Glencore plc
Glencore plc
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Mining/commodities trading giant Glencore and its partners are looking to repay part of $US3B owed on the world's most expensive coal terminal in a bid to stave off a rapidly approaching deadline for full repayment, 2 lenders familiar with the matter have told Reuters.
If the confidential refinancing fails to go ahead by next Sept, loan terms require Glencore and 4 remaining partners in the Wiggins Island Coal Export Terminal (WICET) on Australia's E coast to pay off the full amount over the following decade.
Glencore and its Aussie partners are in refinancing talks over the $3B they owe the world’s biggest coal terminal on Australia’s E coast.
Miner/commodities trader Glencore has agreed to buy a further, up to $US956M stake in Peru’s largest zinc miner, Volcan Compañia Minera, the company has confirmed, Reuters reports.
Glencore is looking to spend up to $956M to lift its stake in big Peruvian miner Volcan to a top-end around 28%
DRC's Gecamines will implement new controls to “hold its partners accountable” in copper and cobalt projects, the state miner says, Reuters reports.
Heavily indebted Gecamines’ partners on mining projects include Glencore, China Molybdenum and Ivanhoe. The company says it will initiate discussions with its partners soon.
West Australian mines minister Bill Johnston has performed the official opening of the Nova nickel-copper-cobalt mine, Independence Group's contender to be the lowest-cost nickel producer in the country.
Canadian iron ore hopeful Champion has lined up $US25M for the restart of the Bloom Lake mine in the Labrador Trough in the form of a subordinated unsecured mandatory convertible debenture acquired as a private placement by miner/commodity trader Glencore.
Champion says it will now lower the target for its previously announced public offer of subscription receipts from $C50M to $20M.
Under its conditional agreement, Glencore secures global off-take rights for all Bloom Lake production not sold in Japan under Champion's existing off-take agreement with Sojitz Corporation.
Glencore's planned sale of its Rolleston thermal coal mine in Queensland’s Bowen Basin is part of a continuing program to optimise its Australian coal portfolio ahead of its $US1.4B partnership with Yancoal over the Hunter Valley Operations in NSW.
The Rolleston mine produced 13.3Mt of saleable coal in 2016, of Glencore’s total Australian-managed production of 93Mt.
Glencore, which owns 75% of the mine, is joined in the sale by JV partners Itochu and Sumitomo (each with 12.5%). It stresses the mine will be sold only if an offer delivers value for its shareholders.
Copper output in DRC, Africa’s top Cu producer, rose 15% year-on-year in the June 2017 half (H1 17) to 553,811t, and cobalt production surged 27% to 39,535t, according to the country’s central bank, Reuters reports.
Despite this, the bank forecasts year-end inflation at 52.6%, up from an earlier projection of 48% and from last year’s 25%.
It's an area better known for the long-closed Mary Kathleen uranium mine next door, but Hammer Metals and Glencore subsidiary Mount Isa Mines are focused high-grade copper-gold targets in their new JV over EPM 14467, 60km E of Mount Isa.
Negotiation of JV terms was a condition of Hammer's acquisition of the 51% interest in the tenement held by AuKing Mining for the issue of 250,000 shares.
CEO Alexander Hewlett says Hammer has completed the acquisition of AuKing's interests in the Mount Isa region, giving it 3,200sq km including copper-gold, uranium and rare earth resources.