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.
Monday, Apr 148:53 AM
Monday, Apr 148:53 AM| Comment!
- Glencore Xstrata (GLCNF, GLNCY) agrees to acquire Caracal Energy (CCAXF) for £5.50/share ($9.20/share, or ~$1.35B) in cash.
- Caracal terminates a previous proposal to merge with TransGlobe Energy (TGA).
- TGA says it received a $9.25M break-up fee from Caracal and plans to reintroduce its previously announced dividend.
- Glencore acquired a one-third interest in three oil fields in Chad from Caracal in 2012, and “this transaction deepens our relationship, adding further value and expertise to our growing oil business in Africa," says Alex Beard, head of Glencore’s oil division.
Friday, Apr 43:20 PM
Friday, Apr 43:20 PM| Comment!
- Former BP CEO Tony Hayward is among a shortlist of three candidates to become full-time chairman at Glencore Xstrata (GLCNF, GLNCY), WSJ reports.
- The other two top candidates are said to be former Vale CEO Roger Agnelli and former BG Group boss Sir Frank Chapman; the front-runner isn't clear, and a final decision date it isn't known but Glencore has said it would have a new chairman in place by its annual shareholders' meeting on May 20.
- Glencore has lacked a full-time chairman since last May when Hayward was appointed interim chairman of the newly merged company.
Thursday, Apr 32:40 AM
Thursday, Apr 32:40 AM| 1 Comment
- A 7.8 magnitude earthquake has struck northern Chile just a day after one of 8.2.
- However, although Tsunami warnings were issued on the coast, they have now been cancelled, and there were no initial reports of casualties or serious damage from the second quake.
- Glencore Xstrata's (GLCNF, GLNCY) and Anglo American's (AAUKF, AAUKY) Collahausi mine said it is continuing the "process of normalization" without problems following an evacuation of workers because of Tuesday's quake.
- Teck Resources (TCK) and Southern Copper (SCCO) also have mining operations in Chile; the latter's were continuing normally following the first quake.
- ETFs: JJC, CPER, CUPM
Wednesday, Apr 23:19 PM
Wednesday, Apr 23:19 PM| 1 Comment
- Normal operations are expected to resume by day's end at Anglo American (AAUKF, AAUKY) and Glencore's (GLCNF, GLNCY) Collahuasi copper mine in Chile after a major earthquake forced a production shutdown.
- Collahuasi produced 445K metric tons of copper content last year and accounts for nearly 6% of Chile's overall output.
- The rest of Anglo American's operations in Chile, mostly located further south, weren't affected by the earthquake.
- Southern Copper (SCCO) said last night its mining operations in the country continued normally.
- ETFs: JJC, CPER, CUPM
Wednesday, Apr 22:56 AM
Wednesday, Apr 22:56 AM| 2 Comments
- A massive 8.2 magnitude earthquake has struck off the northwest coast of Chile, causing a 2 meter high tsunami, killing at least five people and leading to much damage.
- While hundreds of thousands of people have been evacuated from the affected areas, mining operations in the region appear to be relatively unaffected.
- Companies with interests in the area include Anglo American (AAUKF) and Glencore Xstrata (GLNCY), which operate the huge Collahuasi mine near the border with Bolivia. Workers were evacuated, but the mine doesn't seem to have been damaged. Teck Resources (TCK) and Codelco, the world's biggest copper producer, also own interests in the region.
- Copper futures jumped following the earthquake but then fell back, and are +0.3% to $3.048 a pound.
Friday, Mar 2812:27 PM
Friday, Mar 2812:27 PM| 1 Comment
- Royal Dutch Shell (RDS.A, RDS.B) has received a high bid of $2.85B from Nigerian firms Taleveras and Aiteo for the biggest of four Shell assets up for sale, but it is holding out while trying to encourage a team-up with an existing operator.
- Shell is said to be concerned about the risk of selling to two exporters of crude and importers of gasoline that have no previous experience in running producing oil assets.
- Shell is divesting its 30% stake in four Nigerian oil blocks, with Total (TOT) and Eni (E) also set to profit from their respective 10% and 5% stakes; Nigeria's state-owned oil company owns the remaining 55%.
- Glencore (GLCNF, GLNCY) has said it was interested in the assets, but sources say it has since backed away.
Thursday, Mar 277:56 AM
Thursday, Mar 277:56 AM| Comment!
- Glencore Xstrata (GLCNF, GLNCY) will suspend operations at its Ravensworth underground coal mine in Australia, saying it is no longer financially viable to operate the mine due to a combination of lower prices, high production costs, a strong Australian dollar and geological constraints in future mining areas.
- The mine produced 2.1M metric tons of semi-soft coking coal in 2013 and will be placed on care and maintenance once work on a longwall section is completed in September.
- The price of coking coal used in steelmaking has tumbled by ~$200/metric ton from its 2012 high above $300.
Monday, Mar 178:31 AM
Monday, Mar 178:31 AM| 1 Comment
- Glencore Xstrata (GLCNF, GLNCY) is close to reaching an agreement on the multibillion-dollar sale of its Las Bambas copper project in Peru to a Chinese consortium and could announce the deal as early as tomorrow, WSJ reports.
- The management of both Glencore and China Minmetals, the state-controlled copper company leading the Chinese consortium, reportedly are set for a final meeting Tuesday in London with an aim toward signing an agreement.
- China accounts for ~40% of global copper demand, and Las Bambas would give it greater control over the global market; Glencore has forecast the mine's annual output for the first 10 years at 460K metric tons of copper in concentrate.
Friday, Mar 78:13 AM
Friday, Mar 78:13 AM| 7 Comments
- Freeport McMoRan (FCX) says power rationing in the Democratic Republic of Congo will not affect its operations in the short term but a reliable energy supply would be crucial for any future expansion plans.
- The Democratic Republic of Congo, Africa’s biggest copper producer, has told miners it will institute an electricity rationing program and its state-owned power company will stop signing new contracts.
- Glencore Xstrata’s (GLCNF, GLNCY) Mutanda and Katanga mining projects and FCX's Tenke Fungurume mine are Congo’s top copper producers; Katanga is scheduled to expand production to almost 300K metric tons by year-end, and Tenke plans to add a second sulfuric acid plant by 2016.
Tuesday, Mar 48:12 AM
Tuesday, Mar 48:12 AM| 2 Comments
- Glencore Xstrata (GLCNF, GLNCY) is poised to take an equity stake this year in Russian oil company Rosneft (RNFTF) under the terms of a renegotiated loan agreement.
- Glencore says Rosneft has refinanced part of its debt and repaid $1B in December, and the two companies agree to amend the terms of the remaining loan so that it would convert at least $900M into an equity stake in Rosneft during 2014.
- Also says it will study the sale of BHP Billiton’s Australian nickel assets; BHP has booked impairment charges on the Nickel West assets of nearly $1.6B over the past two fiscal years.
- Shares +2.5% in London after the company beat analysts’ earnings estimates in its first annual results since the Xstrata takeover.
Tuesday, Mar 43:46 AM
Tuesday, Mar 43:46 AM| Comment!
- Glencore Xstrata's (GLNCY) FY adjusted EBIT climbed 34% to $5.97B, boosted by the inclusion of eight months of Xstrata's profits and a strong performance at the company's commodities trading operations.
- Adjusted net income rose 20% to $3.67B but missed consensus of $3.81B.
- However, Glencore Xstrata swung to an overall net loss of $7.4B from a net profit of $1B in 2012, due to a $7.5B writedown that the company booked on the Xstrata deal. Still, the firm expects to achieve $2.4B of annual synergies from the purchase, up from a prior forecast of $2B.
- Glencore Xstrata is continuing its talks with a Chinese suitor to sell its $5.9B Las Bambas copper asset in Peru. A group led by China Minmetals was reportedly close to a deal last month.
- Glencore Xstrata is selling the asset in order to meet Chinese conditions for approving the Xstrata transaction.
- Glencore increased its full-year dividend 4.8% to 16.5 cents a share.
- Shares are +2.4% in London. (PR)
Monday, Mar 36:14 PM
Monday, Mar 36:14 PM| Comment!
- Vale's (VALE) Canadian unit says it has resumed work on its Copper Cliff Deep nickel project in the Sudbury basin after development was put on hold in the wake of the 2008 financial crisis, and it expects to complete a feasibility study by the end of the year.
- The project is expected to cost ~$1B and could be one of the unit's lower-cost operations; the first of the three phases could start producing within the next two to three years, but a final go-ahead will depend on securing a green light from Vale's board in Brazil.
- At the same time, the miner plays down expectations that it would reach a deal early this year with Glencore Xstrata (GLCNF, GLNCY) to merge their adjacent Canadian nickel projects.
Wednesday, Feb 268:41 AM
Wednesday, Feb 268:41 AM| Comment!
- The UN is sending extra troops to the copper producing Katanga province in Congo in an attempt to quell a growing insurgency that has threatened the province's mining sector.
- Congo's copper production hit a record high of 900K metric tons last year, but recent violence is threatening the industry, where such companies as Freeport McMoRan (FCX), Glencore Xstrata (GLCNF, GLNCY) and Ivanplats are operating multibillion-dollar copper and cobalt mines.
- Katanga is believed to hold at least 10% of the world's copper deposits and a third of global cobalt deposits.
Monday, Feb 2411:13 AM
Monday, Feb 2411:13 AM| Comment!
- Talks between Glencore Xstrata (GLCNF, GLNCY) and the China Minmetals-led consortium over a potential purchase of the Las Bambas copper mine in Peru have hit a snag over the price the Chinese buyers are willing to pay, WSJ reports.
- While a ~$5.5B deal for the giant copper mine reportedly isn't dead, the deal has taken longer to conclude than expected and a March 4 internal deadline to announce the deal looks like it will be missed; Glencore had agreed to sell Las Bambas as a precondition for approval from Beijing for its merger with Xstrata last year.
- Las Bambas was about 45% complete as of the middle of last year and is due to start production in H2 2015.
Thursday, Feb 205:47 PM
Thursday, Feb 205:47 PM| 1 Comment
- DuPont's (DD) seed deliveries from its new $40M seed plant in Ukraine are being slowed by the intensifying violence in the world's third-largest corn exporting country, the president of the company's seed unit says.
- No negative effect on revenue will occur if the delay to seed deliveries is resolved by the end of the planting season in three months, DD says, but a bigger concern is whether credit will still be available.
- Other western companies with significant presence in Ukraine - such as Monsanto (MON), Deere (DE), Glencore (GLCNF) and ADM - either haven't commented or say they're monitoring events.
Wednesday, Feb 197:46 AM
Wednesday, Feb 197:46 AM| 2 Comments
- Royal Dutch Shell (RDS.A, RDS.B) reportedly has sold its downstream Australian assets to Dutch-owned oil trader Vitol and the Abu Dhabi Investment Council for ~$2.4B.
- Shell has been planning to sell the business, which includes a refinery, import terminals and 900 service stations, as part of new CEO Ben Van Beurden's worldwide divestment program.
- The sale would mean Australia's Macquarie Group and partner Glencore Xstrata (GLCNF], GLNCY) were not successful in their efforts to buy the assets.