"When I go I hope it’ll be a 45-year-old who’ll take over," Glasenberg said
Glencore Mining News
Company veteran and coal chief Peter Freyberg, has been appointed as the head of industrial mining assets, a newly created role.
It’ll be an important week for iron ore, which has been badly beaten up in November.
Relations with Congolese authorities have grown increasingly strained in recent months as the government pushes for foreign investors to contribute more.
CEFC had signed a deal to buy 14.2 percent of Rosneft from Qatar and Glencore when CEFC Chairman Ye Jianming was put under investigation by the Chinese authorities for suspected economic crimes.
Katanga Mining and its Kamoto copper and cobalt mine is one of Glencore’s most important growth projects.
Although Katanga said that copper production was continuing as normal, it warned that its earnings would be affected if the dispute is not settled.
China, the leading holder of international deep sea exploration licences, increases its lead in the race for alternative sources of battery minerals by taking samples from cobalt-bearing mountains deep in the Pacific.
“They are taking unilateral decisions that we haven’t verified, that we haven’t certified” - Gecamines President, Albert Yuma
The Vancouver-based miner acquired Altos De Punitaqui, a producing copper-gold operating company.
Glencore's suspension of Congo exports shows how cobalt production expansion plans can go awry.
Glencore Plc’s sudden discovery that some of its cobalt is radioactive couldn’t have come at a better time.
The temporary suspension comes as Katanga found excessive levels of uranium in the mine's ore.
The Maracás Menchen mine has a take-or-pay off-take agreement with Glencore for 100% of its vanadium material.
Glencore expected to achieve annual cash savings of more than $300 million in its coal business by the end of 2018, but now it expects savings of more than $450 million by year-end.
Horizonte plans to raise $443 million to begin construction on the mine in the middle of 2019, production slated for late 2021.
Glencore's copper production rose to 1,063,100 tonnes from the start of this year and cobalt output jumped 8,700 tonnes to 28,500 tonnes.
He is said to have already begun training three to four people to succeed him in the job.
Mining companies operating in Zambia will still meet their operational costs even after the government imposes higher taxes.
The copper market is currently experiencing a squeeze on physical metal which is unexpected.
The company also said it would reconfigure the mining methods used at Hail Creek, a process that will be phased in over the next 18 months.
Eurasian Resources Group (ERG) plans to ramp up cobalt output at its Democratic Republic of Congo (DRC) facility as it expects the electric car industry to boost demand for the metal.
Aristotelis Mistakidis, the man who built Glencore’s reputation in copper, is under intense pressure after a string of investigations, problems and legal headaches.
Africa's second-largest copper producer said late last month that it would introduce new mining duties and increase royalties to help bring down mounting debt.
The agreed price serves as an industry benchmark for supplies of seaborne thermal coal in Asia.