Archive | Glencore

Glencore’s risk appetite dwindles, fueling focus on safer regions – by Ernest Scheyder and Barbara Lewis (Reuters U.S. – September 5, 2019)

September 5, 2019 in Glencore, International Media Resource Articles, United States Mining

https://www.reuters.com/

(Reuters) – Glencore Inc’s (GLEN.L) penchant for risk has long been mining industry lore, but the company is quickly expanding into a part of the world that would have been improbable just a few years ago: Minnesota.

The Swiss-based commodity trader took majority control last June of PolyMet Mining Corp (POM.TO), which is developing a mine in the Midwest state near the Canadian border estimated to hold a century’s worth of copper and nickel, critical to the development of electric vehicles.

It is the first time that Glencore has controlled a major mining project in the United States, where President Donald Trump has cut mining regulations and red tape in a bid to encourage domestic mining, a marked change from predecessor Barack Obama, who favored stricter oversight of the sector and slowed or halted several large mining projects. Continue Reading →

Chinese demand for ‘green’ metals increasing ‘exceptionally fast’ – Glencore – by Martin Creamer (MiningWeekly.com – August 7, 2019)

August 8, 2019 in Battery Technology Innovation/Electric Vehicles, Cobalt, Critical, Strategic and Rare Earth Minerals and Metals, Copper, Glencore, International Media Resource Articles, Nickel

https://m.miningweekly.com/

JOHANNESBURG (miningweekly.com) – The demand for environmentally protective ‘green’ metals is increasing exceptionally fast, boosted by a 59% increase in electric vehicle production in China, Glencore CEO Ivan Glasenberg said on Wednesday.

In response to Mining Weekly Online during a post-results conference call, Glasenberg reiterated that Glencore had the right range of metals for which demand was poised to rise as the world decarbonised. But while demand growth remained positive, supply was low, with easily accessible high-quality resources running out.

The London- and Johannesburg-listed Glencore is a producer and a marketer of metals including copper, nickel and cobalt, which are all well positioned for future outcomes, despite the cobalt price being down currently. Continue Reading →

Cobalt, Africa setbacks shrink Glencore’s first-half profit – by Yadarisa Shabong and Barbara Lewis (Reuters Canada – August 7, 2019)

August 8, 2019 in Africa Mining, Cobalt, Critical, Strategic and Rare Earth Minerals and Metals, Glencore, International Media Resource Articles

https://ca.reuters.com/

LONDON (Reuters) – Glencore (GLEN.L) reported a 32% drop in first-half core profit on Wednesday, sending its shares to their lowest since late 2016, while a fall in cobalt prices prompted it to halt output for two years at the world’s biggest mine of the battery material.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) were $5.58 billion for the six months ended June 30 against $8.18 billion a year earlier.

The company’s shares were trading nearly 2% lower by 1139 GMT, recovering slightly from losses that took them to their weakest since October 2016. Chief Executive Ivan Glasenberg blamed “a challenging economic backdrop for our commodity mix” and setbacks during the ramp-up of operations in Africa. Continue Reading →

Glencore Plans to Shut Giant Cobalt and Copper Mine in Congo – by Thomas Biesheuvel and William Clowes (Bloomberg News – August 6, 2019)

August 8, 2019 in Africa Mining, Cobalt, Critical, Strategic and Rare Earth Minerals and Metals, Glencore, International Media Resource Articles

https://www.bloomberg.com/

Glencore Plc is planning to halt production at one of the world’s biggest cobalt mines after prices for the battery metal collapsed and costs at the project increased, according to a person familiar with the situation.

The announcement that Glencore will close its Mutanda mine in the Democratic Republic of Congo is expected to come as the company lays out an overhaul of its key African copper and cobalt business when it releases first-half results on Wednesday.

It would be another setback for Glencore, which has been dogged by operational problems, legal challenges and a rift with Congo’s government over a new mining code. Continue Reading →

Glencore mine could be forced to sell coal only to Paris agreement signatories – by Michael McGowan (The Guardian – August 6, 2019)

August 6, 2019 in Australia/New Caledonia/Papua New Guinea Mining, Climate Change, Carbon Taxes and ENGOs, Coal, Glencore, International Media Resource Articles

https://www.theguardian.com/

Mining company Glencore could be forced to only sell coal from a new mine in New South Wales to signatories of the Paris climate agreement, under a proposal floated by the state’s independent planning commission.

Opposed by Glencore and its joint-venture partner in the mine, Peabody, the condition would see approval of the Wambo open-cut coalmine in the state’s Hunter Valley linked to the countries it exports to.

But the proposal has prompted a mixed response from environment groups. While some have argued linking the coal mine’s approval to global emissions is positive, others say merely restricting exports to signatories to the Paris agreement will not have any meaningful impact because virtually every country has signed up to the agreement. Continue Reading →

Glencore feels pain of Africa risk, cobalt price fall – by Barbara Lewis (Reuters U.S. – July 31, 2019)

July 31, 2019 in Africa Mining, Cobalt, Critical, Strategic and Rare Earth Minerals and Metals, Copper, Glencore, International Media Resource Articles

https://www.reuters.com/

LONDON (Reuters) – Glencore said on Wednesday it faced a $350 million hit after cobalt prices halved and has begun an overhaul of its under-performing Africa business, which it will explain next week with output revisions in Democratic Republic of Congo.

First-half copper production was 5% lower than last year, while cobalt output rose 28%. Zinc and coal output rose 8% and 10% respectively and nickel dropped 11% versus the same time last year because of maintenance.

London-listed Glencore’s exposure to risk in Democratic Republic of Congo and Zambia has weighed on the company’s share price, which has fallen while those of its diversified mining peers have risen. Continue Reading →

Armed Forces Called to Defend Glencore Mine in Congo – by William Clowes and Tiago Ramos Alfaro (Bloomberg News – July 4, 2019)

July 4, 2019 in Africa Mining, Artisanal Small-Scale Gold Mining/Mercury Problems, Cobalt, Critical, Strategic and Rare Earth Minerals and Metals, Glencore, International Media Resource Articles

https://www.bloomberg.com/

Glencore Plc said armed forces of the Democratic Republic of Congo are in the area around the operations of its Kamoto Copper Co., after dozens of illegal miners were killed in a landslide last week.

“We prioritize the safety and security of our workforce and host communities,” Glencore said in a statement on Thursday. “KCC will continue to engage with all the relevant stakeholders to collaborate on identifying and implementing a long-term, sustainable solution to illegal mining in the DRC.”

Illegal miners will be removed from the site of the Glencore project where at least 43 died last week, Interior Minister Basile Olongo said on Saturday. Glencore estimates that 2,000 unauthorized people enter its open-pit mine on average every day. Continue Reading →

‘Poverty-driven’ artisanal mining in spotlight after tragedy hits Canadian miner’s Congo property – by Gabriel Friedman (Financial Post – June 29, 2019)

July 3, 2019 in Africa Mining, Canadian Media Resource Articles, Cobalt, Critical, Strategic and Rare Earth Minerals and Metals, Copper, Glencore, Mining Accidents, Deaths, Cave-Ins and Industrial Disease

https://business.financialpost.com/

‘You need to find alternative ways for these guys to work’

The death of dozens of artisanal miners in Congo on the property of a Toronto-Stock Exchange-listed Canadian company highlights the fraught relationship between overseas mining companies and local communities.

At least 43 artisanal miners have reportedly died while digging for cobalt — a vital metal for the batteries found in smartphones, tablets and electric cars — on a spot of ground that overlooks Katanga Mining Ltd.’s vast Kamoto Copper Complex.

Throughout much of Africa and other parts of the world, artisanal miners are often found near mines, taking grave risks to scour tailings or waste rock in search of valuable metals. Their numbers appear to be growing, along with tragic accidents, which has provoked questions and challenges for mining companies. Continue Reading →

OUR VIEWS: GLENCORE TRAGEDY SHOWS WHY MINING SHOULD BE DONE HERE (Mesabi Daily News – June 29, 2019)

July 2, 2019 in Africa Mining, Copper, Glencore, International Media Resource Articles, Mining Accidents, Deaths, Cave-Ins and Industrial Disease, Minnesota Duluth Complex and Iron Range, Nickel

https://www.virginiamn.com/

As news filtered out Thursday that Glencore had established itself as the majority shareholder of PolyMet, which is looking to build Minnesota’s first-ever copper-nickel mine near Hoyt Lakes, devastating headlines about the Swiss-based company were also breaking.

At least 43 “illegal miners” died at a Kamoto Copper Company mine, operated by Glencore’s subsidiary Katanga, in the Democratic Republic of Congo. Glencore later said the incidents were not linked to the official “operations and activities” of the mine.

While clandestine miners, who access sites without approval or permits, are a common occurrence in Congo and across Africa according to Reuters, the incident raises several questions in light of Glencore’s new role on the Iron Range. Continue Reading →

CORRECTED-Glencore’s Congo tragedy highlights security conundrum for miners – by Edward McAllister and Mitra Taj (Reuters Africa – June 30, 2019)

July 2, 2019 in Africa Mining, Cobalt, Critical, Strategic and Rare Earth Minerals and Metals, Copper, Glencore, International Media Resource Articles, Mining Accidents, Deaths, Cave-Ins and Industrial Disease

https://af.reuters.com/

DAKAR/LIMA, June 30 (Reuters) – The deaths of 43 illegal miners at a Glencore facility in Congo last week highlighted a growing challenge for mining companies struggling to secure sites from small-scale prospectors digging for cobalt, copper and other minerals.

Many mines span hundreds of square kilometers across rural terrains, a tantalizing prospect for illegal miners, also known as artisanal miners, who break into sites in search of metals, some of which end up in electric cars and other products.

But even as last Thursday’s tragedy ratcheted up pressure on companies to make changes to security and community outreach, industry consultants and analysts say the task will be difficult given the geographic constraints and economic challenges faced by the world’s estimated 40 million artisanal miners. Continue Reading →

Glencore to support First Cobalt’s refinery in Ontario – by Trish Saywell (Northern Miner – June 25, 2019)

June 27, 2019 in Canadian Media Resource Articles, Cobalt Town, Cobalt, Critical, Strategic and Rare Earth Minerals and Metals, Glencore, Ontario Mining

Northern Miner

First Cobalt (TSXV: FCC; US-OTC: FTSSF) has taken a major step toward becoming the only producer of refined cobalt in North America.

The company, which plans to restart its hydrometallurgical cobalt refinery near Cobalt, Ont., has signed an agreement with Glencore (LON: GLEN) that will see the metals giant supply the junior’s refinery with cobalt feedstock.

Under a memorandum of understanding, Glencore will also provide a loan to cover the estimated cost of re-commissioning the refinery, and collaborate on its final flow-sheet design. Continue Reading →

Glencore Says 19 People Were Killed in Congo Mine Collapse – by William Cloves and Thomas Biesheuval (BNN/Bloomberg News – June 27, 2019)

June 27, 2019 in Africa Mining, Cobalt, Critical, Strategic and Rare Earth Minerals and Metals, Glencore, International Media Resource Articles, Mining Accidents, Deaths, Cave-Ins and Industrial Disease

https://www.bnnbloomberg.ca/

(Bloomberg) — Glencore Plc said 19 illegal miners were killed when part of a mine collapsed in the Democratic Republic of Congo.

Glencore shares fell as much 8.3%. The workers entered the mine without permission and put their lives at risk by trespassing on the industrial site, which is one of the world’s biggest cobalt mines, according to a statement from the company on Thursday. A search and rescue operation is ongoing. The incident will not affect Glencore’s production.

Producers and authorities in Congo and other African countries face a constant struggle against illegal miners, who break into operational and shuttered mines to extract ore and don’t follow official safety procedures. Continue Reading →

PolyMet Mining closer than ever to getting Iron Range mine operational – by Mike Hughlett (Minneapolis Star Tribune – June 25, 2019)

June 25, 2019 in Copper, Glencore, International Media Resource Articles, Minnesota Duluth Complex and Iron Range, Nickel

http://www.startribune.com/

Despite fears over mine’s environmental effect, company is confident

HOYT LAKES, Minn. – After years of planning and contention, the derelict taconite complex in Hoyt Lakes is closer than ever to hosting Minnesota’s first copper-nickel mining operation.

Backed by global-mining giant Glencore, PolyMet Mining Corp.’s executives are courting bankers for nearly $1 billion to finance the project, hoping to start construction next year. New concerns have blown up recently over one of PolyMet’s environmental permits, though the company said it doesn’t expect the mine’s progress to be impeded.

“It’s going to happen,” said Jon Cherry, PolyMet’s CEO. “It is so rare to get a fully permitted mine at this time in the United States.” Continue Reading →

Glencore Cuts Out Agents and Dealmakers as Scrutiny Grows – by Jack Farchy and Thomas Biesheuvel (Bloomberg News – June 25, 2019)

June 25, 2019 in Africa Mining, Cobalt, Critical, Strategic and Rare Earth Minerals and Metals, Copper, Glencore, International Media Resource Articles

https://finance.yahoo.com/

(Bloomberg) — Glencore Plc is cutting out many of its intermediaries — the agents and dealmakers once essential to cracking the toughest markets — amid growing scrutiny of its operations around the world.

Under pressure from its compliance division, Glencore is dismantling much of its global network of trading agents, according to people familiar with the situation. To continue operating, the company is setting up teams in some countries, said the people, asking not to be named as the matter is private. In other places, Glencore is still using agents who pass strict compliance tests and have a clear role.

Glencore has long relied on intermediaries, who work on commission. The agents network with well-connected business and government officials in developing nations with the goal of securing commodity-trading deals. In a prospectus in 2003, for example, Glencore listed 64 field offices around the world, saying that included nine agents in eight countries “which act primarily for us.” Continue Reading →

[Falconbridge] ‘I thought the smelter had blown up’ – by Harold Carmichael (Sudbury Star – June 21, 2019)

June 21, 2019 in Canadian Regional Media and Web Publications, Glencore, Mining Accidents, Deaths, Cave-Ins and Industrial Disease, Mining Labour Issues and History – Sudbury and Global, Nickel, Ontario Mining, Sudbury Basin, Sudbury History

https://www.thesudburystar.com/

Electrician Gary Hrytsak was taking a brief nap during a coffee break at the Falconbridge smelter complex about 10:05 a.m. June 20, 1984, when he got thrown off the bench he was on.

“It was an eerie feeling,” recalled the now-retired Hrytsak during his speech at the 35th Workers’ Memorial Day ceremonies at the Caruso Club on Thursday. “You could feel things shaking under your feet … I thought the smelter had blown up.”

Hrytsak, who went on to do compensation, health and welfare work for his union (Mine Mill and Smelter Workers Local 598), said he put on his respirator, went to the electrical shop and telephoned his foreman, only to be told to stay where he was. Continue Reading →