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.

HSBC today reaffirms its buy investment rating on Glencore PLC (LON:GLEN) and cut its price target to 380p (from 390p)

StockMarketWire.com
Glencore's own-sourced copper production fell to 642,900 tonnes in the first half of the year - down 9% on last time.

The group said this reflected a transition to mining a greater portion of copper/zinc ores at Antamina (noting concurrent higher zinc grades/production), temporary lower copper grades at Antapaccay, the effects of wet weather at Mutanda resulting in reduced ore throughput, and lower production/pit stability issues at Alumbrera as it neared the end of life.

Own-sourced zinc production of 570,800 tonnes was up 13%, reflecting the Antamina increase and generally solid performances across the portfolio.

Own-sourced nickel production of 51,200 tonnes was down 10%, reflecting scheduled maintenance at Murrin and INO, partly offset by the stabilising and improving performance at Koniambo.

Attributable ferrochrome production of 836,000 tonnes was up 10%, reflecting more furnace production time, period over period, and strong furnace operational performances.

Coal production of 61.1 million tonnes was up 4% on H1 2016, mainly reflecting planned increases in the Australian coal portfolio.

Glencore's oil entitlement production interest of 2.6 million barrels was down 39% on H1 2016, reflecting natural field decline with no drilling activity.

It said that as previously noted, a single-rig drilling campaign had recommenced in Chad in H2 2017.

Glencore said the announced sales of Rosh Pinah and Perkoa to Trevali Mining were subject to customary closing conditions, with transaction currently expected to complete in August.

Zinc full year production guidance had been adjusted to reflect the expected timing of this transaction.

Proposed acquisition of shareholdings in Chevron South Africa and Chevron Botswana
Glencore has entered into an agreement with Off The Shelf Investments Fifty Six (RF) Proprietary Limited (OTS) to acquire from OTS (i) a 75% stake in Chevron South Africa Proprietary Limited (Chevron SA) and certain related interests and (ii) the entire issued share capital of Chevron Botswana Proprietary Limited (Chevron Botswana) (together the Assets and these companies together the Companies) following closing of OTS's exercise of its pre-emptive right to acquire the Assets from the Chevron group. During its acquisition process Glencore will be supporting OTS as their technical and financial partner. The aggregate consideration (subject to adjustment for debt and working capital of the Companies at closing) is US$973 million.

The Assets comprise the interests of the Chevron group in its manufacturing, retail and industrial supply business in South Africa and Botswana. Glencore believes that the Assets provide an attractive downstream opportunity for its oil business. The acquisition will include undertakings as to retention of the local management team and workforce.

The consideration will be payable in cash on closing and will be funded from Glencore's own cash resources. Glencore intends to manage its overall oil asset portfolio to ensure that, including this transaction, net additional capital investment is limited to less than US$500m over the next 12 months, consistent with Glencore's conservative financial framework targets.


The transaction is conditional on the receipt of all necessary regulatory approvals by OTS and Glencore and is expected to close in mid-2018. A further announcement will be made in due course.

Campaigners called for the Serious Fraud Office to investigate Glencore, one of the largest companies quoted on the London Stock Exchange, after leaked documents showed it secured the services of a controversial Israeli diamond trader to negotiate with an African government. The Swiss-based mining group, which operates two copper mines in the Democratic Republic of Congo, has a longstanding business partner in the shape of Dan Gertler, an Israeli tycoon and friend of President Kabila of the Democratic Republic of Congo.

Societe Generale today reaffirms its buy investment rating on Glencore PLC (LON:GLEN) and raised its price target to 470p (from 400p).

StockMarketWire.com
Glencore reported own source copper production fell 116,100, or 8%, to 1,309,700 tonnes for the 12 months through 31 December 2017 compared to 2016.

The fall in own source copper output reflected the Ernest Henry minority sale in Q4 2016, end of life production declines at Alumbrera and various temporary effects including lower throughput at Mutanda (due to constrained supply of sulphuric acid) and smelter maintenance at Mount Isa. Fourth quarter production of 363,200 tonnes was 59,600 tonnes, or 20% higher than in Q3, reflecting the resolution of such temporary impacts.

Own sourced zinc production of 1,090,200 tonnes was in line with output a year ago, as the increased output in Antamina zinc production was offset by the disposals of the African mines to Trevali Mining, and lower production, as expected, at Mount Isa.

Own sourced nickel production of 109,100 tonnes was down 5% compared to 2016, as changes in the use of third party versus own sourced feeds in the INO circuit was partly offset by strengthening operational performance at Koniambo.

Attributable ferrochrome production of 1,531,000 tonnes was in line with 2016.

Coal production of 121 million tonnes, was 3% lower compared to 2016, as productivity improvements and Glencore's higher equity share in certain mines were offset by the impact of reductions associated with industrial action and adverse weather events.

Glencore's oil entitlement interest of 5.1 million barrels was 1.4 million barrels, or 19%, lower compared to 2016, reflecting a period of inactive field development amid a low price environment. While drilling in Chad recommenced in H2 2017 with a single-rig campaign, which is expected to offset natural field declines in Equatorial Guinea.

By Oliver Griffin
Glencore PLC (GLEN.LN) said Wednesday that net profit for 2017 rose more than four times the previous year's figure, beating analyst estimates and marking the mining company's strongest year on record.

The Anglo-Swiss mining and commodities trader said that profit for the year ended Dec. 31 increased to $5.78 billion, from $1.38 billion in 2016.

Revenue for the year rose 34% to $205.48 billion, Glencore said. Net debt fell to $10.67 billion by the end of the year, from $15.53 billion at the end of 2016.

A consensus estimate from 10 analysts compiled by FactSet had forecast net income for the year of $5.68 billion, while 19 analysts on FactSet forecast revenue of $213.88 billion.

The company also declared a dividend for the year of $0.20 a share.

Chief Executive Ivan Glasenberg said that strong cash-flow generation was reflected by a 49% increase in funds from operations, and said that the company was looking to the future with confidence.

Write to Oliver Griffin at oliver.griffin@dowjones.com

(END) Dow Jones Newswires

February 21, 2018 02:27 ET (07:27 GMT)

Copyright © 2018, Dow Jones & Company Inc.

StockMarketWire.com
Rio Tinto agreed to sell its interests in the Hail Creek coal mine and the Valeria coal development project in Queensland, Australia, to Glencore for $1.7bn, the companies said in separate statements.

The sale included Rio Tinto's 82% interest in the Hail Creek operating mine and its 71.2% interest in the Valeria project.

The remaining 18% of Hail Creek was currently owned by the Australian subsidiaries of three Japanese buyers: Nippon Steel Australia, Marubeni Coal and Sumisho Coal Development.

Glencore said each partner could potentially sell its share to Glencore through a "tag-along" right with respect to the transaction, which could result in additional consideration of up to $340m.

'The sale of Hail Creek and Valeria delivers compelling value for our shareholders and continues our strategy of strengthening our portfolio, focusing on highest returns, maintaining a strong balance sheet and allocating capital to the highest value opportunities,' chief executive chief executive J-S Jacques said.

StockMarketWire.com
Glencore said state-owned Gecamines began legal action to potentially dissolve the Kamoto Copper Company in the Democratic Republic of the Congo.

The state had also requested the appointment of an expert to assess the company's financial position and recapitalisation plan amid claims it failed to address a capital deficiency.

Glencore said its Katanga Mining subsidiary was mulling options to recapitalise Kamoto Copper Company, including converting debt into equity or forgiving a portion of the company's debt in order to resolve the legal dispute.

StockMarketWire.com
Glencore said Thursday copper, and cobalt output rose in the first quarter of the year but silver and gold production fell.

The company's full-year production guidance was unchanged, while earnings from its trading arm were expected in the top half of a $2.2bn to $3.2bn range.

Copper production rose 7% to 345,400 tonnes in the first quarter, from 324,100 tonnes in the same period a year ago as its Katanga's whole ore leach project got underway in December 2017, partly offsetting the impact of maintenance at the Mount Isa smelter and expected decline at the Alumbrera mine.

Cobalt output climbed 11% to 7,000 tones, while both gold and silver production fell 11%.

The firm maintained 2018 output guidance of roughly 1,465kt of copper and 39kt of cobalt.

Zinc production fell 13% to 242,700, in line with expectations, weighed by the disposal of Rosh Pinah and Perkoa in August 2017.

Nickel production rose 21% to 30,100 amid increased output at its Koniambo's processing plant, where both production lines had begun operations. Ferrochrome production fell 7% to 409,000 tonnes as both furnace downtime and challenges with the subsequent restart disrupted output, the firm said.

Coal production fell 1 % to 30.7m tonnes. For 2018, the Hail Creek JV acquisition was expected to offset lower coal production from Prodeco.

primarily because it is a key cobalt producer (key component for electric car battery cells) i bought into this one a couple of weeks back

given that world economies look to be gently recovering, base metals will be prime beneficiaries

I like GLEN but their exposure in DRC worries me. Not holding at the moment.

StockMarketWire.com
Glencore said Friday it would pay royalties due to Ventora Development Sasu in a currency other than US dollars to avoid sanctions and settle a legal dispute, averting the risk of Ventora seizing its assets.

The settlement would allow Glencore and Katanga Mining to continue with development activities in the Democratic Republic of Congo.

Glencore estimated that the amount payable by Mutanda to Ventora - a company affiliated with sanctioned Israeli billionaire and former business partner Dan Gertler - would be approximately EUR10.5m per quarter beginning in July 2018.

'Glencore believes that payment in non-US dollars of royalties and access premiums to Ventora without the involvement of US persons would appropriately address all applicable sanctions obligations,' the miner said.

Mutanda would also make a true-up royalty payment of about EUR4.6m to Ventora on the date of the settlement agreement.

Kamoto Copper company, or KCC, would pay royalties to Ventora at a rate of 2.5% of 'net sales,' amounting to about EUR10m per quarter in 2018 and approximately EUR16.5m per quarter in 2019.

The announcement comes after Ventora in April had obtained court injunctions to pay against KCC and Mutanda in the amount of $2.86bn and $869m, respectively.

If the injunctions had become final, Ventora potentially would have been allowed to permanently seize assets at the Mutanda and KCC mines up to the amounts of these injunctions, Glencore said.

Morgan Stanley today reaffirms its equal weight investment rating on Glencore PLC (LON:GLEN) and raised its price target to 400p (from 390p).

StockMarketWire.com
Shares of miner and commodities trader Glencore fell sharply Tuesday after the company received an subpoena from the US Department of Justice to hand over documents and records related to its activities in Nigeria, the Democratic Republic of Congo and Venezuela dating as far back as 2007.

That's been coming for a long time. Particularly wrt the shenanigans in the DRC. It may be considered to be the only way to do business in those places but it actually isn't. The corrupt often admire those with principles.

StockMarketWire.com
Miner and commodities trader Glencore said Thursday it had launched its share buyback programme of up to $1bn.

The miner and commodities trader said that it would purchase £350m worth of shares in the first part of the buyback programme, which gets underway on Thursday, and is expected to end by close of dealings on 7 August 2018.

StockMarketWire.com
Miner and commodities trader Glencore said Thursday it had launched its share buyback programme of up to $1bn.

The miner and commodities trader said that it would purchase £350m worth of shares in the first part of the buyback programme, which gets underway on Thursday, and is expected to end by close of dealings on 7 August 2018.

Barclays Capital today reaffirms its overweight investment rating on Glencore PLC (LON:GLEN) and cut its price target to 400p (from 450p).

StockMarketWire.com
Glencore said Wednesday first-half profit rose 13% supported by a favourable trading and commodity price environment.

For the six months to 30 June, net income rose 13% to $2.8bn, underlying earnings rose 12% to $0.19 a share and adjusted earnings (EBITDA) rose 23% to $8.27bn.

Strong performances from metals and minerals and energy products segments, which rose 17% and 23%, respectively, supported the rise in profits.

The miner reported capital expenditure of $2.17bn, compared with $1.68bn spent in the first half of 2017.

Glencore said the second instalment of the 2018 distribution of $1.4bn would be paid in September.

Net debt was reduced 16% to $9bn from $13.9bn.

'The strength of our diversified business model and commodity mix is once again demonstrated with a 13% increase in net income and a 23% increase in Adjusted EBITDA to $8.3 billion,' said Glencore's Chief Executive Officer, Ivan Glasenberg.

'Against a volatile but favourable trading and commodity price environment, Marketing performed towards the upper end of its guidance range with a 12% increase in Adjusted EBIT to $1.5 billion. Our Industrial business recorded Adjusted EBITDA of $6.7 billion, up 26%, reflecting the highly competitive cost positions of our asset base.'