Glencore plc
Glencore plc
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Global mining/trading giant Glencore has won a dispute with Australia’s Tax Office after a judge found it had paid the correct amount of tax on purchases of copper concentrate from a mine it owns in New South Wales state, Reuters reports.
A World Bank tribunal has ordered Colombia to repay a $US19M fine it levied on major miner/trader Glencore’s coal mining subsidiary Prodeco, but has declined the company’s petition for $575M in damages, Reuters reports.
TSX-V listed Xiana Mining has lifted June 2019 qtr (Q2 19) copper-in-conc production from its recently acquired, 4-mine operation Minera Altos De Punitaqui (MAP) in Chile, 22% on Q1 19 to 3.86Mlbs, including 10,400oz silver and 1,700oz gold.
C1 cash costs fell to $US2.55/lb from $3.04/lb, on total ore mined up 18.1% to 140,603t, but with the conc grade down 3.7% to 21.9% for revenue up 13% to $10.7M and EBITDA of $663,000.
Global commodity miner/trader Glencore has lost its case to stop the Australian Tax Office (ATO) using business information leaked as part of the so-called “Paradise Papers,” Reuters reports.
Miner/commodities trader Glencore CEO Ivan Glasenberg has blamed operating and cost setbacks within its ramp-up and development assets in a challenging economic backdrop for a 32% decline in its adjusted EBITDA for the June half-year (H1FY2019) to $US5.6B, from $8.18B a year earlier.
Glasenberg says management changes and a detailed operational review at Katanga and Mopani were undertaken to overcome the under-performance of its African copper business.
Glencore has announced plans to suspend its Mutanda Mining copper-cobalt operation in DRC as part of a comprehensive program including management changes and operational reviews to tackle issues that led to a 92% fall in attributable net income for the June half-year.
Global miner/commodities trader Glencore has urged the DR Congo troops to exercise restraint after they were sent to patrol its Kamoto Copper Company mining concession in the Kolwezi area, where at least 43 illegal miners died in a landslide last week.
DRC president Felix Tshisekedi ordered in the troops after KCC reported as many as 2,000 artisanal miners were intruding on the site of the giant copper and cobalt mine each day.
DR Congo miner Kamoto Copper is assisting search and rescue operations after two cave-ins at its industrial mining concessions in the Kolwezi area resulted in the deaths of at least 19 artisanal miners.
More may have died in the collapses of galleries in benches overlooking the extraction area.
The Glencore subsidiary says the incidents were not related to its operations or activities.
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International miners respond to ethical investment groups’ push for more detailed reporting and active management of tailings dams in the aftermath of the Samarco and Brumadinho mine disasters in Brazil.
World-leading cobalt supplier Glencore will back FCC’s ambition to become the first North American refiner of battery-grade cobalt sulfate, signing a MoU to supply feedstock and financing for recommissioning its 100%-owned refinery in Ontario, Canada.
Glencore will collaborate on final flowsheet design with a view to bringing the 2,000-2,500tpa carbon in sulfate refinery into operation in 18-24 months, evaluate capital loan funding and enter a tolling agreement.