Nobody who owns a copper mine wants to give it up. Even when Glencore and Anglo American Plc were crippled by debt during the 2015 commodity slump, neither was willing to entertain an offer from Rio for their holdings in the giant Collahuasi deposit in Chile.
Glencore Mining News
They claim mounting investigations into the firm’s dealings in the DRC, where it’s heavily invested, has made the stock collapse and investors may seek compensation for the losses caused by it.
Investigation is casting a wider net with the addition of Venezuela and Nigeria to its investigation, increasing the likelihood that Glencore’s management will get bogged down in a lengthy legal process.
Shares fell as much as 13% after the miner and commodities trader was told by US Department of Justice to produce documents on Nigeria, Congo and Venezuela.
Until last month, Glencore was fighting three lawsuits in Congo that called into question its control of its prized copper and cobalt mines.
Miners across Africa are increasingly using one-time payments to settle disputes with governments, a trend that’s disturbing some investors.
As the company’s former business partner and new President Cyril Ramaphosa promises an economic recovery, Glencore is reaping profits.
The new measure will affect global mining firms including First Quantum Minerals, Glencore, Barrick Gold Corp and Vedanta Resources which currently pay a flat rate of 9.30 cents/kWh.
Another 10 are injured after a dumping site for copper mining waste collapsed in the town of Kitwe in the country's Copperbelt province
Copper, iron ore prices drop, mining majors punished as US threatens more tariffs on "predatory" Chinese imports and Beijing calls it "blackmail".
A week choc-a-bloc with billion dollar copper, iron ore and cobalt deals ends with huge drop in prices and sell-off in stocks of mining's biggest names.
Glencore says its subsidiaries will pay Gertler what he’s owed, only the funds will be transferred in euros and U.S. citizens won’t be involved.
The Swiss firm will make mining royalty payments to Dan Gertler in euros so that it doesn’t fall foul of US sanctions, which were placed on the Israeli billionaire last year.
After six months of lobbying, companies including Glencore and Randgold Resources have got nowhere in their battle to push back against a new mining law that voids existing agreements and increases their costs.
CITIC Metal will own 20% of the Canadian miner, which makes its biggest shareholder.
Code sets Congo on collision course with mining firms.
Congolese-American businessman and convicted fraudster Charles Brown claims he's owed $1 billion in compensation for a 19% stake he previously held in Mutanda Mining, and which Glencore allegedly sold in two fraudulent transactions, in 2007 and 2012.
Congo's prime minister wants to immediately implement the new mining code without any concessions to industry demands that key provisions be amended.
As soon as the sale was completed, Rio received $150 million in cash and is set to get an unconditional cash payment of $50 million due in 12 months.
Top supplier of battery raw material ups output 34% year on year.
The decision is a setback for the Swiss commodity trader, which is facing multiple disputes in the central African nation.
The mining companies insist the government reinsert a stability clause, present in the former code.
It’s becoming hard to keep track of all of Glencore’s legal battles in the Democratic Republic of Congo.
WHO: Risk of international spread of deadly disease from Congo, responsible for 66% of global supply of critical battery raw material, is "very high".
Chengdu-based Tianqi is seeking to almost triple production capacity through 2020.