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Is the reign of Glencore’s billionaire copper king near its end?

By: Bloomberg     9th October 2018 Aristotelis Mistakidis is one of the world’s most powerful commodity traders. For nearly 20 years, the brash, hyperactive Greek known to everyone simply as “Telis” has ruled over the global copper market, buying and selling enough of the red metal to supply every factory in the US twice over.... 

Glencore backs $1bn acquisition of Chevron South Africa by black-owned consortium

By: Terence Creamer     28th September 2018 Black economic empowerment (BEE) consortium Off The Shelf Investments (OTS) confirmed on Friday that it had acquired Chevron South Africa (CSA) in a deal valued at $1-billion and financed by its technical and financial adviser, Glencore. CSA, which owns the Chevron refinery in Cape Town and the... 

Glencore closing in on oil deal, transacting with Eskom 

By: Martin Creamer     8th August 2018 The local downstream oil investments of diversified mining and marketing company Glencore are expected to be concluded in the near future. Talking during a media conference after the Johannesburg- and London-listed company posted outstanding half-year results that won analyst applause, Glencore... 

Glencore darts ahead of diversified rivals

By: Martin Creamer     8th August 2018 The strength of the business model and commodity mix of mining and marketing company Glencore has been demonstrated once again by sharp increases in earnings and net income in the six months to June 30. The earnings before interest, taxes, depreciation and amortisation (Ebitda) of the 146... 

Rising oil prices threaten to erode mining sector's profitability

By: Reuters     6th August 2018 Rising oil prices are the latest challenge to the mining sector's profitability, threatening to eclipse hard-fought efficiency gains during the past two years and increasing metals demand. Miners use heavy fuel oil to generate electricity at remote sites; they also use it for transport, with... 

US probe darkens Glencore's horizons from Africa to Americas

By: Bloomberg     4th July 2018 The US corruption and money-laundering probe into Glencore Plc represents the sum of all fears for the world’s largest commodity trader and its billionaire CEO Ivan Glasenberg. The possibility that the Justice Department would add to the dizzying array of regulatory and legal headaches the Swiss... 

Congo court suspends hearing on Glencore-owned cobalt mine

By: Bloomberg     2nd July 2018 A court in the Democratic Republic of Congo suspended a hearing about a lawsuit brought by a former shareholder of a Glencore-owned cobalt and copper mine. The case was put on hold pending a decision by the country’s Court of Appeal on whether the High Court should have jurisdiction over the... 

‘Standout’ Glencore is ‘top pick’

By: Martin Creamer     27th June 2018 In a 150-page analysis of four of the world’s biggest diversified mining majors, Glencore has emerged as the top pick of financial services company Credit Suisse, which has declared the London- and Johannesburg-listed company headed by Ivan Glasenberg as the current “standout” diversified mining... 

Glencore’s DRC settlements should allay fears about asset seizure – analyst

By: Chanel de Bruyn     15th June 2018 Diversified miner Glencore’s settlement, this week, of various disputes with entities in the Democratic Republic of Congo (DRC), should allay investor concerns about the risk of a seizure of its DRC assets, says Goldman Sachs. Glencore, led by CEO Ivan Glasenberg, on Friday announced that it had... 

Congo's miners face harsh new reality as mining law finalised

By: Bloomberg     13th June 2018 The options for mining companies battling new legislation in the Democratic Republic of Congo -- Africa’s biggest copper producer and the source of two-thirds of the world’s cobalt -- have just about run out. After six months of lobbying, companies including Glencore and Randgold Resources have... 

Glencore faces new legal challenge against Congo cobalt mine  

By: Bloomberg     8th June 2018 For Glencore in the Democratic Republic of Congo, problems don’t form an orderly queue: they pile up on top of each other. In the latest example of the commodity giant’s deteriorating relationships in the country, a convicted fraudster has resurrected a legal claim the company considered dead,... 

Glencore goes from crisis to crisis with possible bribery probe

By: Bloomberg     21st May 2018 It’s becoming hard to keep track of all of Glencore’s legal battles in the Democratic Republic of Congo. The world’s biggest commodity trader is facing the possibility of a bribery investigation by British prosecutors over its work with Dan Gertler, an Israeli billionaire and close friend of... 

Glencore said to face UK bribery probe over Congo dealings

By: Bloomberg     18th May 2018 The UK’s white-collar crime prosecutor is preparing to open a formal bribery investigation into Glencore and its work with Israeli billionaire Dan Gertler and the leader of Democratic Republic of Congo (DRC), according to two people with knowledge of the matter. Investigators at the Serious Fraud... 

Rising resource nationalism seen as 'fire burning' for miners

By: Bloomberg     17th May 2018 A rising tide of resource nationalism is causing miners to rethink where they invest and creating volatility for a sector already buffeted by brewing trade wars. “A significant industry issue is resource nationalism,” Rio Tinto Group CEO Jean-Sebastien Jacques told investors at a conference in... 

Glencore releases all-embracing 117-page sustainability report

By: Martin Creamer     16th April 2018 One of the strategic priorities of diversified mining and marketing company Glencore is to invest in community initiatives that deliver sustainable socioeconomic benefits, the London- and Johannesburg-listed company states in today’s 117-page Sustainability Report 2017, which emphasises the... 

Glencore is losing billionaire allies to Trump's sanctions

By: Bloomberg     12th April 2018 The reach and power of US sanctions are hemming in the world’s largest commodity trader. In just four months, Glencore chief Ivan Glasenberg has lost two of his closest business allies as President Donald Trump’s aggressive foreign policy hits home, forcing him to cut ties with billionaires Oleg... 

Aluminium soars as sanctions force top exchanges to block Rusal

By: Bloomberg     11th April 2018 Aluminium headed for the highest close since January, extending its hottest three-day streak since 2009, after top exchanges said they’ll stop accepting metal from United Co. Rusal, deepening supply fears after the US slapped sanctions on the Russian group. The metal advanced 1.4% to $2 231 a... 

Glencore terminates Rusal-EN+ share swap, Glasenberg quits Rusal board

By: Mariaan Webb     10th April 2018 Multinational miner and commodity trader Glencore will not proceed with a share swapping transaction with Russian companies Rusal and EN+ Group, following fresh US sanctions targeting Kremlin-linked companies and oligarchs. Glencore, which on Tuesday confirmed that it would comply with all... 

Deripaska's Rusal and aluminium market roiled by US sanctions

By: Bloomberg     9th April 2018 Russian aluminum maker United Co. Rusal’s stock plunged about 40%, while prices of the metal surged, after US sanctions on the company and its billionaire owner Oleg Deripaska prompted the producer to warn of potential debt defaults and “materially adverse” consequences. The stock fell to... 

Glencore is said to mull buying back Gupta-linked coal mine

By: Bloomberg     27th March 2018 Glencore is considering a bid for the Optimum coal operations in South Africa, which it sold in 2015 to a company part-owned by the politically connected Gupta family, according to two people familiar with the matter. Optimum supplies fuel to state power utility Eskom Holdings and became a... 

Cobalt upstarts add capacity in Congo as prices triple

By: Bloomberg     27th March 2018 A little-known cobalt miner in the Democratic Republic of Congo plans to ramp up output so fast it will soon be out-produced only by industry leader Glencore. Chemaf, a closely held Lubumbashi-based company, and several other firms are capitalizing on a boom in demand that’s transforming small... 

As commodities roar, Africa wants bigger slice of mining pie

By: Bloomberg     22nd March 2018 One by one, the biggest names in African mining are getting squeezed. The tactics might be blunt, but the message is clear: the countries where they operate want a bigger share of the proceeds. The collapse in commodities through 2015 hobbled some of Africa’s biggest resource economies, stunting... 

Chinese control of cobalt supply risk for EU car industry – Glencore

By: Reuters     20th March 2018 Glencore chief executive Ivan Glasenberg said that the automotive industry is waking up too late to the fact that the Chinese will hold most of the world's global cobalt supply, a key metal for electric vehicle (EV) batteries. "If cobalt falls in hands of the Chinese, yeah you won't see EVs being... 

South Africa discount no longer warranted, say analysts

By: Martin Creamer     15th March 2018 The so-called 'South Africa discount' that has dogged and diminished the share prices of mining companies operating in South Africa for decades, has been declared "unwarranted" by Goldman Sachs Europe Metals & Mining Equity Research analysts, against the backdrop of the winds of political change... 

Congo's Kabila to sign new mining code soon after meeting with miners

By: Reuters     8th March 2018 Democratic Republic of Congo President Joseph Kabila will soon sign into law a new mining code, the government and the country's mining companies said on Wednesday. The code has been vigorously opposed by the miners. The announcement followed a nearly six-hour meeting between Kabila and mining... 

Rusal quest for value to dent Glencore's aluminium clout

By: Reuters     27th February 2018 Mining giant Glencore's deal to buy aluminium from Rusal will be renewed from 2019, but the tonnage is likely to be much lower as the Russian producer taps into growing demand for value-added products, two sources close to the matter said. Unless it sources from additional suppliers, the... 

He got rich on Congo mines until bribe probe put future on hold

By: Bloomberg     23rd February 2018 A 20-year friendship that helped turn Dan Gertler into a billionaire has left the Israeli businessman with a lot fewer places to go. The US government accused Gertler of corrupt mining and oil deals in the Democratic Republic of Congo and said he acted as a middle-man to enrich his longtime... 

Glencore shoots lights out, mulls divi top-up, reaffirms South Africa

By: Martin Creamer     21st February 2018 Diversified mining and marketing company Glencore shot the lights out with a superlative set of 2017 results that coincided with a leap in its share price in Johannesburg, the reaffirmation of South Africa as an even more positive investment destination, and the mulling of a dividend "top up"... 

Apple is said to negotiate buying cobalt direct from miners

By: Bloomberg     21st February 2018 Apple is in talks to buy long-term supplies of cobalt directly from miners for the first time, according to people familiar with the matter, seeking to ensure it will have enough of the key battery ingredient amid industry fears of a shortage driven by the electric vehicle boom. The iPhone maker... 

As global economy hums, Davos turns bullish on commodities

By: Bloomberg     27th January 2018 The last two editions of the World Economic Forum were somber affairs for oil industry chieftains and commodities tycoons. The consensus in Davos was that oil was going to stay low, OPEC would fail to lift prices, and the mining industry faced a difficult time. Roll forward to 2018 and there’s... 

Copper deals off to best start in 12 yrs as prices surge

By: Bloomberg     27th January 2018 Copper mining deals are off to the best start in at least 12 years – and more money could be pouring into the sector this year. More than $500-million in transactions are pending or were completed so far this month, the most recorded for January in Bloomberg data going back 12 years. Merger... 

Glencore reserves should be valued higher – analysts

By: Martin Creamer     15th January 2018 Investors should be prepared to value the reserves of metal that Glencore owns more highly to reward the proactive approach that the London- and Johannesburg-listed diversified mining company has towards managing its assets. Reflecting on the decision of Glencore to pull metal from the market... 

Glencore shrinks job of billionaire copper head amid Congo probe

By: Bloomberg     15th January 2018 Glencore reduced the role of its billionaire head of copper, Aristotelis Mistakidis, shaking up the business after a review in the Democratic Republic of Congo raised questions about accounting and management. Mistakidis, one of Glencore’s largest shareholders and a key lieutenant of CEO Ivan... 

Christo Visser

By: Martin Creamer     15th December 2017 This week Mining Weekly features Christo Visser, the newly appointed senior VP origination covering Australia, South East Asia, Russia and the CIS 

Glencore-Canada venture hitched to low-carbon economy shift

By: Martin Creamer     5th December 2017 The joint venture partnership Glencore struck with a Canadian pension plan on Tuesday provides exposure to commodities that benefit from a low-carbon economy. BaseCore Metals, a 50:50 partnership centred on base metals streams and royalties, involves Glencore Canada Corporation contributing a... 

Glencore is said close to creating mining royalty company

By: Bloomberg     15th November 2017 Glencore is close to finalising a $700-million deal with the Ontario Teachers’ Pension Plan to create a new base-metals royalty company, according to people familiar with the matter. The Swiss commodity giant will bring royalty agreements from about 10 mines, while Ontario Teachers’ will... 

Battery boom relies on one African nation avoiding chaos of past

By: Bloomberg     27th October 2017 The cars of the future will depend increasingly upon supplies of an obscure metal from a country in the African tropics where there has never been a peaceful transition of power and child labor is still used in parts of the mining industry. Most major automakers are pledging to build millions of... 

Glasenberg emerges from Rosneft flip with oil deal and medal

By: Bloomberg     12th September 2017 Nine months after surprising the world with an $11-billion venture to buy a stake in Russia’s state oil company, Glencore is selling most of it and emerging from the deal with a valuable crude supply contract and political ties in Moscow burnished. The companies announced on Friday that the... 

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