Cash-pumping Glencore spells out enhanced liquidity position
Diversified mining and marketing company Glencore last week released a funding fact sheet that showed enhanced liquidity, a plethora of undrawn credit facilities and a business that is pumping free cash.
Giving chapter and verse of its financing arrangements, the London-, Hong Kong- and Johannesburg-listed company revealed a liquidity level materially above that at its last public presentation in June, plus an enterprise focused on delivery of a series of debt reduction measures, including lower net working capital.
The company’s $2-billion target for asset disposals has the potential to boost liquidity levels in the same way as its recent $2.5-billion equity placement, which is enabling the company to keep its current credit ratings well intact.
Glencor’s marketing and industrial businesses are funded by a mixture of short-, medium- and long-term facilities that include $15.25-billion in committed syndicated revolving credit.
The company, headed by CEO Ivan Glasenberg, has $3.1-billion in cash and cash equivalents net of $1.3-billion of issued corporate paper, which forms the basis of committed available liquidity at a point in time.
UndrawnIn a media release sent to Creamer Media’s Mining Weekly, it states that the vast majority of the company’s facilities remain undrawn and excluded from the available liquidity definition.
Long-term funding takes in $31.1-billion in capital market notes, $5.4-billion of notes that mature in a year and $0.9-billion of other noncurrent bank loans.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
The SAIMM started as a learned society in 1894 after the invention of the cyanide process that saved the South African gold mining industry of the...
VISIT SHOWROOM
Multotec, recognised industry leaders in metallurgy and process engineering help mining houses across the world process minerals more efficiently,...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
