Wednesday, February 26, 2020

Glencore Plc News

Glencore Gets U.S. Subpoena on Compliance with Money-Laundering Laws

File Image (CREDIT: AdobeStock / © Renaschild)

U.S. demands documents on business in Nigeria, DRC, Venezuela; Glencore shares fall as much as 13 percent. U.S. authorities have demanded the U.S. arm of Glencore Plc hand over documents relating to its business in Nigeria, the Democratic Republic of Congo and Venezuela, sending shares in the parent company down more than 10 percent.

Colombia Coal Output falls 11.7%

Colombia, the world's fifth-largest exporter of coal, produced 19.6 million tonnes in the first quarter, down 11.7 percent from output the year before, the Energy and Mining Ministry said in a statement on Wednesday. In the same period last year, Colombia produced 22.2 million tonnes. In full-year 2017, the Latin American nation produced 89.4 million tonnes…

Ecuador to Offer Oil Block Terms in January

Ecuador will offer oil exploration and production blocks in January under new contract terms that it expects will attract more interest and allow the OPEC-member country to compete with its neighbors for foreign investment, the oil minister said. The new terms will allow producers to be paid in oil and enable them to export or sell the barrels to local refineries…

Glencore in talks with Canadian pension fund on royalties JV-sources

Mining giant Glencore Plc is working with a Canadian pension fund to create a standalone 50:50 joint venture for its portfolio of royalty assets, two sources with knowledge with the matter said on Friday. Royalty deals give the owner the right to receive a percentage of revenue or profits from a mining operation, often in exchange for financing.

Aurizon Coal Loss to Feed Coal Prices

File Image (CREDIT: AdobeStock / (c) Carolyn Franks)

Aurizon cuts profit guidance after cyclone. Australian coal railway line operator Aurizon Holdings Ltd on Tuesday unveiled a bigger-than-expected estimate for lost coal haulage from Cyclone Debbie, which analysts said will help underpin coal prices in coming weeks. Aurizon's first forecast for lost shipments…

Morgan Stanley Focuses on Smaller, Smarter Trades

Nancy King, global head of commodities trading at Morgan Stanley, has spent the last few years remodeling what used to be one of the most profitable units on Wall Street, by downsizing and focusing on smaller, smart trades for customers instead of the big, risky bets it used to make on its own account. The shift in strategy…

Glencore to Shed Australia Coal Haulage Unit

Glencore meets asset sales target for 2016; G&W doubles its Australian business. Mining and trading giant Glencore Plc agreed on Thursday to sell its Australian coal haulage business GRail to Genesee & Wyoming Inc for A$1.14 billion ($874 million), advancing its effort to slash debt. Genesee & Wyoming, which…

Bytes and Barrels: the origins of oil traders' love of Yahoo

For the oil industry, Yahoo Inc's decision this week to sell its core business to Verizon Communications Inc for $4.8 billion does not matter all that much. Their world already changed a few months ago, when the company said it would jettison its messaging system that has been the norm for oil traders since the late 1990s.

Vitol to Lift 2nd Crude Cargo for U.S. Export

The world's largest oil trader Vitol SA has secured a second cargo of U.S.-produced crude for export, just weeks after the U.S. government lifted the ban on exporting domestic oil. Producer ConocPhillips said it will sell crude and condensate produced in the Eagle Ford shale of Texas to Vitol. The cargo will load out of NuStar's North Beach terminal in Corpus Christi on Dec.

France Urged to End Coal Projects in Turkey

Environmental lobby groups on Wednesday urged French President Francois Hollande to force state-owned utility Engie to stop investing in coal projects in Turkey. Engie, in partnership with the Turkish company Mimag-Sanko, plans to build the Ada Yumurtalik 1,320-megawatt coal plant in the south of Turkey. Around 35 environmental groups…

Rio Tinto Sheds Aussie Mine Stake

Rio sells out of Australian coal mine; New Hope Corp buys 40 pct stake for $606 million. Global miner Rio Tinto on Wednesday said it had agreed to sell its 40 percent stake in the Bengalla coal mine in Australia to New Hope Corp for $606 million, the latest shuffle of Australian coal assets amid a sector-wide downturn.

Harris: Increases Glencore Holding Above 5%

Harris Associates, which advises the Oakmark International Fund, said on Thursday it has increased the fund's holding in mining and commodity group Glencore Plc to more than 5 percent. In an interview with Reuters, Harris Associates' David Herro said the fund is not taking an activist position with Glencore, and that it is happy with its management.

Vale Sheds Another Australian Coal Mine

A Valemax bulk carrier (file image)

Buyers are Glencore, Bloomfield. Brazilian mining giant Vale has continued its disposal of non-core holdings, agreeing to sell a mothballed coal mine in Australia jointly to Glencore Plc and Bloomfield Group for an undisclosed sum. The mine, called Integra, has been in care and maintenance since July 2014, when…

Glencore Scouts for Coal as Prices Sink

Glencore hunting for more coal mines; sees opportunity while sector over-supplied. Glencore Plc is looking to buy more coal mines to take advantage of a soft market and position itself for future growth, the head of the firm's global coal division said. While a 19 percent drop in thermal coal prices in the past twelve months has prompted Glencore…

Newcastle Coal Port Reopening as Storm passes

Australia's Newcastle port, the world's biggest marine coal export terminal, will reopen later on Thursday after shutting down earlier this week due to a heavy storm, according to the port. Australia's biggest coal companies, including BHP Billiton Ltd , Glencore Plc, Rio Tinto , Peabody Energy Corp and China's Yancoal Australia Ltd rely on the port. (Reporting by Sonali Paul

Colombia Coal Railway's Overnight Ban to Take Effect

Photo courtesy Colombia Coal Railway

A ruling ordering Colombia's Fenoco coal railway to stop running trains overnight after noise complaints by nearby residents could take effect from next Friday, a court source told Reuters, potentially cutting capacity for several large miners to export. The railway operated by U.S.-based miner Drummond Co Inc…

ADM to Sell 50% Stake in Brazil Export Terminal to Glencore

U.S. agribusiness company Archer Daniels Midland Co has agreed to sell a 50-percent stake in its Barcarena grain export terminal in northern Brazil to commodities trader Glencore PLC, the company said during an analyst call on Tuesday. The companies are planning to increase the terminal's annual capacity to 6 million tonnes…

Glencore Restarting Australia Coal Mines

Glencore Plc on Monday said it was restarting coal mining operations in Australia, following a three-week suspension aimed at combating a global supply glut made worse by protectionist trade measures introduced in China. The suspension by the world's biggest exporter of thermal coal underscored producer concerns about over-supplied coal markets…

Glencore-Rio Proposal Not the Right Iron Ore Deal: Russell

The hullabaloo surrounding Glencore Plc's spurned approach to rival miner Rio Tinto shows why this is probably the wrong deal at the right time. Glencore's proposal to create a $160 billion behemoth is certainly audacious, and may even make sense for shareholders of both companies if priced attractively. But even if it were successful…

Rio Tinto rejects Glencore Merger

Glencore approached Rio Tinto about a merger in July. A tie-up would have created the world's biggest miner. No further talks with Glencore after rejecting bid-Rio. Rio Tinto rejected a merger approach from smaller rival Glencore Plc to create a $160 billion mining and trading giant in August just as the price of its most profitable product, iron ore, slid toward a five-year low.