Glencore (LON:GLEN) has placed a multi-million-dollar bet on copper by investing just over US$21 million (GBP 16.16 million) into Brazilian copper producer Paranapanema (PMA).
Glencore Mining News
The spin-off business would go after royalty agreements in copper, zinc, nickel and cobalt, worth more than $300 million, while looking to attract a strategic partner to fund further deals.
Mining is often described as a dangerous profession, but lurking behind the physical injuries, suicide has become a disturbing trend particularly in Australia.
Workers at the mine downed tools over a week ago, angered by the company’s actions to eradicate illegal miners from its operations.
Miner and commodities trader Glencore (LON:GLEN) has performed a coup d'etat on a deal that was practically sealed between Yancoal Australia (ASX:YAL) and Rio Tinto’s (ASX, LON:RIO) for Rio's coal assets in Australia's Hunter Valley.
Move comes 15 months after the country’s government halted the planned revision amid opposition from mining companies and low commodity prices.
The deal, worth about $400 million, will make Trevali the first pure zinc producer with operations in North and South America as well as Africa.
Market rumours point at South32 as the most likely buyer, since the miner decided last month to ditch its $200 million acquisition of Peabody Energy’s coal mine in New South Wales.
A deal between workers and the companies that own the Collahuasi copper mine in northern Chile could mean labour peace at the often-picketed mine for the next three years.
Combined worth of $842 billion with 20% gains so far in 2017.
Damage to rail lines in cyclone-hit Queensland have disrupted the shipment of between 15 million and 20 million tonnes of coking coal destined to Asia.
The Vancouver-based precious metals streaming company announced the plan while posting a fourth quarter revenue increase of 29% to $258 million, up from $200 million last year.
The $400 million-deal will make of Trevali the first pure zinc company with operations in North and South America as well as Africa.
Northam Platinum’s strategy of buying additional mines, as its strives to become a 1-million ounce a year platinum group metals producer, netted it Glencore’s Eland Platinum mine for R175m cash.
Wall of copper supply never materialized, nickel market recorded first deficit since 2010 and zinc, lead will only get tighter in 2017.
A surge in commodity prices combined with its multibillion-dollar asset fire-sale has put the company in a position to pay big dividends and explore acquisitions.
Glencore is upping its presence in the African mining landscape through the purchase of stakes in two mines it already partially owns.
Mines Minister Martin Kabwelulu said he “didn’t believe” the government needed to authorize changes in ownership in that or any project.
The Swiss firm already has a 69% stake in the DRC mine, which jointly owns with Israeli mining tycoon Dan Gertler.
After buying ought out its two Japanese partners, Itochu Corp and Sumitomo Corp.
Soaring coal prices have helped Glencore, the world’s biggest provider of the thermal kind, straighten its balance sheet.
Global Witness: Royalty stream from Glencore's KCC copper-cobalt operation transferred to offshore company controlled by Israeli billionaire Dan Gertler.
The most-traded coking coal for January delivery on the Dalian Commodity Exchange soared 10% to 1,516 yuan ($224) a tonne, a record high.
While output was down for most commodities it mines and sales, it has improved earnings forecast for its trading unit.
The move comes only a few days after it resumed operations at Collinsville mine in Australia's Queensland state.