Glencore plc
Glencore plc
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Australian explorer Comet Resources has pulled out of the $A20M cash/shares agreement inked last month to acquire the inactive Mt Margaret copper project near Cloncurry in Qld from Glencore, blaming its about-turn on adverse market conditions.
The company says it can no longer fulfill the conditions for the acquisition, and will return to shareholders the funds raised from its prospectus.
MD Matthew O’Kane says it will now focus on its high-quality copper portfolio and pursue any other opportunities.
Canadian major Teck Resources has accused Glencore of trying to frustrate the planned separation of its steelmaking coal business as it rejected a revised acquisition proposal from the Swiss-based miner and trader.
After a detailed board review, chair Sheila Murray says the second “opportunistic and unrealistic” proposal it has received would transfer significant value to Glencore at the expense of Teck shareholders.
Swiss-based miner and commodity trader Glencore has been ordered by a US judge to pay $US700M in the latest of a string of plea deals over admitted schemes to bribe officials and manipulate markets in several countries between 2007 and 2018.
The sentence of $428.5M fines and $272M forfeiture is in line with a deal reached last year with federal prosecutors in Manhattan, Reuters reports. Prosecutors say the sentence reflected Glencore’s cooperation and willingness to improve its ethics and compliance.
Solomon Islands developer Pacific Nickel Mines is advancing negotiations with Glencore International on a non-binding indicative offer of a $US22M senior secured debt facility for its Kolosori project on Isabel Island.
PNM’s project DFS outlined $US21.5M preproduction funding for the initial 1.5Mwmt direct shipping ore operation expected to commence in the Sept qtr and reach full production by end-2023.
The third attack by community protestors in the last two weeks has led to the suspension of operations by global natural resources company Glencore at its Antapaccay copper mine in Peru.
The raiders have been accused of setting fire to the workers area and looting in a raid that began about noon on Friday, before the company regained control of the site by mid-afternoon.
The signing of key commercial agreements with Glencore International and Evolution Mining support Australian miner Navarre Minerals as it builds production volumes at its Mt Carlton operation in N Qld.
MD Ian Holland says deliveries of gold-silver-copper concentrates will begin immediately under its new offtake agreement and $US7M finance facility with global commodities trader Glencore.
Global miner Glencore has backed off from a $A2B coal mine development in Queensland, Australia – a move linked by mining industry leaders on the state government’s drastic mid-year increase in coal tax royalties.
The Valeria opencut mine in the Bowen Basin was expected to produce up to 20Mtpa ROM metallurgical and thermal coal over 37 years.
Global mining/commodity trader Glencore has reached a further settlement on past allegations of corruption, agreeing to pay $US180M to the Democratic Republic of Congo.
The deal, relating to all present and future claims relating to bribery and market manipulation claims between 2007 and 2018, follows Glencore’s penalty and costs payouts totalling more than $1.5B to authorities in the US, UK and Brazil.
Global miner/marketer Glencore has reached binding agreement on the $US1.1B-plus-royalty sale of long-lived Cobar underground copper mine in Australia to special purpose funder Metals Acquisition Corporation.
Global resource miner and marketer Glencore has finalised terms on the $US1.1B sale of its Cobar underground copper mine in NSW, Australia to special purpose acquisition company MAC.
Their binding agreement over the CSA project, one of Australia’s longest-operating and highest-copper producers, is expected to be completed in the March 2023 qtr.
The Swiss-based company will receive in addition to the staged cash payments a 1.5% net smelter return royalty for the life of the mine.