Glencore plc
Glencore plc
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Australian explorer Hammer Metals moves a step closer to commercialising its copper-gold assets in the Mary Kathleen district of N Qld with the declaration of a maiden inferred mineral resource of 1.4Mt @ 1.4% for 20,000t Cu and 0.62g/t for 28,000oz Au at the Jubilee deposit.
Jubilee is part of Hammer’s 51%-held Mt Frosty JV with Mount Isa Mines (49%). The resource, mainly primary sulphides, starts close to surface and is open at depth and along strike.
87% Glencore-controlled Katanga Mining has agreed to pay more than $US22M+ to settle Canadian allegations of inadequate historical disclosures of its finances and activities in the DRC, Reuters reports.
Disclosure failures and other breaches of Canada’s securities regulations will cost Glencore-owned Katanga Mining $22M+, its CEO his job an 6 other execs/directors further fines
A Glencore-controlled mining company and some of its current/former execs have agreed to pay more than $US22M to settle Canadian allegations they hid the risks of doing business with an Israeli close to Congolese President Joseph Kabila, the Wall Street Journal reported.
Glencore subsidiary Katanga Mining has halted cobalt exports from its Kamoto Project in DRC while it builds a $US25M ion exchange system facility to remove uranium, expected to be completed by the end of Q2 2019, Reuters reports.
A 5-year trail for Canadian-based Galantas Gold has resulted in the first consignment of gold and silver concentrates derived from the new underground Omagh gold-mine, Northern Ireland.
The 25t shipment, from the processing of limited feed produced from underground development on the Kearney vein, is destined for Glencore's New Brunswick smelter.
Its continuing mine development is expected to be enhanced by the new underground loader designed specifically for narrow vein production.
The restart of processing operations at Katanga in DR Congo helped global miner/commodity trader Glencore lift own-sourced copper production to 1.06Mt for the 9 months to end-Sept from 0.95Mt in YTD201, and cobalt to 28,500t from 19,800t.
The acquisition of interests in the Hunter Valley Operations and Hail Creek mine in Australia helped lift coal production to 96.7Mt (YTD2017: 91Mt).
Major global commodities trader/miner Glencore is cutting 430 workers, 30% percent of the workforce, from its Bowen Basin Hail Creek coal mine in Australia’s Queensland, following a review of its operations.
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.