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 Mining News
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.
Top zinc producer Glencore's total output to dip next year despite restarting its Australian mine.
Glencore's Toronto-listed Katanga Mining subsidiary set to produce nearly a third of world's cobalt, as prices of battery metal more than doubles.
Glencore said on Tuesday its Katanga mine in the DRC produced its first copper cathodes on Monday as it restarts after output was suspended in 2015.
Glencore said on Tuesday it expected zinc output to fall slightly in 2018 to around 1.09 million tonnes versus 1.1 million tonnes this year.
The company also confirmed its 2018 dividend policy would include a fixed dividend of $1bn and said it would reactivate idled capacity "when appropriate".
Monday, mining companies in the DRC said that proposed changes to mining code adopted by lower house of parliament would do lasting damage to investment.
These new labor agreements with workers at 13 of its coal mines in Australia end months of negotiations over wages and benefits.
BaseCore Metals will be independently operated and have its own board of directors.
Glencore has increased production of the metals used to make electric car batteries faster than its major mining rivals, according to an industry-wide analysis that shows the scale of a strategy that has big prospective risks and rewards.
Miner has one of biggest deficit outlooks on back of steel use; firm doesn’t expect material EV impact on nickel until 2020.
Katanga, which operates cobalt and copper mines in the DRC, said Aristotelis Mistakidis, Liam Gallagher and Tim Henderson had tendered their resignations.
The Swiss commodity giant is reportedly finalizing a $700-million deal with the Ontario Teachers’ Pension Plan to create a new base-metals royalty vehicle.
The planned strike in the coal sector could affect power supply in Africa's most industrialized economy, as about 85 percent of electricity is generated from the fossil fuel.
The three-year wage agreement was signed by all three unions, the company said.
Glencore has extended a lockout of 190 workers at Oaky North mine in eastern Australia for a further two weeks.
Journalists shed more light on Glencore's activities in Congo, including 2009 loan to entity affiliated with controversial Israeli billionaire Dan Gertler.
Company said it would keep its Beatrix West gold mine running for as long as it makes a profit, on average, over any continuous period of three months.
Miners who received a termination letter will hold a mass meeting at the mine Wednesday morning.
In third-quarter production report, Glencore lowered its output guidance for copper, zinc and coal but said full-year earnings would not suffer.
As a result of the permits, Glencore can acquire shares in companies Aluminium of Ukraine and Guardon Ukraine.
Precious metals miner said its platinum group metals (PGM) operations had delivered "solid operational results" in the first-half of 2017, prompting an upward revision to its 2017 production forecast and a downward revision to guided costs.