Glencore plc
Glencore plc
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Talks between community representatives and copper mining companies have ended a protest and blockade that have threatened production from Glencore’s Antapaccay and MMG’s Las Bambas mines in southern Peru.
The talks followed the resignation of Peruvian Prime Minister Guido Bellido, Reuters reports. Bellido alienated some local leaders after a visit last month.
Reuters says the community accepted the new government ministers need time to get to know the realities of the communities.
Australia-based Hot Chili has concluded a $A40M, 3.2cps, raising, among other things, to pay the final $US15M for a 100% interest in the world-class Cortadera copper-gold discovery in Chile.
The fully underwritten $5M share purchase plan and $35M private placement has been corner-stoned by mining major Glencore, now Hot Chili’s largest shareholder with 9.99%.
Multi faceted major diversified natural resource company Glencore has turned a 1st half 2020 (H1 20) $US2,600M loss into H1 21 net income of $1,277M, on revenue up to $93,805M from $70,961M.
Adjusted EBITDA nearly doubled to $8,654M from $4,833M, with funds from operations the same to $7,310M from $3,686M and cash generated by operating activities before working capital changes up 66% to $7,181M.
Glencore, one of the world’s largest diversified natural resource companies, major producer and marketer, has had a pretty good June 2021 half (H1 21) with more ups than downs.
Key copper production rose 2% on H1 20 to 598,000t, zinc was 6% better to 581,800t, with cobalt up 3% to 14,800t, ferrochrome jumping 66% to 773t, while gold rose 3% to 423,000oz and silver 13% to 15.9Moz.
Major natural resources company Glencore has acquired a 9.99% stake in Western Australia-based Hot Chili for $A14.4M, providing strong support for the completion of a feasibility study and development of its flagship Costa Fuego copper-gold project in Chile.
Global trading house Glencore has teamed with Australian miner Fe, signing an exclusive $US7.5M prepayment and offtake agreement for life of mine lumps and fines production from its ramping JWD iron ore DSO project at Wiluna West in WA.
Under the agency-style agreement, Glencore will pay for purchases up-front and work together with Fe to optimise sales through its global distribution network as well as end-users known to Fe.
World-leading integrated commodities producer/marketer Glencore has named highly experienced global mining executive Kalidas Madhavpeddi as chairman, to follow the retirement of Tony Howard on July 30.
Madhavpeddi was CEO of China Moly from 2008 to 2018 after starting his international mining career in 1980 at Phelps Dodge, where he rose to senior vice president. He has been a Glencore board member since 2020 and holds several more non-executive directorships with Toronto-listed miners.
International mining major Anglo American has done a deal to sell its 33.3% of the Cerrejón thermal coal J/V in Colombia to Glencore for $US294M cash, the final stage of Anglo American's transition from thermal coal operations.
Global commodity producer and trader Glencore International has strengthened its links with Red River Resources, signing an offtake agreement to acquire all gold concentrate production from the Australian miner’s Hillgrove mine, 30km E of Armidale in NSW.
Glencore already is Red River’s copper offtake partner at its Thalanga base metals project, 65km SW of Charters Towers in Queensland.
Glencore CEO Ivan Glasenberg says a supply gap is growing in the metals necessary for the world to replace fossil fuels with renewable energy, but he stopped short of predicting a so-called super cycle, Reuters reports.