at MarketWatch.com (Mar 17, 2014)
at MarketWatch.com (Mar 17, 2014)
at MarketWatch.com (Mar 14, 2014)
at MarketWatch.com (Mar 12, 2014)
at CNBC.com (Mar 10, 2014)
at MarketWatch.com (Mar 10, 2014)
at MarketWatch.com (Mar 10, 2014)
at MarketWatch.com (Mar 7, 2014)
at MarketWatch.com (Mar 4, 2014)
at MarketWatch.com (Mar 4, 2014)
at MarketWatch.com (Feb 25, 2014)
at MarketWatch.com (Feb 18, 2014)
at MarketWatch.com (Feb 17, 2014)
at MarketWatch.com (Feb 13, 2014)
at MarketWatch.com (Feb 12, 2014)
Glencore Xstrata is one of the worlds largest global diversified natural resource companies and is one of the ten biggest companies within the FTSE 100 Index. The Groups industrial and marketing activities are supported by a global network of more than 90 offices located in over 50 countries.
Wednesday, Oct 22013, 11:59 AM
Wednesday, Oct 22013, 11:59 AM| Comment!
- Tohoku Electric Power reportedly will buy Australian thermal coal from Glencore Xstrata (GLCNF.PK) for delivery in the year from Oct. 2013 through Sept. 2014 at $85.80/metric ton, a big drop from their year-earlier contract price of $96.90/ton.
- The 11% price drop has wide significance for the coal market (KOL), as the two companies' term-pricing deals serve as a benchmark for other Japanese utilities, as well as for some Taiwanese and South Korean buyers.
Tuesday, Oct 12013, 8:33 AM
Tuesday, Oct 12013, 8:33 AM| Comment!
- Newmont Mining (NEM) joins the list of companies considering a bid for Glencore's (GLCNF.PK) Las Bambas copper mining project in Peru, FT reports.
- "The thing that is interesting is that it is further down the development path, it is closer to production," NEM CEO Gary Goldberg tells FT, adding "we would look at doing something with other partners."
- Two of China's biggest mining companies reportedly have submitted offers for the mine, which isn't producing copper yet and is expected to cost ~$5.9B to complete.
- NEM -2.2% premarket.
Monday, Sep 302013, 10:40 AM
Monday, Sep 302013, 10:40 AM| Comment!
- Two of China's biggest mining companies put in indicative bids for Glencore's (GLCNF.PK, GLNCY.PK) Las Bambas Peruvian copper project earlier this month, WSJ reports, in a rare case of state-owned firms competing with each other for an overseas asset.
- MMG and Jiangxi Copper have submitted separate, non-binding offers for the mine; it's not clear whether Aluminum Corp. of China (ACH), which had expressed interest, had submitted a bid for the mine, which isn't producing copper yet and is expected to cost ~$5.9B to complete.
- China imports ~3.4M tons/year of refined copper and consumes more than 30% of global copper production.
Monday, Sep 302013, 8:58 AM
Monday, Sep 302013, 8:58 AM| Comment!
- OZ Minerals says it has not received an offer from Glencore Xstrata (GLCNF.PK, GLNCY.PK), refuting a newspaper report that said Glencore was considering a £750M ($1.2B) bid for the Australian copper miner.
- OZ Minerals owns the Prominent Hill copper mine in South Australia, whose costs are rising as its mine life runs out; the mine's copper is exported to China, so it would not provide any feed for Glencore's Mt. Isa operation, Reuters says.
- OZ's other key asset is the undeveloped Carrapateena deposit in South Australia, which Glencore would not want as it is selling off some undeveloped copper assets and has made clear it has no interest in spending on new mines.
Thursday, Sep 262013, 8:52 AM
Thursday, Sep 262013, 8:52 AM| Comment!
- African Minerals (AMLZF.PK) enters into a binding memorandum of understanding with Tianjin Materials and Equipment, China's largest iron trader, where Tewoo will pay $990M to acquire a 16.5% interest in African Minerals' flagship Tonkolili iron ore project.
- China, which makes 43% of the world’s steel, relies on imported ore for more than 60% of its steelmaking needs.
- Chinese state-owned metal giants are said to be circling Rio Tinto’s (RIO) $4B Canadian iron ore operations as well as Glencore’s (GLCNF.PK) Las Bambas copper asset in Peru.
Tuesday, Sep 242013, 2:36 PM
Tuesday, Sep 242013, 2:36 PM| 1 Comment
- Silver Wheaton (SLW -0.3%) is interested in securing a streaming contract for future output of precious metals from Glencore’s (GLCNF.PK) Las Bambas copper mine in Peru, CEO Randy Smallwood says on the sidelines of the Denver Gold Forum.
- "It's definitely a project that's got healthy margins," Smallwood says, adding that ~5% of the revenue from Las Bambas comes from gold and silver.
- Glencore is selling the mine as part of an agreement to win Chinese regulatory approval for its takeover of Xstrata earlier this year.
Monday, Sep 162013, 12:35 PM
Monday, Sep 162013, 12:35 PM| Comment!
- Glencore (GLCNF.PK) continues to divest some Viterra businesses following its $6.2B acquisition of the grain marketing and distribution company last year, as it sells its Dakota Growers Pasta unit to Post Holdings (POST +3.2%) for $370M.
- POST says the deal is part of its efforts to diversify its food offerings, and expects it to contribute ~$300M to sales and $42M-$46M in EBITDA annually.
Tuesday, Sep 102013, 3:47 AM
Tuesday, Sep 102013, 3:47 AM| Comment!
- Glencore Xstrata (GLCNF.PK) expects synergies of at least $2B in 2014 from Glencore's $44.6B acquisition of Xstrata, quadruple the amount it originally estimated. Still the figure is well below the $7.7B writedown that the company took on the deal due to falling commodity prices and a more conservative analysis of Xstrata's operations.
- The amount comprises $1.4B in cost savings, $450M from marketing activities and $175M from financing operations.
- Glencore Xstrata also intends to cut capex by $3.5B by 2015 and hold operational spending at $4B, the lower end of its prior guidance.
- The company plans to list in Johannesburg in Q4 to help it in the growing African market. The firm is already listed in London and Hong Kong. Shares +3.55% in London. (PR)
Friday, Aug 302013, 2:33 PM
Friday, Aug 302013, 2:33 PM| Comment!
- Glencore Xstrata (GLCNF.PK) is conducting business with Iran even as competitors abandon the country, potentially drawing scrutiny from regulators.
- SEC filings by Century Aluminum (CENX), in which Glencore owns 41.8%, show non-U.S. affiliates of Glencore “entered into sales contracts for agricultural products as well as purchase contracts for metals with Iranian entities” last quarter.
- Glencore is "taking a gamble," an international law expert says. “You can be sure the U.S. is watching very closely what this company is doing," adding it may face difficulty insuring transactions and shipping materials.
Friday, Aug 232013, 9:57 AM
Friday, Aug 232013, 9:57 AM| 1 Comment
- China's top copper producer Jiangxi Copper is interested in buying Glencore's (GLCNF.PK) $5B-plus Las Bambas copper mine in Peru, Reuters reports.
- Jiangxi reportedly may eventually team up with Chinalco Mining or MMG, which also are evaluating bids for the mine.
- Glencore had agreed to sell the mine in return for Beijing's blessing for its $35B purchase of Xstrata.
Tuesday, Aug 202013, 10:30 AM
Tuesday, Aug 202013, 10:30 AM| Comment!
- The latest results for Glencore (GLCNF.PK -1.9%) and BHP (BHP -0.8%) show the good times are over for global miners (I, II), but the outlook is more difficult at Glencore, Andrew Peaple writes.
- Glencore's trading business performed reasonably well in H1 with operating profit up 6.4% despite tough markets, but trading is a low-margin business where it faces tighter regulatory scrutiny amid stiff competition.
- Even excluding the $7.7B writedown from the Xstrata merger, Glencore's EBITDA was down 9% in H1, vs. a 1% gain at BHP over the same period.
- Glencore's outspoken Ivan Glasenberg has criticized peers for wasteful investment and not taming supply growth, but "it is time the physician healed himself," Peaple writes.
Tuesday, Aug 202013, 2:28 AM
Tuesday, Aug 202013, 2:28 AM| Comment!
- GlencoreXstrata (GLCNF.PK) H1 Pro forma Adjusted EBITDA -9% to $6B, at the higher end of estimates.
- Adjusted EBIT -28% to $3.18B,
- Revenue -2% to $121.4B
- Reported adjusted EBITDA +14% to $3.64B
- Revenue +4% to 112.48B
- Profit before significant items -34% to $1.21B.
- Loss $8.92B vs profit of $2.275B
- Loss per share $0.99 vs EPS of $0.33
- As expected, takes goodwill impairment of $7.6B related to Xstrata acquisition, reflecting the negative mining-industry environment and the heightened risks of greenfield and large scale expansion.
- Declares interim dividend of $0.054 a share, in line with 2012.
- Progress made in integrating Xstrata "has exceeded our expectations," and synergies will "be materially in excess of previous guidance of $500M per annum." (PR)
Sunday, Aug 182013, 10:55 AM|Sunday, Aug 182013, 10:55 AM| Comment!
Tuesday, Aug 132013, 10:37 AM
Tuesday, Aug 132013, 10:37 AM| Comment!
- Glencore Xstrata (GLCNF.PK) plans to cut spending at its $5.9B Tampakan copper-gold project in the Philippines, one of four mines it has said it could sell to appease Chinese regulators' concerns over its dominance in copper if it is unable to sell the Las Bambas mine in Peru.
- Sagittarius Mines, 62.5%-owned by Glencore, says it revised its work plan as the project still faces "substantial development challenges," including a ban on open-pit mining in South Cotabato province.
Tuesday, Aug 132013, 4:31 AM
Tuesday, Aug 132013, 4:31 AM| 2 Comments
- The Commodity Futures Trading Commission has reportedly subpoenaed Goldman Sachs (GS), JPMorgan (JPM), Glencore Xstrata (GLCNF.PK) and their subsidiaries for documents relating to warehouses they operate for aluminum and other metals.
- The agency has requested information dating back to January 2010; it also wants documents relevant to the companies' relationships with the London Metals Exchange.
- The CFTC's investigation follows allegations that the activities of warehousing companies have artificially boosted the price of metals, particularly aluminum.
- Earlier speculation said the CFTC had sent subpoenas to an unnamed metals warehousing firm.
Tuesday, Aug 62013, 3:55 PM
Tuesday, Aug 62013, 3:55 PM| 2 Comments
- Three bidders for Rio Tinto's (RIO -1.6%) majority stake in Iron Ore Co. of Canada, including Apollo (APO), Blackstone (BX) and Glencore (GLCNF.PK), have dropped out after second round bids were due last month, Reuters reports.
- Teck (TCK) is said to be one of two remaining bidders for the stake.
- The low offers, at a time when dozens of mining assets are for sale and demand for steelmaking commodities is uncertain, raise questions over the future of a sale that could still take months to tie up should Rio decide to push ahead.