not surprising that European regulators would send questionnaires to Glencore (GLCNF.PK), Vitol and other trading houses asking for information about how fuel pricing works. But no one knows exactly what is being investigated; a look at the Platts daily European oil markets newsletter shows the EU could be looking at any of dozens of daily price assessments. Comment! [Energy, Global & FX, Commodities]
- Thursday, May 16, 8:20 AM Glencore Xstrata (GLCNF.PK) names former BP CEO Tony Hayward as interim chairman, WSJ reports. Hayward was BP's CEO during the 2010 Deepwater Horizon disaster; he is now CEO of Genel Energy (GEGYF.PK). The appointment comes after shareholders voted against the re-election of former chairman John Bond. Comment! [Commodities]
- Thursday, May 16, 7:03 AM A coup as Glencore Xstrata (GLCNF.PK) has Chairman John Bond stepping down from his job well earlier than expected. Formerly chairman of Xstrata, Bond had agreed to retire as head of the merged companies, but only after a replacement was found. His ouster now likely reflects continuing distaste over the £40M "golden handcuffs" package for key Xstrata managers. Shares are up marginally in London. Comment! [Commodities]
- Monday, May 13, 9:56 AM Glencore (GLCNF.PK) abandons plans for a new coal shipping facility in Queensland state, a move that reflects sustained weakness in Australia's once-booming coal export industry. The proposed Balaclava Island export terminal, which was designed to ship 35M metric tons/year, would have opened up a new route for coal exports from the resource-rich Bowen and Surat basins to buyers in Asia. Comment! [Commodities, Global & FX]
- Monday, May 6, 8:21 AM Unions representing workers at Australia's biggest coal-export terminal threaten work stoppages in a dispute with Port Waratah Coal Services over job security. The terminal handles more than 105M metric tons of coal annually at its facilities in Newcastle; Rio Tinto (RIO) and Glencore (GLCNF.PK) are major shareholders in PWCS, and both use the terminal for their coal exports. Comment! [Energy, Global & FX]
- Friday, May 3, 8:26 AM Glencore Xstrata (GLCNF.PK) unveils an integration plan that puts Glencore firmly in control of the combined company, appointing 12 Glencore and two Xstrata execs to the management team. CEO Ivan Glasenberg says success will hinge on strength in commodity prices, which have slumped since the Feb. 2012 merger announcement. Shares up more than 4% on the first day of London trading. Comment! [Commodities, On the Move]
- Thursday, May 2, 7:54 AM Glencore (GLCNF.PK) completes its long-awaited merger with Xstrata to form the world's fourth biggest mining company and the world's biggest commodities trader. The combined company, to be called Glencore Xstrata, will start with a market cap of ~$76B. Glencore reportedly will lay off hundreds of Xstrata managers, and begin to sell assets and dispose of projects it deems non-starters. Comment! [Commodities, M&A]
- Thursday, April 18, 3:14 PM The Democratic Republic of Congo’s copper-rich Katanga province says it won’t implement a government ban on exporting copper and cobalt concentrate because it doesn’t have capacity to process all the ore itself. Many of Congo’s copper miners, including Freeport McMoRan (FCX), Glencore (GLCNF.PK) and Lundin Mining (LUNMF.PK), saw their stock prices fall yesterday after the ban was announced. Comment! [Commodities, Global & FX]
- Tuesday, April 16, 2:53 PM Glencore (GLCNF.PK) CEO Ivan Glasenberg isn't likely to be ruffled by the price to be paid in finalizing the Xstrata takeover: the sale of Peruvian copper mine Las Bambas - which produces ~2% of global supply of copper concentrate - to a buyer China must approve. The departure of seven Xstrata top execs means Glasenberg will rule the roost immediately, and cost cuts at other miners make it a good time to hire new staff. Comment! [Commodities]
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