Glencore’s future in Sudbury means going deeper – much deeper – underground – by Jim Moodie (Sudbury Star – September 12, 2021)

https://www.thesudburystar.com/

With reserves dwindling at its existing operations, Glencore has staked $1.3 billion on a new mine that will reach more than two kilometres — picture four CN Towers — below the surface.

“We’ve been mining around Sudbury for a long time now,” vice-president Peter Xavier told a Greater Sudbury Chamber of Commerce audience Thursday, as keynote speaker for the group’s AGM. “That means a lot of near-to-surface, easy-to-find deposits are long gone, so the future is very much at depth.”

Read more

What mining, oil and gas industries can learn from Sudbury, the city that went from major polluter to thriving environment – by Nadia Mykytczuk (The Conversation – August 25, 2021)

https://theconversation.com/

Nadia Mykytczuk is the Interim CEO/President of MIRARCO, Laurentian University.

When Prime Minister Justin Trudeau met with Swedish environmental activist Greta Thunberg in Montréal two years ago, he promised to plant two billion trees by 2030 to help Canada meet its net-zero emissions goal.

Planting trees, however, is hard work. It takes money and planning. But a re-greening roadmap exists.

Sudbury, the largest city in Northern Ontario, transformed itself after decades of environmental devastation, brought on by the mining industry. Other communities and industries, like oil and gas, can replicate the city’s efforts to aid in global efforts to fight climate change.

A devastated landscape

For almost 100 years, Sudbury’s community and environment were blanketed in sulfur dioxide and metals released from the smelting of nickel ore.

Read more

Ferrochrome is part of the green revolution – Glencore – by Martin Creamer (MiningWeekly.com – August 6, 2021)

https://www.miningweekly.com/

JOHANNESURG (miningweekly.com) – Diversified mining and marketing company Glencore views the ferrochrome market as being particularly strong currently. “We’ve seen very healthy ferrochrome prices and good cash generation in that business,” Glencore CEO Gary Nagle said.

In response to Mining Weekly during a media conference following the company’s presentation of record half-year results, Nagle highlighted ferrochrome’s good fortune as being driven by the very strong global production of stainless steel, in which it is a key ingredient.

Fiscal stimulus has boosted demand for white goods and the like, and stainless steel and its ferrochrome twin have provided the necessary innards to meet that demand.

Read more

Glencore to return $2.8 billion to shareholders in 2021 (Sudbury Star/Reuters – August 6, 2021)

https://www.thesudburystar.com/

LONDON — Glencore will return $2.8 billion to shareholders in 2021 after soaring commodity prices helped the mining and trading company to a record performance for the first six months of the year, it said on Thursday.

The London-listed company joins rivals Rio Tinto and Anglo American in declaring bonanza payouts after record half-year profits buoyed by a rebound in demand for commodities.

“Following COVID-19’s severe global impacts in early 2020, the subsequent economic recovery has seen prices of most of our commodities surging to multi-year highs,” said Glencore CEO Gary Nagle, who took the helm of the company in July.

Read more

New face, old hand: What to watch out for in Gary Nagle’s first year as Glencore CEO – by David McKay (MiningMX.com – August 3, 2021)

Homepage

ASKED at a press conference what his successor might look like, Ivan Glasenberg replied: “I hope he looks like me.” It was a quip that anticipated in Gary Nagle, Glencore’s CEO from July, a company preferring continuity over novelty. Nagle might not be Glasenberg’s lookalike, but he is certainly a ‘think-alike’.

Analysts don’t expect Nagle to spring any surprises when he gets into his stride, which should be immediately. He’s been at the company since graduation (in accounting).

His alma mater is the University of the Witwatersrand, the same as Glasenberg’s. Like Glasenberg, Nagle learned the ropes in the group’s coal division.

Read more

Glencore: life after Ivan Glasenberg (Swiss Info – July 6, 2021)

https://www.swissinfo.ch/eng/

In his closing days as Glencore boss last week, Ivan Glasenberg flew to Kazakhstan and Tajikistan for presidential meetings, oversaw the appointment of a new chair and found the time for one last deal, a buyout of the company’s partners in a huge Colombian coal mine.

Over almost two decades, the chief executive’s relentless work ethic, steely resolve and fierce competitive spirit have driven the company’s transformation from a privately owned commodity trader into a $58 billion (CHF53 billion) publicly listed natural resources giant.

“We built the fourth-largest mining company in the world in 20 years,” Glasenberg told the Financial Times last month.

Now, with the Glasenberg era over and the world turning its back on fossil fuels, his handpicked successor Gary Nagle and new chair Kalidas Madhavpeddi need to hit the ground running.

Read more

Glencore Names New Chairman to Complete Leadership Overhaul – by Thomas Biesheuvel (Bloomberg News – July 2021)

https://www.bnnbloomberg.ca/

(Bloomberg) — Glencore Plc, the world’s top commodities trader, named mining veteran Kalidas Madhavpeddi as its new chairman, completing a raft of leadership changes at the company.

Madhavpeddi has worked in the mining industry for more than 40 years, including spending a decade as CEO of China Molybdenum International. Glencore gains a new chairman with extensive experience of working in the Democratic Republic of Congo, home to some of the company’s most important mines, and someone who has worked closely with China for years.

The latest appointment concludes the overhaul of Glencore’s top management over the past few years. Tony Hayward’s departure as chairman, which was flagged earlier this year, comes just one week after Gary Nagle replaced billionaire Ivan Glasenberg as chief executive officer.

Read more

Glencore to buy out Anglo American and BHP at coal mine – by Greg Roxburgh(Alliance News – June 28, 2021)

https://www.morningstar.co.uk/

(Alliance News) – Glencore PLC on Monday said it has agreed to buy out its Cerrejon coal mine joint venture partners, Anglo American PLC and BHP Group PLC, for USD588 million.

For London-based Anglo American, the sale will mark the wide-ranging miner’s exit from thermal coal. Anglo will be selling its 33% stake in the Colombian mine for USD294 million.

“Today’s agreement marks the last stage of our transition from thermal coal operations,” said Anglo American Chief Executive Mark Cutifani.

Read more

Glencore preparing to go deeper than deep at Timmins’ Kidd Mine – by Staff (Northern Ontario Business – June 8, 2021)

https://www.northernontariobusiness.com/

Feasibility study to be start on another expansion to world’s deepest base metal operation

After 55 years, the world’s deepest base metal mine looks to still have some life yet.

Glencore Canada is spending US$44 million on drilling and a feasibility study in preparing for another deep mine expansion at Kidd Mine near Timmins Kidd’s current life of mine runs out at the end of 2023 but Glencore management and technical staff have been working to extend it.

Known as Mine 5, Glencore said they’ve put 89,000 metres of drilling into the ore body and have queued up a new round of 87,000 metres once safety protocols are put in place.

Read more

Glencore approves further drilling in hopes of extending Kidd mine life – by Ron Grech (Timmins Daily Press – June 4, 2021)

https://www.timminspress.com/

$50M feasibility study to be completed by end of 2022

Glencore Canada is investing more than $50 million on a drilling and feasibility program aimed at extending mine life at Kidd Operations. The mine is currently projected to wind down by end of 2023. However, hopes remain alive that operations may extend beyond that.

Last week, the company advised staff that the next phase of drilling and feasibility was approved for what has been dubbed the Mine 5 project, Alexis Segal, Glencore’s head of corporate communications told The Daily Press Thursday night.

Read more

Glencore boss warns of future China dominance in electric vehicles – by Neil Hume (Financial Times – May 12, 2021)

https://www.ft.com/

US and Europe risk being left behind unless they secure cobalt supplies for batteries, says Ivan Glasenberg

The car industry in the US and Europe risks being left behind by their Chinese rivals unless they secure supplies of cobalt, according to the world’s biggest producer of the key battery metal.

Glencore chief executive Ivan Glasenberg told the FT Future of the Car Summit on Wednesday that western carmakers would be naive to think they could always rely on China to supply the batteries for electric vehicle fleets.

Glasenberg said Chinese companies had been quick to realise the vulnerability of their supply chains and “tied up” lots of cobalt from the Democratic Republic of Congo. Cobalt is a metal needed in the lithium-ion batteries used in longer-range electric vehicles.

Read more

In Mount Isa, electric cars are driving the economy — but not the people – by Eric Barker (Australian Broadcasting Corporation – April 28, 2021)

https://www.abc.net.au/

Couple some of Australia’s roughest and most remote roads with lucrative mining salaries and you can imagine the size of the cars driving around Mount Isa.

The town’s serenity is often cancelled out by loud diesel engines shifting through the gears, with the noise of Mount Isa Mines in the background.

Ironically, a recent resurgence in the local economy is largely thanks to the burgeoning electric car industry, which is creating some serious demand for copper.

Read more

Sudbury nickel miner’s technology ‘ecosystem’ aims to find safe ultra-deep mining solution – by Lindsay Kelly (Northern Ontario Business – April 20, 2021)

https://www.northernontariobusiness.com/

Glencore Sudbury INO eyeing mechanization for loading, wiring explosives underground

Glencore’s Sudbury Integrated Nickel Operations (SINO) has extracted just about everything there is to mine at its Sudbury properties, and so to have a future presence in the city, the company knows it’ll have to mine deeper.

At its Onaping Depth project, north of Sudbury, plans are in the works to get down to 2,700 metres, from about 1,200 metres at the existing Craig Mine, where a new orebody awaits. But the big question remains: how do they do that while navigating the safety challenges posed by ultra-deep mining?

“It’s pretty clear to us that the seismicity that we’ll encounter down there will be a big step change from where we are,” said Michael MacFarlane, Glencore SINO’s innovation consultant, during the April 14 2021 Virtual Mining Health and Safety Conference hosted by Workplace Safety North.

Read more

Glencore faces shareholder dissent on new chief Gary Nagle’s pay – by Neil Hume and Attracta Mooney (Financial Times – April 14, 2021)

https://www.ft.com/

Glencore is facing the threat of investor dissent after an influential proxy adviser urged shareholders to reject new chief executive Gary Nagle’s incentive scheme and abstain from a climate change resolution.

Glass Lewis called on investors to oppose the miner and commodity trader’s pay policy and its plans to introduce a restricted share plan, a type of long-term scheme that pays out a set amount of shares, at the group’s annual meeting this month.

In a report for clients it cited reservations “regarding the maximum opportunity available under the plan when considered in the context of the newly appointed CEO’s base salary level and annual bonus opportunity” as the reason for its recommendation.

Read more

Feds announce $7.1M for new wind turbines at Raglan mine – by Staff (Canadian Mining Journal – March 10, 2021)

http://www.canadianminingjournal.com/

As part of its climate efforts, the federal government is providing $7.1 million to Tugliq Energy to help fund the installation of two more wind turbines at Glencore‘s (LON: GLEN) remote Raglan nickel mine.

The operation, in the Nunavik region of northern Quebec, already has two 3-MW wind turbines, one constructed in 2014, and the second in 2018. The two turbines currently generate around 10% of mine power, saving over 4 million litres of diesel every year, and reduce greenhouse gas emissions by 12,000 tonnes.

Two more wind turbines would increase the mine’s renewable energy capacity to 12 MW and its energy storage capacity to 6 MW, and reduce diesel use by 6.6 million litres annually.

Read more