Glencore Share Discussion Threads

[montyhedge] 05/3/2020 15:56

Does anyone use coal these days.

[gibbs1] 05/3/2020 15:09

Glencore’s expansion of Hunter Valley coal mine approved
MINING.COM Staff Writer | March 5, 2020 | 6:10 am Energy Australia Coal
Glencore's expansion of Hunter Valley coal mine approved
Mt Owen/Glendell Operations in Australia. (Image courtesy of Glencore).

The New South Wales’ Independent Planning Commission approved for an additional 2 million tonnes of coal to be extracted from Glencore’s (LON: GLEN) mine in the Hunter Valley.

This, after the Commission greenlighted -with conditions- a modification to the site’s existing development consent.

In detail, Glencore’s subsidiary, Mt Owen Pty Ltd, sought approval to extend the Barrett Pit at the Glendell coal mine, located 20 kilometres northwest of Singleton and which is part of the Mt Owen/Glendell operations together with the Mt Owen and Ravensworth East mines.

The Mt Owen Complex consists of the Mt Owen mine, Mt Owen CHPP, Ravensworth East and Glendell open-cut mines

The proposed modification aims to recover an additional 1.97 million tonnes of run-of-mine coal, which will result in a net increase in disturbance area of 4.3 hectares and a net 0.4-hectare reduction in clearing of native vegetation.

Despite this and the fact that the project received 25 public objections, the Commission determined that it is in the public interest and that its benefits outweigh the costs.

But some community members at Singleton said in a public meeting that they are worried about air quality; greenhouse gas emissions; Aboriginal heritage; rehabilitation, mine closure and water impacts.

“In relation to GHG emissions, the Commission noted Glencore’s commitment to an annual thermal coal production cap for its global operations and that coal produced under this Application will be included in that cap… (and) that Glencore has announced a target of reducing Glencore’s greenhouse gas emissions intensity by 5% by 2020 compared to a 2016 baseline,” the government agency said in a media statement.

According to the Commission, the extension of the Barrett Pit and extraction of an additional 1.97 Mt of ROM coal over an 8 month period will result in a minor increase in GHG emissions which are accounted within the reduction strategy Glencore has in place.

The Mt Owen Complex is located within the Hunter Coalfields at Hebden in the Upper Hunter Valley of New South Wales, approximately 25 kilometres northwest of Singleton and 26 kilometres southeast of Muswellbrook.

[gibbs1] 05/3/2020 15:00

Dow tanks 800 points, continuing a wild week on Wall Street
Published Thu, Mar 5 202012:07 AM ESTUpdated Moments Ago

[sr2day] 05/3/2020 14:54

so at least 140p when all is revealed.

[montyhedge] 05/3/2020 14:45

gibbs1
Not looking good.

[gibbs1] 05/3/2020 14:44

Dow tanks 700 points at the open, continuing a wild week on Wall Street

[gibbs1] 05/3/2020 14:34

MIGHT BE MATERIAL


Glencore has not yet made any provision in its accounts for the cost of possible fines or settlements. “At this stage of the investigations, the group and its legal advisors believe that the length of the investigations and the monetary impact from the resolutions thereof, such as these may be, cannot be determined but may be material,” according to the auditor’s report.

[gibbs1] 05/3/2020 14:33

Glencore Found ‘Facts That May Be Relevant’ to Corruption Probes

Jack Farchy, Bloomberg News








The Mt Owen mine is seen at Glencore Plc's Mount Owen Complex coal operations in this aerial photograph taken near Singleton, Australia. Photographer: Brendon Thorne/Bloomberg

The Mt Owen mine is seen at Glencore Plc's Mount Owen Complex coal operations in this aerial photograph taken near Singleton, Australia. Photographer: Brendon Thorne/Bloomberg , Photographer: Brendon Thorne/Bloomberg

(Bloomberg) --

Glencore Plc has uncovered “facts that may be relevant” to the corruption probes it’s facing and shared them with the relevant authorities, according to the company’s auditor.

The statement, in the audit overview published in Glencore’s annual report on Thursday, marks the first indication from the company that there may be some substance to the raft of investigations it is facing.

The investigations into possible bribery and corruption in different parts of the world have weighed on the share price of the mining and commodity trading house over the past two years and marred the legacy of its longstanding chief executive, Ivan Glasenberg. The company has announced probes from the U.S. Department of Justice, the Commodity Futures Trading Commission, the U.K. Serious Fraud Office as well as Brazilian authorities.

A spokesman for Glencore declined to comment.

Glencore has appointed external lawyers and forensic experts to help it respond to the investigations. The company’s auditor said Glencore had “identified facts that may be relevant to the investigations and has shared these facts with the relevant authorities.”

However, Glencore has not yet made any provision in its accounts for the cost of possible fines or settlements. “At this stage of the investigations, the group and its legal advisors believe that the length of the investigations and the monetary impact from the resolutions thereof, such as these may be, cannot be determined but may be material,” according to the auditor’s report.

To contact the reporter on this story: Jack Farchy in London at [e-mail]

To contact the editors responsible for this story: Will Kennedy at [e-mail], Dylan Griffiths, Nicholas Larkin

[montyhedge] 05/3/2020 14:28

tariq
Yes no provision, well I suppose they are thinking nothing to answer to.

[montyhedge] 05/3/2020 14:20

I understand no provision made in the accounts, surely thats wrong.

[tariq_khan] 05/3/2020 14:15

Glencore auditor has identified facts which may be relevant to the ongoing investigations and Glencore has not made any comment

[montyhedge] 05/3/2020 13:34

Lol, shows you how much you know, sold out weeks ago. Keep up. The only long I have is Aviva.

[losses] 05/3/2020 13:26

Still won't cover your losses in mcro...

[montyhedge] 05/3/2020 12:00

Glencore great for trading my short was put on at the open today.

[grupo] 05/3/2020 11:49

Around 6:35 a.m. ET, Dow Jones industrial average futures indicated a drop of more than 600 points at the open.

[montyhedge] 05/3/2020 11:48

Don't know how.

[grupo] 05/3/2020 11:47

still hanging in there


Price (GBX) 189.24 Var % (+/-) -2.16% (Down -4.18)

[montyhedge] 05/3/2020 11:40

182p I see.

[grupo] 05/3/2020 10:36

Seems strong support still holding at 190p approx despite the dow fall back

[grupo] 05/3/2020 10:28

Dow set to drop 500 points at the open following Wednesday’s surge

[montyhedge] 05/3/2020 10:26

Dow futures looking ugly, further to fall 185p here we come.

[florenceorbis] 05/3/2020 09:17

JP Morgan Cazenove Underweight down from 220.00 to 190.00