Tuesday, November 19, 2019

Ivan Glasenberg News

Coal's Uncertain Future and Glencore's Output Cap

File Image: AdobeStock / © Leonid Eremeychuk

It's been weird in the coal world in recent days, with the world's largest shipper saying it's capping output, biggest seaborne buyer China putting restrictions on some imports, and an Australian court saying mines must factor in climate change.Throw in an executive at a major Indian coal-fired power generator saying his company won't build any new plants as coal can't compete with renewables,…

Glencore Suspends Rusal-EN+ Share Swap due U.S. Sanctions

Swiss-based trader Glencore said on Tuesday it would not "at this time" be swapping its shares in Russian aluminium producer Rusal for Global Depository Receipts in EN+ due to U.S. sanctions on both firms. Foreign partners of Russian firms like Rusal, which was hit by new U.S. sanctions on Friday, have a narrow window to ensure they are compliant with the new regulations that generally prohibit U.S. entities from having dealings with sanctioned Russian individuals and firms.

Glencore Hails Strongest FY Results Ever

File Image (CREDIT: AdobeStock / (c) Kasto)

Share price rises around 4 percent. Glencore Chief Executive Ivan Glasenberg hailed the group's results as its "strongest on record" on Wednesday, bolstered by a recovery on commodity markets and said it had the assets to meet future demand including from electric vehicles. In line with other miners reporting this month, Glasenberg said there were "emerging inflationary pressures," but they had been offset so far by strong prices for byproducts…

Glencore Raises Marketing Guidance, Lowers Output

Analysts say Q3 production lower than expected. Glencore on Monday cut its output forecast for core commodities including zinc, but raised its marketing division's full-year earnings before interest and tax (EBIT) to between $2.6 billion and $2.8 billion, reflecting higher raw materials prices. Its previous 2017 marketing, or trading, EBIT guidance was $2.4 billion to $2.7 billion, which was already an upward revision from $2.1 billion to $2.4 billion at the start of the year.

Putin Awards Medals to Buyers of Rosneft Stake

Russian President Vladimir Putin awarded state medals to executives with the Qatari investment fund, Swiss-based commodities trading firm Glencore and Italian bank Intesa Sanpaolo, according to a decree published on Monday. The Qatar Investment Authority and Glencore bought a 19.5 stake in Russian oil giant Rosneft for more than 10 billion euros in December, and Intesa bank was involved in organising the deal.

Glencore Sells Assets to China’s HNA Group

Photo:  Glencore

The mining and commodities trading house run by billionaire Ivan Glasenberg, Glencore, has sold a 51 percent stake in its oil products storage business to China’s HNA Innovation Finance Group, the company said. The Transaction is subject to certain regulatory approvals and closing conditions and is expected to close during the second half of 2017. The Transaction will result in a newly incorporated company…

Glencore Ready to Snap up Assets after Profit Rebound

Commodities trader and miner Glencore reported an 18 percent rise in 2016 profit on Thursday, buoyed by a rebound in raw material prices, and said it was well-placed financially for small acquisitions or a special dividend payout. Analysts said the results beat expectations, driving the share price 2.7 percent higher by 1100 GMT, building on gains of nearly 20 percent so far this year. The wider sector was flat.

OPEC, U.S. Begin "cat and mouse" Oil Game

As far as one of the world's biggest commodities traders, Glencore's chief Ivan Glasenberg, is concerned, the oil market will be at the mercy of "a cat and mouse game" between OPEC and its U.S. shale rivals in the coming year. A 16 percent price rally over the past week has delivered U.S. frackers a golden opportunity to hedge - or sell forward - their production for 2017 and beyond, to shore up their coffers against possible future price falls.

Oil Falls on Production Cut Skepticism, OPEC and Russia Output Rise

Oil prices on Tuesday fell for the first session since OPEC agreed to cut output last week after data showed crude production rose in most major export regions and on growing skepticism that the cartel would be able to reduce production. After rising over 15 percent over the four sessions since the Nov. 30 OPEC meeting, Brent futures were down $1.25, or 2.3 percent, to $53.69 a barrel at 10:13 a.m. EST (1513 GMT). U.S. crude fell $1.36, or 2.6 percent, to $50.43 a barrel.

Glencore to Pay $1 bln Dividend in 2017

Commodities trader and miner Glencore said on Thursday it would pay $1 billion in dividends in 2017 and more the following year while keeping its investment grade credit rating, which remains its top priority. Glencore a year ago was one of the miners hardest hit by a commodity price crash and has been one of the biggest gainers as the markets have recovered this year. A year on, it has exceeded…

Glencore's Profit Falls, Debt Target Lowered

Coal hedging loss disappoints investors, share price falls 5 percent. Glencore said it expected to exceed a previous target to cut debt but it took a nearly $400 million hit from a bad bet on coal and echoed warnings voiced by mining rivals of volatile commodity markets. Along with Anglo American, Glencore was among the companies worst affected by a commodity price rout and has been among the biggest gainers from a rebound this year.

Commodity Slump Puts Emerging Markets at Risk

Oil, gas and mining accounted for nearly nine percent of all new greenfield foreign direct investment (FDI) projects announced over the last decade. Oil, gas and mining FDI has played a large role fuelling growth over the last decade, especially in developing countries. The current and prospective slowdown in investment is likely contributing to sluggish performance in 2015 and 2016. Between 2005 and 2014…

Glencore 2014 Profit Falls on Commodity Prices

Glencore took an impairment charge of $1.1 billion on lower commodity prices on Tuesday as the miner and commodity trader posted a 2 percent fall in 2014 core profit, meeting analysts' forecasts. Core adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) totalled $12.8 billion, said Glencore, which has a large trading division in addition to mining and oil assets. Earnings…

Glencore Will Pre-Pay Ruspetro for Crude

Unfazed by the threat of further Western sanctions on Russia, commodity trader and mining company Glencore has agreed to sign a new pre-payment deal with Ruspetro, a Russian oil and gas company operating in western Siberia. Energo Resurs, a subsidiary of London-listed Glencore, has agreed to pre-pay about 750 million roubles ($21.80 million) to Ruspetro which in return is expected to supply about 1,680 barrels a day of crude for a year, Ruspetro said in a statement.

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, such a deal would do little resolve the key problems bedevilling the outlook for many commodity markets, and the companies that produce those resources.

Glencore Sees China Coal Import Fall Offset by Indonesian Cuts

Glencore expects the sharp fall in coal imports from top consumer China to be offset to some extent by a fall in output from Indonesia, the company's CEO said on Wednesday. China's coal imports for the first seven months of 2015 fell nearly 34 percent from the same period last year, due to environmental concerns and the government's desire to help financially distressed domestic producers. Speaking on a conference call about Glencore's first-half earnings…

Glencore Slump Spoils Appetite for IPOs

Private trade houses less likely to become asset heavy; Olam, Noble, Glencore experiences urge caution. Two shareholder revolts in the space of six months at listed commodities firms Noble and Glencore have taught their private rivals an unforgettable lesson - think twice before going public or amassing large physical assets. Noble's stock is trading near its lowest since the 2008 global financial…

Glencore Spinning Off Lonmin Stake, Cutting CapEx

Lonmin shares down 6 pct, Glencore shares little changed. CAPE TOWN, Feb 11 (Reuters) - Miner and commodities trader Glencore will spin-off its stake in troubled platinum producer Lonmin and cut capital spending to help it cope with a plunge in commodity prices, it said on Wednesday. Like peers, Glencore has been hit by a rout in prices of commodities such as copper, coal and oil in recent months. Its shares have fallen by about 9 percent this year.