Glencore drops 11% in brand value after various allegations against it in the Paradise Papers.
Glencore Mining News
Glencore and Randgold are clubbing together in a bid to stop sweeping legal reforms, claiming their interests were poorly served by the industry body.
Data shows that two years after the worst of the raw materials slump is over, investors are still not ready to pour in fresh funds despite a price rally.
Robert Friedland, founder and executive chairman of Ivanhoe Mines, said he would be happy to pay higher taxes if there is stability in Congo's rules and transparency in the accounting of those royalties.
Some of the company’s international mining partners include major names such as Glencore, China Molybdenum and Ivanhoe.
With metals from zinc to palladium trading at multi-year highs, four of the world’s top producers generated combined free cash flow last year of about $87 million a day.
Mark Bristow says the law will “severely limit the growth of the mining industry in the DRC as well as the country's own economic prospects.”
The Katanga mine in Democratic Republic of Congo likely to add roughly 150,000 tonnes of copper and 11,600 tonnes of cobalt in 2018.
DRC stuns miners with immediate lifting of 10-year exemption for licensees, 50% tax on 'super-profits' and code permitting 5-fold increase in cobalt royalty.
Production at the Queensland-based operation was halted in 2015 because of falling zinc prices. Since then, prices for the metal have more than doubled.
Big mining companies, restored to health following the 2015-16 price crash, are seeking to rationalize their portfolios and acquire assets in line with heightened focus on the best quality minerals and anticipated demand for battery materials.
Mine is on track to produce its target of 700,000 ounces of gold in 2018.
"We will meet with the company... after a request from them to present a new offer, the fourth in this negotiation," said the Sintracarbon union president.
Aristotelis Mistakidis will lose control of industrial copper operations including mines and focus on the trading side of the business.
“From the macro point of view, this is not an environment where you’d want to be shorting metals.”
The nation, responsible for about two thirds of global output, plans to increase tax on cobalt to 5% from 2%.
The World Bank-supported mining legislation was introduced to attract investment into copper and cobalt projects from global miners including Glencore Plc, Freeport-McMoRan Inc. and China Molybdenum Co. Gécamines claims country has not benefited from it.
The mining cycle turned two years ago – gains for the sector's largest companies have far outpaced stocks like Apple, Amazon, Google and Facebook since.
Unionized workers at Glencore's Lomas Bayas copper mine rejected a final contract offer and began government-facilitated mediation Thursday to avoid strike.
A sale would allow Rio to complete its exit from coal and continue an asset divestment program that has returned more than $7 billion since 2013.
The political shifts are good news for the likes of BHP Billiton Ltd., Rio Tinto Group, Glencore Plc and Anglo American Plc.
French bank Natixis has broadened its $32 million lawsuit over fraudulent receipts for nickel stored at warehouses in Asia by adding a unit of commodities giant Glencore as a defendant, a court filing showed.
Glencore can't take full credit for bull surge of last 2 years but its curtailments acted as powerful accelerator to structural shift toward supply deficit.
Glencore's all in to supply surging demand for copper, nickel and cobalt from electric vehicle boom but CEO Ivan Glasenberg has "zero interest" in lithium.
Uniquely among its peers, Glencore derives a substantial slice of its earnings from trading commodities, rather than producing them.