Pre-market trading started yesterday (19-05-11), but full market trading to start next week, Tuesday as it now stands (could change). 530p the float price.

Chart to come when I get it, and any other updates/corrections that I happen to spot.

Canaccord note:
"Share price collapse.........and partial recovery
Glencore's shares slumped from 300p in early May, to c.120p in early September, triggering a capital preservation/debt reduction programme (announced 7 September) worth US$10.2bn and intended to reduce net debt to the low US$20bn's by end 2016. Shares continued to fall on debt concerns, collapsing 29% on 28 September to 69p, but have since recovered to c.120p. In our view, the share price fall was driven by excessive fears of a potential credit downgrade/debt default, and is not warranted.
Glencore's debt: a reality check
Even after removing readily marketable inventories from net debt, Glencore carries midyear net debt of US$29.6bn, significantly more than any of its FTSE100 mining peers. However, a review of statements from Moody's and S&P demonstrates that the ratings agencies are comfortable leaving Glencore's investment grade ratings unchanged at BBB/Baa2, particularly given the 7 September announcement. Both agencies have moved to a negative outlook, which seems sensible given the impact on cashflows should commodity prices fall demonstrably lower on a sustained basis. While both agencies note that Glencore will be outside the preferred guidelines for its credit rating they see this as a temporary (c.6-18-month) issue. In its funding factsheet, released 6 October, Glencore outlined the limited impact of a credit rating downgrade.
Glencore's debt: our view
In this note we outline changes to our commodity price estimates, and revise our forecasts for these, for lower unit costs (due to weakening commodity-backed currencies vs US$), and for the capital preservation/debt reduction programme. While Glencore has no formal debt covenants, management's internal targets are greater than 25% funds from operations (FFO)/net debt and less than 3x net debt/adjusted EBITDA. Based on our forecasts, we see FFO/net debt dropping below this threshold at YE2015, but recovering in 2016, while net debt/adjusted EBITDA should remain below the targeted level for both years.
Changes to forecasts
Our adjusted EBITDA estimate drops from US$9,397M to US$9,141M in 2015, and from US$11,074M to US$9,231M in 2016. Our underlying diluted eps forecast remains unchanged for 2015 at 6.3c and drops from 7.8c to 4.4c in 2016. We believe that EBITDA is the most relevant metric at this point in the cycle.
Target price lowered; Speculative Buy recommendation maintained
Our target price is a function of NPV, EV/EBITDA relative to the company's history, and rolling 12-month PE relative to the market. Given our lower commodity price assumptions, we reduce our target price from 220p to 190p. However, this still leaves upside of over 50% to our target price, and we remain positive on the stock, retaining our Speculative Buy recommendation. There are clearly still potential risks should commodity prices decline further but we believe that the shares have been oversold on debt concerns. Certainly, the ratings agencies don't seem to be as troubled as some in the equity market; investors should take note of that."

http://www.moneyam.com/action/news/showArticle?id=5129666

Same here ,onward ..

StockMarketWire.com
Glencore has started a process to sell its wholly-owned Cobar copper mine in Australia and Lomas Bayas copper mine in Chile.

Glencore says the sale process is in response to it receiving a number of unsolicited expressions of interest for these mines from various potential buyers.

This will allow potential buyers to bid to purchase either one or both of the mines and may or may not result in a sale.

Glencore will issue an update only in the event a sale is agreed or disclosure is otherwise required.

Liberum Capital Hold 127.98 129.10 125.00 125.00 Reiterates

Deutsche Bank Hold 127.98 129.10 190.00 190.00 Retains

JP Morgan Cazenove Neutral 127.98 129.10 150.00 160.00 Retains

I think you can throw darts for a price on any of these miners at the moment ,the way they have been dragged down and then back up again all in the space of a couple of months .

Take your pick .

12 Oct Liberum Capital 125.00 Hold
12 Oct Beaufort... N/A Hold
12 Oct Deutsche Bank N/A Hold
12 Oct Deutsche Bank 190.00 Hold
12 Oct JP Morgan... 160.00 Neutral

good reversal..

StockMarketWire.com
Glencore posts a net loss attributable to equity holders of USD4,964m for 2015 comapred with net income of USD2,308m last time.

Adjusted EBITDA fell by 32% to USD8.7 billion due to substantially weaker commodity prices, partially offset by cost efficiencies and favourable producer country currencies:

- Marketing EBITDA down 11% to $2.7 billion, reflecting the high 2014 agricultural base and challenging metals' marketing conditions in H1 2015 (as noted in our 2015 Half-Year Report), offset by a robust performance from oil marketing.

- Industrial EBITDA down 38% to $6.0 billion, reflecting lower prices in all key commodities and decisive action to reduce supply and associated capital expenditures / operating costs within our coal, zinc, copper and oil assets. These steps are aimed at preserving resource value for the longer term.

2015 industrial capital expenditure of $5.7 billion was in line with previous guidance. 2016 industrial capital expenditure has been cut a further $300 million to $3.5 billion.

And the group said it delivered significant real unit cost reductions in 2015. Targeting to capture a further $400 million of savings during 2016.

Chief executive Ivan Glasenberg said: "Our rigorous focus on debt reduction, supply discipline and cost efficiencies enabled Glencore to record a robust performance in difficult market conditions. Our diversified portfolio, based around a core of Tier 1 assets, combined with our highly resilient marketing business, underpins our ability to continue to be comfortably cash generative at current and even lower commodity prices."

2015 Annual Report of Glencore plc ("Glencore" or the "Company")

Glencore has today:

· published its Annual Report for the year ended 31 December 2015 on its website www.glencore.com as required by DTR 6.3.5 R (3); and
· submitted a copy of the Annual Report to the UK National Storage Mechanism in accordance with LR 9.6.1 R.
The 2015 Annual Report will shortly be available for inspection on the National Storage Mechanism: www.morningstar.co.uk/uk/NSM

Glencore will hold its 2016 Annual General Meeting in Zug on 19 May 2016. The notice of meeting will be released in April 2016.

The Appendix to this announcement contains the following additional information which has been extracted from the 2015 Annual Report for the purposes of compliance with DTR 6.3.5 only:

· a description of principal risks and uncertainties;

· a note on related party transactions; and

· the Directors' Responsibilities Statement.


more.....

This has been hit hard ,down 18% today .

Final Results

Glencore has emerged as the top shareholder of embattled Australian iron ore miner Atlas Iron after a debt-to-equity transaction, giving the global mining and trading company its only direct exposure to production of the steelmaking ingredient.

Glencore has acted as an intermediary in buying and selling iron ore for third parties since 2008 but has mostly avoided, either by design or circumstances, the production side of the sector, which is dominated by Vale, Rio Tinto and BHP Billiton.

Glencore subsidiary Maru Sky earlier this year acquired a portion of Atlas debt as the small Australian miner negotiated with creditors to fend off collapse brought on by weak iron ore prices.

Atlas told the Australian Securities Exchange that Maru Sky had converted its debt ownership for 8.47 percent in equity, making it the single biggest shareholder. The next biggest is Commonwealth Bank of Australia with 6.36 percent.

Does it mean that Glencore expect Iron Ore prices to rise?

Jefferies International today reaffirms its hold investment rating on Glencore PLC (LON:GLEN) and raised its price target to 160p (from 150p).

Haitong Securities today upgrades its investment rating on Glencore PLC (LON:GLEN) to buy (from neutral) and raised its price target to 194p (from 141p).

StockMarketWire.com
Glencore reports strong and improving cash generation in the first half despite lower commodity prices and production volumes.

Adjusted EBITDA of $4.0 billion was down 13% and funds from operations of $2.8 billion fell by 21% but capital expenditure of $1.6 billion was down 51%, comfortably offsetting the reduced FFO.

The group reports outstanding first-half operational unit cost performance in our key commodities: copper 97c/lb, zinc -3c/lb (15c/lb ex-gold), nickel 246c/lb and thermal coal $37/t.

Full year unit cost estimates have been reduced to reflect stronger than expected cost improvements over the year to date.

Chief executive Ivan Glasenberg said: "Since we announced our measures to reduce debt levels last September, we have made considerable progress towards achieving our goals. Supporting these targets, our industrial assets are demonstrating industry-leading cost and cashflow performances, while the resilience of our Marketing business has again been demonstrated, with a 14% increase in its first half Adjusted EBIT to $1.2 billion.

"We have already largely achieved our asset disposals target of $4-5 billion with a diverse and material pool of asset sales' processes also on-going. Our divestment strategy remains one of maximising value for shareholders through identifying assets where overall Glencore franchise positioning, optionality and value is substantially preserved or even enhanced. The Glencore Agri stake sale, for example, positions it for the industry's inevitable consolidation in the years to come. We remain confident and focussed on achieving even lower than previously indicated net funding and net debt levels by the end of this year.

"After a difficult start to the year, the more constructive tone of markets in recent months has helped support the pricing of many of our key commodities. While we are highly cash generative at current spot prices, we remain mindful that underlying markets continue to be volatile. We are alert to and have a high degree of proven flexibility in adapting to changing market conditions."

Exane BNP Paribas today reaffirms its outperform investment rating on Glencore PLC (LON:GLEN) and set its price target at 338p

Credit Suisse today reaffirms its outperform investment rating on Glencore PLC (LON:GLEN) and raised its price target to 340p (from 320p).

Jefferies International today reaffirms its buy investment rating on Glencore PLC (LON:GLEN) and raised its price target to 350p (from 300p).

JP Morgan Cazenove today reaffirms its neutral investment rating on Glencore PLC (LON:GLEN) and cut its price target to 250p (from 260p)

StockMarketWire.com
Glencore has confirmed it is in final-stage negotiations regarding a transaction involving the acquisition, as part of a consortium with the Qatar Investment Authority, of a 19.5% interest Rosneft for £10.2 billion.

Under the proposed arrangements, Glencore would commit £300 million in equity with the balance of the consideration for the acquisition of the Shares to be provided by QIA and by non-recourse bank financing.

The other material terms of the proposed transaction for Glencore are: - New 5 year offtake agreement with Rosneft representing a sizeable additional 220,000 bbls/day for the Glencore Marketing business.

- Additional opportunities, through a strategic partnership for further cooperation, including infrastructure, logistics and global trading.

- Other than the economic exposure represented by the Glencore Equity, (amounting to a c.0.54% indirect equity interest in Rosneft), Glencore would not have any economic exposure to its interests in the Shares.

- Limited liability structure fully ring-fenced and non-recourse to Glencore apart from its £300 million equity contribution and the provision of certain guarantees, the risks of which would be fully indemnified by appropriate financial institutions.

Once the transaction is entered into, it will be conditional on the subsequent finalisation of all relevant financing, guarantee and other agreements and would be expected to close in mid-December.

StockMarketWire.com
A 50:50 consoritum between Glencore and Qatar Investment Authority has agreed to acquire a 19.5% interest in the Rosneft from Rostneftegaz for €10.2 billion.

Under the proposed arrangements, Glencore will commit €300 million in equity and QIA will commit €2.5 billion in equity to the consortium with the balance of the consideration for the acquisition of the shares to be provided by non-recourse bank financing, principally by Intesa Sanpaolo, with Russian banks also providing financing and credit support.

The other material terms of the transaction for Glencore are:

- New 5 year offtake agreement with Rosneft representing a sizeable additional 220,000 bbls/day for the Glencore Marketing business

- Additional opportunities through a strategic partnership for further cooperation, including infrastructure, logistics and global trading

- Other than the economic exposure represented by the Glencore Equity (representing a 0.54% indirect equity interest in Rosneft), Glencore will not have any economic exposure to its interests in the Shares

- Limited liability structure fully ring-fenced and non-recourse to Glencore apart from its €300 million equity contribution and the provision of margin guarantees of up to €1.4 billion, for which Glencore has obtained full indemnification from appropriate Russian banks.

The overall transaction, including the acquisition of the Shares, is conditional on the finalisation of all relevant financing, guarantee and other agreements and is expected to close in mid-December.

Glencore chief executive Ivan Glasenberg said: "We are delighted that the strong relationships that already exist between Rosneft, QIA and Glencore have enabled us to successfully enter into this transaction. Glencore looks forward to working with both parties to take advantage of the significant opportunities which are expected to be presented across the Russian and global oil markets."

StockMarketWire.com
Glencore's adjusted earnings before interest, tax, depreciation and amortisation rose by 18% to $10,268m in 2016.

Adjusted EBIT jumped by 81% to $3,930m and net income attributable to equity holders pre-significant items rose by 48% to $1,992m.

Chief executive Ivan Glasenberg said: "Since our IPO in 2011 and subsequent acquisition and integration of Xstrata, Glencore has never been so well positioned as it is today.

"Our swift and decisive actions to reposition and optimise our capital structure and industrial asset portfolio have reduced net funding by $14.7 billion over the past eighteen months and generated more than $1.3 billion in cost savings at our industrial assets in 2016.

"As we look forward, increasingly favourable fundamentals provide the potential to create significant long-term value for Glencore shareholders via our leading portfolio of well capitalised tier one assets and resilient marketing business, combined with significant low-cost copper and zinc growth options and disciplined approach to supply."