|Bid||281.80 x 1586300|
|Ask||281.85 x 294500|
|Day's range||276.55 - 282.25|
|52-week range||249.75 - 388.00|
|Beta (3Y monthly)||1.22|
|PE ratio (TTM)||11.74|
|Earnings date||7 Aug 2019|
|Forward dividend & yield||0.15 (5.56%)|
|1y target est||4.95|
Congo's military has deployed hundreds of soldiers to protect a major copper and cobalt mine owned by China Molybdenum Co Ltd from illegal miners, an army spokesman said on Wednesday. The Tenke Fungurume mine is one of the largest in Democratic Republic of Congo, which is Africa's leading copper producer and the world's top miner of cobalt, a key component in electric car batteries. Mining companies operating in Congo, which include Glencore , Ivanhoe and Barrick, routinely say the presence of illegal miners on their properties is one of their greatest challenges.
Zambia's Mopani Copper Mines (MCM) has shut down its Mufulira smelter for major refurbishment, the Glencore-owned company said on Monday. Mopani could not immediately say what impact the shutdown would have on production, which totalled 119,000 tonnes of finished copper in 2018. It said it had informed the Zambian government and labour unions of its plan would "continue to engage with its stakeholders throughout the refurbishment programme".
Bosnia's aluminium smelter Aluminij Mostar is seeking a strategic partner to avoid bankruptcy and a consortium led by London-listed miner and commodity trader Glencore has shown interest, its general manager said on Monday. Aluminij, based in Bosnia's southern town of Mostar and one of the Balkan country's biggest exporters, has been in trouble for years over heavy debt accumulated because of high alumina and electricity prices. The company was brought to the brink of closure last year but the government of Bosnia's autonomous Bosniak-Croat Federation, which owns a 44% stake in the smelter, has helped it stay online.
Investors with a combined $12.5 trillion in assets, including the Swedish National Pension Funds and the Church of England, could review their stakes in resource companies that use storage dams if they do not release information to assess safety risks. Vale and other big listed miners are among more than 200 companies that have released data on dams in response to a request on behalf of 100 investors, the Church of England Pensions Board - one of them - said on Monday. The Church of England Pensions Board and the Swedish AP Funds Council of Ethics are working with other ethical investors, and industry body the International Council on Mining and Metals (ICMM) to devise new standards for tailings dams.
Zambian President Edgar Lungu said on Friday those investing in Africa to reap the benefits without paying their dues were not welcome in Zambia, according to a statement issued by the presidency's office. Zambia is among many African countries trying to secure greater benefits from rich natural resources being managed by foreign companies. The government has riled miners with tax changes they say will force them to withhold the investment Zambia needs.
Zambia will fine and break ties with mining firms that fail to operate according to the southern African country's laws, President Edgar Lungu said on Thursday, escalating a dispute with India-listed Vedanta. Vedanta is fighting Zambia's decision last month to name a provisional liquidator to run its Konkola Copper Mines (KCM) business and is seeking international arbitration. Zambia, Africa's second-largest copper producer, says KCM has breached the terms of its licence.
Brazil's Petrobras found suspicious activity in its oil trading business - and failed to stop it - six years before an alleged bribery scandal erupted in that unit in 2018, according to three people with knowledge of the situation and documents seen by Reuters. A 2012 internal probe at the state-run oil company turned up more than two dozen instances in which traders in Petrobras' Singapore office overpaid for fuel, the people said. Some employees in 2013 recommended halting transactions with one particular fuel brokerage that had consistently sold fuel to Petrobras at above-market prices, according to the people.
Norway's $1 trillion sovereign wealth fund may have to sell a $1 billion stake in commodities firm Glencore and other investments to meet tighter ethical investing rules adopted by its parliament. Norway's parliament agreed on Wednesday to the centre-right government's plan that the world's largest fund would no longer invest in companies that mine more than 20 million tonnes of coal annually or generate more than 10 gigawatts (GW) of power from coal. Environmental campaigners Greenpeace and Urgewald said the new rules mean the fund would have to divest its 2.03% stake in Glencore, worth $1 billion at the end of 2018 according to fund data.
Mining and trading giant Glencore has put its oilfields in Chad up for sale, three sources familiar with the matter said, in a retreat from its foray into oil production following asset writedowns over the past decade. Like its oil trading peers, Glencore expanded in the upstream sector around a decade ago in order to secure oil flows, but the value of the assets tumbled with the oil price slump in late 2014. News of the Chad oilfields sale coincides with the retirement of Glencore's head of oil Alex Beard at the end of this month and the separation of its upstream oil interests from marketing.
Norway's $1 trillion sovereign wealth fund may have to sell a $1 billion stake in commodities firm Glencore and other investments to meet tighter ethical investing rules adopted by its parliament. Norway's parliament agreed on Wednesday to the center-right government's plan that the world's largest fund would no longer invest in companies that mine more than 20 million tonnes of coal annually or generate more than 10 gigawatts (GW) of power from coal. Environmental campaigners Greenpeace and Urgewald said the new rules mean the fund would have to divest its 2.03% stake in Glencore, worth $1 billion at the end of 2018 according to fund data.
Mining stocks led London's main index higher on Tuesday after Beijing took steps to increase local government spending and boost China's economy, while fashion retailer Ted Baker slumped after a profit warning. Rio Tinto, Antofagasta, Glencore and BHP were 2.5-3% higher, while oil majors BP and Shell were lifted by a rise in crude oil prices on expectations that OPEC and its allies will keep withholding supply. Troubles on Britain's high street were reflected on the small- and mid-cap indexes, with Ted Baker falling nearly one-third to a 6-1/2 year low after warning profits would come in well below analysts' expectations, and fast-fashion retailer Quiz down 23.2% after reporting a 94% slump in underlying pretax profit.
Beard, 51, was at one time seen as a possible successor to Glencore chief Ivan Glasenberg. Known for his acumen trading Russian oil, the British executive became the head of oil at Glencore in 2007 and helped lead the company through its initial public offering nearly a decade ago, becoming a billionaire on paper with a stake worth $2.8 billion in 2011. Many blame him for a nearly $1 billion writedown from an ill-timed investment in oil production in Chad, just before oil prices crashed.
Glencore's head of oil, Alex Beard, who helped make the firm one of the world's top three oil trading houses, will retire this month, the company said on Monday in yet another management shake-up amid U.S. probes into its activities. Glencore, founded by trader Marc Rich, has come under U.S. scrutiny in the past year over its business in the Democratic Republic of Congo, where it produces cobalt and copper, and in Venezuela and Nigeria, where it trades oil and refined products. Beard, 52, will be replaced by the head of oil marketing, Alex Sanna, who was key in expanding Glencore's refined products trading in recent years.
Zimbabwe's largest hydroelectric plant, Kariba Dam, will suspend output in 14 weeks if water levels continue to fall at the current rate, the energy minister said on Thursday, paving the way for deeper power cuts in the country. The southern African nation has endured its worst rolling power cuts in three years, and although its mines have been spared so far, analysts say the cuts will hurt economic revival efforts. Shortages of foreign currency have hampered Zimbabwe's ability to import fuel - the country owes foreign suppliers $200 million - and led to shortages of medicines in hospitals.
Zimbabwe has experienced fuel shortages since September, forcing motorists to queue for hours to fill up. The fuel situation is a symptom of a bigger problem in the economy," Reserve Bank Governor John Mangudya told a parliamentary committee. Zimbabwe is facing a severe shortage of dollars, which has hamstrung its capacity to import fuel, medicines and now electricity.
Relations between the Zambian government and its copper mining sector have just taken a turn for the worse. President Edgar Lungu has swiftly followed through on his threat with a move to liquidate Konkola Copper Mines (KCM), the local operating unit of India's Vedanta and one of the country's biggest producers. Government officials have been quick to stress that this does not amount to the nationalisation of KCM's assets but inevitably it has led to comparisons with the last time the Zambian state took control of its copper sector in 1969.