Glencore plc
Glencore plc
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Katanga Mining’s claw back to full production from its big DRC copper-cobalt operations upgrade has seen copper product sales revenue jump to $US345.5M in the June 2018 qtr (Q2 18) from Q1 18’s $146.7M, but not enough to counter a net loss blowout to $324.5M from a $77.9M loss.
A diversified business model and commodity mix has seen major global resources producer-marketer Glencore lift its June 2018 half (H1 18) net income to $US2.77B, up 13% on H1 17.
Industrial assets adjusted EBITDA rose 26% to $6.7B on better commodity prices and some high margin volume growth, with metals and minerals revenue up to $42.8B from $37.4B for an adjusted EBITDA jumping to $6B from $4.7B, with EBIT up 34% to $3.92B.
Glencore’s H1 18 metals/minerals business adjusted EBITDA up $1.33B, lifting overall profit 13% to $2.77B
Glencore's Australian subsidiary Cobar Management has awarded Downer EDI a new 3-year mining services contract at its CSA underground copper mine in Cobar, NSW.
The contract, covering mechanised decline and lateral development mining and haulage, ground support services including shotcrete and cable bolting, is worth about $A120M and may be extendable for 2 years.
A series of $US180M+ balance sheet impacts have seen global mining major Barrick Gold plunge to a $US94M net loss for the June 2018 qtr (Q2 18) from Q1 18’s $158M, with adjusted net earnings more than halved to $81M from $170M.
Barrick Gold plunges to $94M Q2 18 loss, with adjusted net earnings more than halved to $81M, despite gold up a little, but copper down
Anglo American Platinum has raised its equity in the Mototolo platinum mine in the Eastern Limb of the Bushveld Veld in South Africa to 89% after reaching agreement to acquire Glencore's 39% JV interest.
Amplats will pay ZAR800M upfront plus monthly PGM price-related instalments over six years to a total capped price of $ZAR22B. Kagiso Tiso Holdings retains its 11% JV share.
Glencore has promised to cooperate with US authorities over an investigation into possible corruption and money laundering relating to its operations in Nigeria, DR Congo and Venezuela dating back to 2007.
The Swiss-based global commodities miner and trader has established a committee comprising chairman Tony Hayward and independent directors Leonhard Fischer and Patrice Merrin to oversee its response to the Justice Department subpoena.
At the same time, Hayward says Glencore will continue to focus on seeking to maximise the value of its business.
Global commodity trader/miner Glencore has been ordered by the US Department of Justice to hand over documents and records relating to its operations dating back to 2007 in Nigeria, DR Congo and Venezuela.
The subpoena relates to investigations into corruption and money laundering, citing issues relating to comliance with the US Foreign Corrupt Practices Act and money-laundering statutes.
The company says it's reviewing the subpoena.
Following its early $US6B settlement with disenchanted JV partner Gécamines, Glencore has agreed to pay over €80M a year in previously disputed royalties to controversial businessman Dan Gertlerrather than risk losing access to its two copper and cobalt operations in DR Congo.