Archive | Glencore

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

March 11, 2021 in Canadian Media Resource Articles, Glencore, Green Mining, Nickel, Quebec Mining

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. Continue Reading →

Contract talks ‘long and hard,’ Mine Mill says, but members approve contract – by Jim Moodie (Sudbury Star – February 2, 2021)

February 2, 2021 in Canadian Regional Media and Web Publications, Glencore, Nickel, Ontario Mining, Sudbury Basin

https://www.thesudburystar.com/

The leader of a union representing Glencore workers said he was comfortable with the tentative deal reached over the weekend on a new contract, although it would up to the workers to decide.

And they did Monday, voting in favour of the new contract by a 67.8 per cent again. “The bargaining was very long and hard — many long nights,” said Eric Boulay, vice-president and acting president of Mine Mine Local 598/Unifor. “Our committee is confident they reached the most fair agreement that could be reached at this point.”

One of the sticking points in the talks, which went throughout the weekend, was a concession the company wanted regarding benefits, “but we were able to get that off the table,” said Boulay. Continue Reading →

Underground electric vehicle fire provides teaching moment for Sudbury miner – by Lindsay Kelly (Northern Ontario Business – January 22, 2021)

January 22, 2021 in Canadian Regional Media and Web Publications, Glencore, Ontario Mining, Sudbury Basin

https://www.northernontariobusiness.com/

Glencore shares investigation findings from summer 2020 electric arcing event and intense fire at Craig Mine

When a battery-electric vehicle (BEV) caught fire underground at Glencore’s Craig Mine in Onaping last July, it was a “big eye-opener” for the company, said Steve Holmik.

“No one’s ever had to deal with an incident like this in the past,” said Holmik, a mobile equipment specialist with Glencore Sudbury Integrated Nickel Operations (SINO), who estimated this was the first reported underground BEV fire in Canada, and perhaps globally.

“We’ve had diesel equipment catch on fire, but we’ve never had a battery-electric vehicle catch on fire, so up until that stage, everything we knew about the potential of a fire with a BEV was all theoretical. We’d never had the first-hand experience of having to deal with it.” Continue Reading →

OPINION: Ahead of his exit, Glencore CEO delivers a potential share price salvation plan – by Eric Reguly (Globe and Mail – December 12, 2020)

December 14, 2020 in Canadian Media Resource Articles, Glencore

https://www.theglobeandmail.com/

The great white shark of the mining industry is swimming into retirement. Ivan Glasenberg announced last week that he will leave Glencore by mid-2021 after spending 18 years running a company that combined the biggest commodities trader with one of the biggest mining operations.

Along the way, the South African billionaire became famous, and infamous, for his high-risk manoeuvres, straight-talking style and sheer aggression.

The first half of Mr. Glasenberg’s reign, when he rode the China-driven commodities boom for everything it was worth, making fortunes along the way, had greater success than the last half. Continue Reading →

Glencore’s ‘net-zero emissions’ 2050 pathway includes use of BEVs – by Daniel Gleeson (International Mining – December 7, 2020)

December 7, 2020 in Glencore, International Media Resource Articles

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Glencore has become the latest mining major to plot a path to reach “net-zero emissions”, with a plan that includes the use of battery-electric vehicles at one of its underground operations in Canada and renewable power at its South Africa ferroalloy sites.

The company has committed to reducing its total emissions footprint – Scope 1, 2 and 3 – by 40% by 2035 compared with 2019 levels, with an ambition of achieving “net zero” on its total emissions footprint by 2050.

It says it will achieve this by managing its operational (Scope 1 and 2) footprint; reducing Scope 3 emissions through investing in its metals portfolio, reducing its coal production and supporting deployment of low-emission technologies; allocating capital to prioritise “transition metals”; Continue Reading →

Mining Billionaire Leaves a Dirty Task to His Successor – by Chris Bryant and Clara Ferreira Marques (Bloomberg News – December 6, 2020)

December 7, 2020 in Coal, Glencore, International Media Resource Articles

https://www.bnnbloomberg.ca/

It’s hard to imagine a more daunting task than taking the reins from Ivan Glasenberg, Glencore Plc’s chief executive officer, a man who put his stamp on his company like few other corporate leaders have.

Thankfully, his 45-year-old successor, fellow South African Gary Nagle, has a way to make his own mark: by finding a way for the mining giant to exit coal, the business he currently oversees.

Having spent two decades transforming Glencore from a secretive trading outfit into its present globe-spanning incarnation — most notably via the 2013 takeover of Xstrata — the swashbuckling, outspoken, Glasenberg chose a low key way to reveal his imminent retirement at an investor event on Friday. Continue Reading →

SA chrome industry at odds over Govt. tax ore exporters say only suits Glencore, Samancor – by Brendan Ryan (MiningMX.com – November 5, 2020)

November 5, 2020 in Africa Mining, Chromium/Platinum Group Metals, Glencore, International Media Resource Articles

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CHROMESA is at odds with both the South African government and the country’s major integrated producers of chrome ore and ferrochrome – Glencore and Samancor – over the proposed tax on chrome ore exports.

That became clear at a presentation by Chrome SA to financial media on Thursday during which Assore GM, Alistair McAdam, confirmed the integrated producers “believe such a tax will be beneficial to themselves and will not be detrimental to us as exporters”.

This is despite the fact that Glencore and Samancor are also exporters of chrome ore to China which is the prime target of the proposed tax which the South African exporters would have to pay themselves and then claw back in increased prices from their Chinese customers. Continue Reading →

Anglo, Glencore among firms in study said to be meeting Paris Agreement targets – by David McKay (MiningMx.com – October 7, 2020)

October 8, 2020 in Anglo American, Climate Change, Carbon Taxes and ENGOs, Glencore, International Media Resource Articles

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ANGLO American and Glencore were two of only seven companies that a study said were doing enough to meet Paris Agreement targets on climate control.

Transition Pathway Initiative (TPI) assessed 59 resources and energy companies finding the fossil fuel industry was failing on its environmental scorecard.

The TPI is a global program based at the London School of Economics, which assesses climate risks and companies’ preparedness for a low-carbon economy, said Bloomberg News which reported on the study. Continue Reading →

The Sudbury model: How one of the world’s major polluters went green – by Sara Miller Llana (The Christian Science Monitor – September 24, 2020)

September 25, 2020 in Glencore, International Media Resource Articles, Mining Environmental Accidents, Pollution, Tailing Dams and Abandoned Mines, Mining Environmental, Water Shortage and Land Reclamation/Revegetation Issues, Nickel, Ontario Mining, Sudbury Basin, Vale

https://www.csmonitor.com/

When the Superstack was constructed in 1972, it was the tallest structure in Canada – and the tallest smokestack in the world. At 1,250 feet, it’s visible from every vantage point in the area. It can be seen from the bustling streets of downtown to the quiet cul-de-sacs of residential neighborhoods. It looms large in the distance from highways that feed into a city that is home to one of the largest mining complexes in the world.

Built by Canadian company Inco before it was purchased by Vale, the Superstack has long stood as a reminder of the environmental devastation that mining wrought here. But this year the chimney is being fully decommissioned.

Residents of Sudbury harbor mixed feelings about the Superstack. Some see it as a memorial to their rise as a center of nickel and copper mining globally. Others see it simply as a familiar landmark that signals they are home. Gisele Lavigne lives in the Copper Cliff neighborhood at the Superstack’s base. Continue Reading →

Ferrochrome business remains solid, world still requires large amount of it – Glasenberg – by Martin Creamer (Mining Weekly – August 11, 2020)

August 12, 2020 in Africa Mining, Chromium/Platinum Group Metals, Glencore, International Media Resource Articles

https://www.miningweekly.com/

JOHANNESBURG (miningweekly.com) – The ferrochrome business remains solid and there is still a large amount of ferrochrome required in the world.

Unfortunately, most of the production occurs in ferrochrome plants in China, while South Africa continues exporting chrome ore and moving a large amount of it to China owing to South Africa not being competitive in respect of electricity prices.

Glencore CEO Ivan Glasenberg pointed this out in response to a question put to him by Mining Weekly during a media conference following last week’s presentation of half-year results in which the marketing division of the London- and Johannesburg-listed company outperformed with adjusted earnings before interest and tax of $2-billion, allowing the company to raise full-year guidance to the top end of its long-term range of $2.2-billion to $3.2-billion. Continue Reading →

OPINION: Trump’s aluminum tariffs have Glencore’s prints all over them – by Konrad Yakabuski (Globe and Mail – August 12, 2020)

August 12, 2020 in Aluminium/Bauxite, Canada Mining, Canadian Media Resource Articles, Glencore, United States Mining

https://www.theglobeandmail.com/

When President Donald Trump was elected in 2016, the U.S. primary aluminum industry was on its deathbed. Undercut by Canadian producers that relied on cheap and clean hydroelectricity to power modern smelters, and unable to compete with subsidized Chinese imports, the U.S. industry had shrunk to five plants operating below capacity.

Tariffs Mr. Trump imposed on Canadian raw aluminum imports in 2018 bought the U.S. industry some time, but not enough to fix its fundamentals. When the tariffs were lifted last year – as part of a good-faith gesture aimed at securing ratification of the United States-Mexico-Canada trade agreement – it was only a matter of time before U.S. aluminum producers began to clamour for their renewal.

Last week, Mr. Trump answered their pleas, proving that the most protectionist U.S. president in modern history never really intended to honour the spirit or the letter of the USMCA, which went into force barely a month ago. Continue Reading →

Glencore posts $2.6 billion loss, scraps dividend – by Cecilia Jamasmie  (Mining.com – August 6, 2020)

August 6, 2020 in Canadian Media Resource Articles, Glencore

https://www.mining.com/

Miner and commodities trader giant Glencore (LON: GLEN) posted a $2.6 billion loss for the first half of the year and scrapped its dividend, as the coronavirus pandemic dented global demand and lowered prices and production at its mining division.

Despite the virus impact, the Swiss firm managed to remain profitable on an operating basis. Glencore posted $1.5 billion in adjusted earnings before interest and taxes, but booked $3.2 million in impairment charges.

The company said it was putting balance sheet strength ahead of shareholder returns, as net debt climbed 12% to $19.7 billion at the end of June. Continue Reading →

Calls for tariffs on Canadian aluminum come with a Glencore twist – by Gabriel Friedman (Financial Post – July 11, 2020)

July 13, 2020 in Aluminium/Bauxite, Canada Mining, Canadian Media Resource Articles, Glencore, United States Mining

https://financialpost.com/

The U.S.-Mexico-Canada Agreement was supposed to mark a new era in trade relations between Ottawa and Washington. Instead it came into force on July 1 overshadowed by the Trump Administration’s threats to re-impose tariffs on Canadian aluminum.

While political analysts have speculated about whether the tough talk, which began last month, may have had more to do with re-election campaigning than economic policy, inside aluminum industry circles the possibility of new tariffs has raised eyebrows for other reasons.

That’s because one of the world’s largest commodities players, Switzerland-based Glencore Plc — which mines nickel, copper, zinc and thermal coal in Canada and has partnerships worth billions of dollars with some of this country’s largest pension plans — is a major investor in a Chicago-based aluminum producer closely tied to the tariff fight. Continue Reading →

Why Canada faces fresh U.S. aluminum tariffs – by James McCarten (Globe and Mail – July 6, 2020)

July 6, 2020 in Aluminium/Bauxite, Canada Mining, Canadian Media Resource Articles, Glencore, United States Mining

https://www.theglobeandmail.com/

The United States is once again threatening to spark a fresh tariff war with Canada over aluminum exports, despite the debut of a renegotiated North American trade agreement that was supposed to usher in stability in the midst of an international economic crisis.

Precisely why remains a mystery to trade and industry insiders, although it’s likely the result of a convergence of disparate factors: COVID-19, international metals arbitrage, President Donald Trump’s re-election campaign and US$16.3-billion worth of Russian aluminum.

“It doesn’t make sense,” said Jean Simard, president and CEO of the Aluminum Association of Canada, coming as it does with the coming into force of USMCA – the U.S.-Mexico-Canada Agreement, which formally replaced NAFTA this week. Continue Reading →

Glencore donates $40K to United Way’s community response fund – by Darren MacDonald (CTV News Northern Ontario – June 22, 2020)

June 24, 2020 in Canadian Media Resource Articles, Glencore, Nickel, Ontario Mining, Sudbury Basin

https://northernontario.ctvnews.ca/

SUDBURY — Glencore in Sudbury has donated $40,000 to boost a special fund created by the United Way Centraide North East Ontario.

Dubbed the Local Love in a Global Crisis Community Response Fund, it now totals more than $300,000.

“We are grateful to Glencore and all of our supporters for their generosity and compassion during these uncertain times,” United Way executive director Mary Lou Hussak is quoted as saying in a news release Monday. Continue Reading →