Glencore Share Discussion Threads

[waldron] 11/7/2018 09:17

Glencore PLC (GLEN.LN) said Wednesday that Non-Executive Chairman Tony Hayward, the former CEO of BP PLC (BP.LN), is heading a new board committee to oversee the company's response to a subpoena by the U.S. Department of Justice.

On July 3 the Anglo-Swiss miner received a subpoena from the Justice Department relating to its compliance with the U.S. Foreign Corrupt Practices Act and money-laundering statutes. The company was asked to produce documents concerning Glencore's business in Nigeria, the Congo and Venezuela from 2007 to present.

As well as Mr. Hayward, the committee will comprise of Leonhard Fischer and Patrice Merrin, both of whom are independent non-executive directors at the company.

Mr. Hayward said the company would be cooperating with the department and that Glencore "takes ethics and compliance seriously throughout the group."

Shares at 0717 GMT were down 4% at 314.95 pence.



Write to Oliver Griffin at [e-mail]



(END) Dow Jones Newswires

July 11, 2018 03:38 ET (07:38 GMT)

[waldron] 11/7/2018 08:58

still in the 310 to 340p BOX despite the news flow

[mercer95] 11/7/2018 08:51

That’s a great comparison gutterhead, pretty much summed up Musk in one post IMO

[dmf] 11/7/2018 08:45

It is in fact $200bn and not $20bn

Trump administration announces list of tariffs on $200 billion in Chinese goods

[raffles the gentleman thug] 11/7/2018 08:44

It's only a bit of deleveraging if speculative long positions in the metals. It's rather hard to see any great change in the demand side of the picture from a measly $20bn of additional trade tariffs on Chinese goods

[sarkasm] 11/7/2018 08:41

it seems the whole market is in trouble


Rio Tinto
4,058 -2.12%

Shell B
2,740 -1.46%

British American Tobacco
3,902.5 -0.74%

BHP Billiton
1,670 -2.20%

AstraZeneca
5,248 -0.62%

Anglo American
1,660.8 -3.61%

Standard Chartered
680.2 -1.62%

Glencore
316.5 -3.20%

[chesty1] 11/7/2018 08:26

This is in trouble

[scfc1] 11/7/2018 07:21

Make that 4%+ now...

[leoneobull] 11/7/2018 05:54

Copper prices down. 2.75

[gutterhead] 10/7/2018 21:49

musk vs delorean

spot the difference

both great salesman

both don't deliver promises

both up to their neck in debt

both self promoters

[paulbiya] 10/7/2018 17:46

"The bull market has only started," says Leigh Goehring, managing partner at Goehring & Rozencwajg Associates. "Strong demand from Asian countries is what's going to push copper prices higher, and this is before we even begin to talk about renewables and [their] impact on global copper consumption." Renewable energy sources like wind and solar require lots of copper for their equipment.He believes a "huge bull market," led by extremely strong demand and emerging problems surrounding global copper supply, is likely to resume shortly and play out in "multiple stages over the next five to 10 years."The current bull market started after copper prices hit bottom in January 2016 at a little below $2, and it could see prices trade at $10 or more before it's over, says Goehring. For now, however, copper prices trade about 1% lower year to date.

[grupo] 10/7/2018 06:49

OIL: Oil prices rose on Tuesday on escalating concerns over potential
supply shortages, with Brent crude leading the way as hundreds of oil workers in
Norway were set to strike later in the day.
* COPPER: Copper prices in London and Shanghai extended gains for a second
day on Tuesday, with investors lured to buy low after a trade war-fuelled
sell-off last week.

[grupo] 09/7/2018 22:13

google translation from french


Monday 9 July 2018
More Glencore Stock Charts


BARCELONA (Agefi-Dow Jones) - The mining sector is poised to embark on a cycle of growth and consolidation after a period when cash generation, return on capital and spending restraint were the priority, says Jefferies. The financial intermediary initially expects small mergers and acquisitions (M & A), before larger transactions occur. This wave of M & A and rising commodity prices should support mining stocks in 2019, according to Jefferies. Anglo American, whose title has lost ground recently, is one of the favorite values ​​of the financial intermediary, while Glencore drops to the bottom of its list because of the Department of Justice investigation, which will last years according to Jefferies.


-Oliver Griffin, Dow Jones Newswires Ed: VLV


Agefi-Dow Jones The financial newswire


(END) Dow Jones Newswires


July 09, 2018 07:34 ET (11:34 GMT)

[eriktherock] 09/7/2018 20:41

Smart trade ACTION.
I closed short position this pm. Nothing to do with GLEN but just a bullish view towards FTSE given Boris's departure from the EU exit team.

[paulbiya] 09/7/2018 18:22

https://www.ft.com/content/fe5f29d0-8367-11e8-a29d-73e3d454535dCopper hit by sell off mystery Chinese investor offloads 1 billion usd. I bet they cannot stand Trump either

[waldron] 09/7/2018 17:34

Glencore
335.25 +1.92%

Still snug in the 310 to 340p BOX

[action] 09/7/2018 10:15

eriktherock.

you were 100% correct. Sold it and now back in.

[eriktherock] 09/7/2018 08:43

Gap-up exit opportunity

[grupo] 08/7/2018 19:43

Glencore undervalued on the stock exchange
Matein Khalid
Global Investing/Dubai
Filed on July 8, 2018 | Last updated on July 8, 2018 at 07.36 pm

Glencore is now the world's second-largest crude oil gas and refined products trader.
(AFP)
Firm's shares have been a loser since its IPO long time centuries ago in a galaxy far, far away

Glencore, the world's largest commodities trader whose roots go back to the legendary oil and metal trader Marc Rich, has had a bad year in 2018 - an annus horribilis or une mauvaise année, as my Swiss friends put it. The shares are down 20 per cent. The Justice Department is investing corruption and money laundering in three countries where corruption is an art form even by Third World standards - Nigeria, Congo (Conrad's fabled hear of darkness) and Venezuela. Did Glencore cry uncle to Washington? Not at all. CEO Ivan Glasenberg, who owns eight per cent of the Baer, Switzerland-based trader, announced $1 billion share buybacks.

Glencore shares have been a loser since its IPO long time centuries ago in a galaxy far, far away - actually, the London Stock Exchange at 526 pence. Glencore trades at a mere eight times earnings now, a huge discount to BHP or Rio Tinto. However, I am convinced that, despite the legal sword of Damocles wielded by Justice, its shares are grossly undervalued and promise me a potential 25 per cent total return. Why?

One, the $1 billion shares buyback removes deal risk. Glencore's CEO is a serial dealmaker and the financial markets long speculated that Bunge was his next target. However, Bunge shares have now fallen to a six-month low, removing its takeover premium. The smart money now believes that a Glencore bid just will not happen - at least for now.

Two, the share buyback means that the firm's net debt is near its corporate ceiling of $16 billion. This suggests the Metal Men are not planning another major deal. This is positive for shareholders.

Three, Jeff Currie of Goldman Sachs believes investors can expect a 10 per cent return on commodities. Jeff's views have been a lodestar to my strategic and tactical moves in natural resource investing for more than a decade. If Jeff is right, the stars are aligned for Glencore shares to move higher.

Four, Glencore has a fortress balance sheet in global commodities trading. In 2017, Ivan Glasenberg boasted that the company could even afford a $20 billion dividend after a public spat with short sellers in the City of London.

Five, Glencore is now the world's second-largest crude oil gas and refined products trader, with a turnover of 6.5 million bpd.

However, one reason why many American fund managers are selling the shares because it restarted royalty payments to billionaire Dan Gertler, who made a fortune in diamond, copper and cobalt with his ties to the Kabila regime in Kinshasha. Gertler has been subject to blocking sanctions by the US and it is unwise to challenge the global writ of Uncle Sam in the Age of Trump.

Gertler boasts he should get a Nobel Prize for his deal-making in Congo - but the World Bank and the IMF disagree. Yet Gertler was Glencore's partner in the Democratic Republic of Congo, an African state where even Chinese state companies have found it impossible to make money. Glencore's dividends to shareholders are totally secure, in the $2.8-$2.9 billion range. The timing of the stock buyback announcement tells me that Glencore management thinks the shares are undervalued and that the balance sheet can handle any punitive legal fines from Washington. The risk/reward calculus, in my opinion, is skewed in my favour as a new money shareholder.

The world's top mining analysts expect Glencore to earn $54 billion - I repeat, $54 billion in Ebitda in the next three years. There is no doubt in my mind that this means a tsunami of cash returns to shareholders in the next three years as long as there is no Black Death in the world commodities market - though this is a sector where, to paraphrase Don Rumsfeld's charming words on his Iraq war performance, merde happens!

Glencore has exposure to the ideal commodities basket in this macro milieu - copper, zinc, iron ore, thermal coal and energy. I concede the Congo business is one major reason why the shares trade at a Cinderella valuation metric. Congo is a $10 billion asset and $3 billion Ebitda business, unlike Nigeria and Venezuela, which do not even generate one per cent of revenues. Glencore is a trading colossus that can well generate $10 billion in free cash flow. Unless Justice brings criminal charges Glencore shares should move higher.

The writer is a global equities strategist and fund manager. He can be contacted at [e-mail].

[waldron] 06/7/2018 19:24

Aleast we end the week in the 310 to 340p BOX at 328.95

Of course theres a chance it might fall into the 280 to 310 BOX,I wish and hope for a more postive
clarifaction next week

An update is due at months end with results due 8th August and it goes ex divi 6th September.

Still many weeks to go to make that buy more or sell decision

NEWS INTERPRETATION IS VERY FICKLE THESE DAYS

HAVE A GREAT WEEKEND

[paulbiya] 06/7/2018 18:32

You have been posting the negatives monty.. short as usual?

[trev1223] 06/7/2018 15:39

IG obviously thinks that share price is undervalued therefore now is the time to start his $1b buyback. When the share price gets back to 380p plus, that represents a huge amount for the company. imo

[montyhedge] 06/7/2018 11:09

285p is my target, just because investors hate uncertainty, buybacks may slow down the shareprice fall, but until everything becomes clearer just can't see it going higher, just my thoughts.