Streetbeat News

GLCNF

Glencore plc

https://www.glencore.com/

CEO

Ivan Glasenberg

Industry

Dimension Stone Mining and Quarrying

Open

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Glencore (OTC:GLCNF) has decided not to spin off its coal business after acquiring Teck's (NYSE:TECK) coal assets. Shareholders preferred retaining the profitable unit, which aligns with ESG policies of major shareholders like BlackRock. Despite a 33% decline in first-half earnings, Glencore remains open to more acquisitions.

Portfolio Pulse from Stjepan Kalinic

August 07, 2024 | 11:34 am

Canadian regulators have approved Glencore's (OTCPK: GLCNF) acquisition of Teck Resources' (NYSE: TECK) metallurgical coal business, Elk Valley Resources, for over $6.93 billion. The deal is set to close on July 11, with Glencore acquiring a 77% stake. This approval follows Glencore's previous failed hostile takeover attempt of Teck Resources. The acquisition will enhance Glencore's portfolio and provide significant cashflows. Teck Resources will focus on increasing copper production and returning value to shareholders.

Portfolio Pulse from Stjepan Kalinic

July 05, 2024 | 6:54 pm

Glencore has postponed discussions on spinning off its coal business until after the closure of its $6.93 billion acquisition of Teck Resources' steelmaking coal assets. The decision to potentially spin off the coal unit will be influenced by shareholder consultations, especially considering environmental and social governance concerns.

Portfolio Pulse from Stjepan Kalinic

May 30, 2024 | 6:19 pm

Hedge fund manager Pierre Andurand predicts copper prices could reach $40,000 per tonne, driven by increasing demand from sectors like electric vehicles and renewable energy. This bullish outlook highlights investment opportunities in copper miner stocks and the Global X Copper Miners ETF (NYSE:COPX). The ETF has shown strong returns and holds key copper mining companies. Technical indicators also suggest a positive trend for COPX.

Portfolio Pulse from Surbhi Jain

May 27, 2024 | 2:59 pm

Nickel prices have surged above $20,000 per ton due to supply concerns from New Caledonia and sanctions on Russian metal. New Caledonia, holding 20-30% of the world's nickel reserves, faces economic challenges as prices fell 45% in 2023. Glencore and Eramet have reduced operations, impacting local communities.

Portfolio Pulse from Stjepan Kalinic

May 21, 2024 | 1:53 pm

Anglo American rejected BHP Group's $39B bid, potentially starting a bidding war with Glencore. Gold Resource reported Q1 results with a net loss and detailed production figures. The U.S. Department of Commerce is acting against aluminum dumping, affecting several countries and benefiting Tredegar. Nexa Resources reported a significant quarterly loss but exceeded sales expectations.

Portfolio Pulse from austin@walkonholdings.com

May 03, 2024 | 8:05 pm

Anglo American (OTCQX:NGLOY) is potentially facing a bidding war as Glencore (OTCPK:GLCNF) considers making an offer after BHP (NYSE:BHP) had its $39-billion bid rejected. Discussions within Glencore are still preliminary. BHP is considering an improved offer and has sent executives to South Africa to discuss its proposal, focusing on divesting Anglo's South African assets. The situation is complicated by Glencore's ongoing acquisition of Teck's coal assets and the complex political landscape in South Africa. Copper assets, like those owned by Anglo American in Chile and Peru, are seeing increased valuation due to their importance in clean energy technologies.

Portfolio Pulse from Stjepan Kalinic

May 03, 2024 | 12:43 pm

Teck Resources Ltd (NYSE:TECK) exceeded Q4 2023 earnings estimates with record copper production and strong steelmaking coal sales, driven by higher copper prices. The company announced progress on the sale of its coal unit to Glencore PLC (OTCPK: GLCNF) for $9 billion, expected to close by Q3 2024. Teck also declared a dividend and authorized a stock buyback of up to $500 million.

Portfolio Pulse from Stjepan Kalinic

February 23, 2024 | 2:54 pm

Peru has approved a $2 billion expansion of the Antamina copper and zinc mine, owned by Glencore PLC, BHP Group Ltd, Teck Resources, and Mitsubishi Corporation. The project aims to extend the mine's life from 2028 to 2036, increasing its area by 25% and deepening the open pit. This expansion is crucial for Peru to maintain its position as a leading copper producer and for the global supply amid the transition to a low-carbon economy.

Portfolio Pulse from Stjepan Kalinic

February 19, 2024 | 5:05 pm

Glencore PLC plans to build a pilot EV battery recycling plant outside Italy and is considering Sardinia for a larger facility. The move aims for faster project commissioning and aligns with expected EU regulations on critical raw materials. Glencore's Sardinian unit communicated this in a letter to Italy's ministries. The company, in partnership with Li-Cycle Holdings Corp, previously announced a two-phase approach to the Portovesme Hub project. Glencore's copper production fell by 5% Y/Y due to asset sales and lower by-product production. Glencore's stock (GLCNF) closed down 1.83% at $5.64.

Portfolio Pulse from Lekha Gupta

November 24, 2023 | 12:34 pm

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