Glencore Share Discussion Threads

[sarkasm] 14/12/2020 10:23

JPMORGAN RAISES GLENCORE PRICE TARGET TO 250 (230) PENCE - 'NEUTRAL'



RBC CUTS GLENCORE PRICE TARGET TO 270 (280) PENCE - 'OUTPERFORM'

[waldron] 11/12/2020 16:56

Gold COMEX 1,847.30 +0.39%
Silver COMEX 24.12 -0.04%
Platinum NYMEX 1,022.60 -1.43%
Copper COMEX 3.53 -1.54%
Brent Crude Oil NYMEX 50.00 -0.73%
Gasoline NYMEX 1.31 -0.70%
Natural Gas NYMEX 2.62 +1.24%
WTI 46.645 USD -0.91%


FTSE 100
6,546.75 -0.80%
Dow Jones
29,930.28 -0.23%
CAC 40
5,507.55 -0.76%
SBF 120
4,355.92 -0.72%
Euro STOXX 50
3,487.35 -1.08%
DAX
13,114.3 -1.36%
Ftse Mib
21,709.76 -0.94%


Rio Tinto
5,546 +0.38%


Bhp
1,989 +0.58%



Anglo American
2,443 -2.32%



Glencore
237.25 -0.75%

[sarkasm] 08/12/2020 08:14

NS ENERGY


Glencore pledges net-zero emissions target, confirms Glasenberg departure

Mining

By Andrew Fawthrop 07 Dec 2020

Glencore chief executive Ivan Glasenberg leaves after almost two decades in charge, exiting as the miner embarks on a strategy to achieve net-zero by 2050
Ivan Glasenberg Glencore - WC - International Students’ Committee

Ivan Glasenberg first joined Glencore in 1984, and has overseen a transformation of the company during his time as CEO (Credit: Wikimedia Commons/International Students’ Committee)

Big changes are on the horizon for Glencore, after the company announced a net-zero agenda and the exit of its long-standing chief executive at an investor day late last week.

The world’s biggest mining company became the first of its peers to announce a strategy fully aligned with the goals of the Paris Agreement, targeting net-zero emissions – including Scope 3 – by 2050.

Ivan Glasenberg, who has headed the mining giant for almost 19 years, will step down during the first half of next year, to be replaced by Gary Nagle who currently leads the company’s coal business.

The outgoing chief executive, who retains a roughly 9% ownership of Glencore, said the miner will play “an essential role in the global transition to a low-carbon economy” under the stewardship of Nagle.

“As the world prioritises renewable technologies, battery storage and electric mobility, our business is well-positioned to meet the growing demand for the commodities that underpin these future-focused industries,” he added.


Glencore net-zero target includes Scope 3

While many mining companies have already made climate-focused pledges to reduce their emissions, none have matched the scope of Glencore’s target, which aims to eliminate the entirety of its carbon footprint by 2050.

Significantly, this includes Scope 3 emissions – which are those produced by the end use of its products by consumers, and are considered the most important, and challenging, to abate.

The miner has also set an interim target of reducing its emissions by 40% by 2035, compared to 2019 levels. This plan does not envision abandoning its coal-mining assets, however. Instead, “responsible stewardship” and reduction of its coal portfolio will be the priority.

“Under all credible scenarios, fossil fuels (oil, gas and coal) will continue to be an important part of the global energy mix for many years to come,” the firm said in statement. “We do not believe that selling our coal mines would help reduce the associated emissions.”

As the energy transition gathers pace, demand for metals and minerals used in low-carbon technologies, like copper, cobalt and nickel, is poised to skyrocket.

Glencore says it status as a mining and trading company – it is one of the world’s biggest commodity traders – makes it “uniquely positioned” to work directly with customers and promote the use of low-carbon metals and decarbonisation projects.


Glasenberg exit the end of an era

Glasenberg, a South African who turns 64 in the new year, has been at Glencore since 1984.

His departure ends an almost two-decade stint as the chief of the Swiss-based mining company, during which time he oversaw an initial public offering in 2011 and the acquisition of Xstrata the following year – one of the biggest deals in mining history.

He passes the reins over to fellow South African Nagle, who has been at the company since 2002.

“[Nagle] has been on the board’s radar for more than several years and was selected following a succession process overseen by the board,” said Gelncore chairman Tony Hayward. “We are confident that he has the right skill-set and qualities to lead the Glencore of tomorrow.

“As Ivan hands over to Gary, he does so at a time of huge change. As the world moves to recover from the impacts of the Covid-19 pandemic, while also addressing the challenge of climate change, our industry has a significant opportunity to contribute to the economic recovery by providing commodities essential to the transition to a low-carbon economy.”

[a2584728] 05/12/2020 12:59

Will be good for the comp at to have fresh eyes leading it to the next stage

[grupo] 04/12/2020 20:39

Glencore CEO Glasenberg to step down next year

Ivan Glasenberg

Glasenberg joined the company (then known as Mark Rich & Co) in 1984 and became CEO in 2002.

Ivan Glasenberg, CEO of the world’s largest commodities trader Glencore, has announced his retirement next year. He will be replaced by South African Gary Nagle, who currently heads the Swiss-based company’s coal business.

This content was published on December 4, 2020 - 17:02 December 4, 2020 - 17:02
swissinfo.ch/mga

Glasenberg will end a 37-year association with Glencore in the first half of 2021, the trading and mining giant announced on Friday. He has been CEO of the group since 2002, during which time he led it through a public listing and buyout of Xstrata.

He has been credited with successfully expanding and growing the company by diversifying its business lines with a series of partnerships and audacious takeover deals.

“The benchmark by which any great CEO can be judged is whether he or she leaves the business in a better position than when they started. Not only has Ivan achieved this with Glencore, but his vision and drive have left a lasting impact on the industry as a whole,” said chairman Tony Hayward in a statement.

Under Glasenberg’s stewardship, Glencore has also been dragged through a number of controversies. The company is continuously accused by NGOs of damaging the environment and of ignoring the health and safety of its workers and areas in which it extracts minerals.


Swiss-based Glencore is also under investigation in the United States, Switzerland, Britain and Brazil for a range of alleged corruption offences.

This week Glencore vowed to improve on its environmental record as it plans to cut emissions from all parts of its business by 40% in the next 15 years compared with 2019 levels, before going to ‘net zero’ by 2050.
[e-mail].

[waldron] 04/12/2020 17:51

Gold COMEX 1,838.00 -0.37%
Silver COMEX 24.25 +0.23%
Platinum NYMEX 1,074.20 +3.43%
Copper COMEX 3.53 +1.26%
Brent Crude Oil NYMEX 48.99 +0.57%
Gasoline NYMEX 1.27 +0.37%
Natural Gas NYMEX 2.50 +2.54%
WTI 45.87 USD +0.45%


FTSE 100
6,550.23 +0.92%
Dow Jones
30,137.55 +0.56%
CAC 40
5,609.15 +0.62%
SBF 120
4,436.26 +0.66%
Euro STOXX 50
3,539.27 +0.58%
DAX
13,298.96 +0.35%
Ftse Mib
22,160.57 +0.70%




Rio Tinto
5,450 +1.28%



Bhp
1,930.4 +1.72%



Anglo American
2,535 +2.32%



Glencore
237.65 +3.10%

[waldron] 04/12/2020 17:49

LONDON -- Ivan Glasenberg, the longtime chief executive of Glencore PLC, is handing over the reins of the global mining and trading giant he built, saying Friday he would retire in the first half of next year.

The Switzerland-based, London-listed company said it had tapped Gary Nagle, a senior deputy who currently runs the company's coal industrial assets, as his successor.

Mr. Glasenberg, a 63-year-old South African, joined Glencore in 1984 and has been CEO since 2002. He orchestrated the company's stock-market flotation in 2011 and shortly after merged it with miner Xstrata, transforming it from a privately held commodities trading business into a publicly listed mining and trading giant.

Two years ago, he started to lay out a timeline for when he might stand down, and more recently said it was getting close to time for him and his senior leadership team to step aside for the next generation of managers.

Mr. Nagle, currently based in Australia, plans to move to Switzerland in the new year to work on the transition to new leadership, Glencore said. He was widely seen as one of the front-runners to succeed Mr. Glasenberg.

"The old guys will be leaving," Mr. Glasenberg said on a conference call last December. "I don't want to be an old guy running this company -- and soon as those guys are ready to take over, I will move aside."

Mr. Nagle joined Glencore in 2000 and, like Mr. Glasenberg, worked his way through the company's coal business. From 2008 to 2013, he was chief executive of Prodeco, Glencore's coal operation in Colombia, before moving to South Africa to head the company's alloys assets until 2018.

"It's time to hand over to the new generation and a younger leader," Mr. Glasenberg told investors Friday, adding that he would retain his major shareholding in Glencore. "Gary can take this company forward in the future," he said of 45-year-old Mr. Nagle. "I'm happy to have him being the custodian of my shareholding in the company."

Founded as Marc Rich & Co. in 1974 by Marc Rich, the one-time fugitive trader, Glencore initially traded metals, minerals and crude oil. The U.S. attorney's office in Manhattan would eventually indict Mr. Rich, partner Pincus Green and the company on 65 counts, including buying oil from Iran during the 1979 hostage crisis. Mr. Rich and Mr. Green were later pardoned by President Bill Clinton.

The company became known as Glencore after Mr. Rich sold his stake in the early 1990s.

A former coal trader, Mr. Glasenberg took control of the firm's world-wide coal business in 1990 and spearheaded its dominant position in coal mining, snapping up operations in Colombia, South Africa and Australia.

After being named CEO in 2002, he quickly gained a reputation for being one of the mining industry's most astute deal makers. When he took Glencore public, he became a billionaire on paper. Mr. Glasenberg still owns a 9.1% stake in Glencore worth about $3.8 billion, according to data provider FactSet.

In 2013, he merged the then trading-focused Glencore with mining giant Xstrata in a $29.5 billion deal that created one of the world's largest coal, copper and zinc producers.

During his tenure, Mr. Glasenberg -- a champion racewalker -- also became known for his bluntness, aversion to personal publicity and hands-on management style. Once asked in an interview with The Wall Street Journal if the company had a work-life balance, Mr. Glasenberg said: "No. We work. You don't come here to take life easy. And we all got rich from it, so, you know, there's a benefit from it."

In recent years, Glencore has come under heavy scrutiny from U.S. authorities. It said in July 2018 that it had received a subpoena from the U.S. Justice Department, demanding records related to its compliance with American antibribery and money-laundering laws in Congo, Nigeria and Venezuela.

Glencore has also said it is the subject of an investigation by the U.S. Commodity Futures Trading Commission. It has said it is cooperating with both probes.

Glencore said in August that it spent $56 million in the first half of 2020 defending itself from various government investigations, including those undertaken by the Justice Department, CFTC, the U.K.'s Serious Fraud Office and Brazilian authorities.

Shares in Glencore rose more than 3% Friday. The announcement of Mr. Glasenberg's retirement came on a day when the company also said it planned to reduce its emissions to net zero by 2050.

Write to Joe Wallace at [e-mail]



(END) Dow Jones Newswires

December 04, 2020 11:19 ET (16:19 GMT)

[sarkasm] 03/12/2020 14:03

Glencore PLC said Thursday that it has extended its partnership with China's GEM Co. for the supply of cobalt hydroxide by another five years.

The FTSE 100 Anglo-Swiss miner said the two companies have formally embedded responsible sourcing and sustainability into the partnership.

Under the terms of the agreement, Glencore will provide around 150,000 metric tons of cobalt contained in hydroxide to GEM between 2020 and 2029.

Glencore shares at 1310 GMT were up 5.05 pence, or 2.3%, at 227.85 pence.



Write to Matteo Castia at [e-mail]



(END) Dow Jones Newswires

December 03, 2020 08:33 ET (13:33 GMT)

[adrian j boris] 01/12/2020 15:57

Glencore closes acquisition of Ørsted’s LNG

Glencore has completed its purchase of Ørsted’s LNG business, just under a year after announcing the deal.

by Ed Reed
01/12/2020, 3:05 pm

. the Energy Voice daily newsletter



Ørsted has completed the sale of its LNG business to Glencore, paying the trader to take regas rights at Gate off its hands

Glencore has completed its purchase of Ørsted’s LNG business, just under a year after announcing the deal.

The trader’s oil division now holds the LNG assets. These include the right to 3 billion cubic metres per year of LNG regasification capacity at the Gate terminal, in Rottderdam, until 2031. There are also five LNG purchase agreements.

Ørsted’s LNG business makes a loss and the company said it expected this to continue for the next few years. As a result, Ørsted paid Glencore to take the LNG business.

The company reported no earnings from its LNG assets and a loss of 266 million krone ($42.8mn) for the first three quarters of 2019.

Ørsted had expected to close the sale in summer 2020. The Danish company opted to pivot from hydrocarbons in 2017 and embrace renewable energy.

Glencore Oil’s head Alex Sanna welcomed the closing of the sale. “We are increasingly focusing on the LNG business as a key part of our Oil division strategy and the Ørsted transaction represents an important milestone in that journey.

“We see good opportunities in the market place and we are excited to continue to grow our LNG marketing portfolio.”

Glencore has a major position in the coal industry. While it has said that this will continue to have a role in the world’s future energy mix, it expects Asia to drive this demand. In Europe and North America, coal demand is declining, threatened by LNG in some cases.

[gxgxx] 01/12/2020 10:06

I have not been a Day Trader more's the pity as a fortune could be made with these shares (lost too). I do not fully understand or want to know the tax implications of buying and selling a million or so shares day to day. I bought a decent amount in March, April & May some as low a £1.19 x 42k so I am quite pleased with nice rise. ;-)

[imastu pidgitaswell] 01/12/2020 07:42

And I'm fine with that - the shares I had money in at the start of November went up by more; it's just the loss of the daily swings because I don't want to be doing that at these elevated levels that is regrettable, for me.

[gxgxx] 01/12/2020 07:30

The 3* main reasons that Glencore shares are going up are obvious
1) Biden not Trump in the WH soon.
2) Announcement of Covid vaccines.
3) Copper prices through the roof.

It is as simple as that.
* there are also some lesser ones too like the fact that the share price was driven far too low!

[waldron] 30/11/2020 18:27

THE WISH LIST GIVING BOXES,Supports and Resistences to determine channels and trends together with broker targets which might of course make you smile or and smirk


100 to 130p
130 to 160p
160 to 190p Jefferies target is 190p

190 to 220p$$$$$$$$$$$$$WE ARE HERE$$$$$$$$$$$$$$$$$$$$$$ JP Morgan has a target of 200p

220 to 250p Deutsche Bank has a 240p target whereas Goldman SACHS and BARCAP have a 220p target

250 to 280p
280 to 310p
310 to 340p



June ends at 171.22p

july ends at 174.64p

August ends at 169.18p

September ends at 160.86p

October ends at 155.90p


November ends at 211.85p








SUPPORTS AND RESISTENCES

[waldron] 30/11/2020 17:48

Gold COMEX 1,785.10 -0.17%
Silver COMEX 22.65 +0.03%
Platinum NYMEX 973.00 +0.85%
Copper COMEX 3.44 +0.72%
Brent Crude Oil NYMEX 47.36 -1.84%
Gasoline NYMEX 1.23 -2.56%
Natural Gas NYMEX 2.90 +1.83%
WTI 44.845 USD -0.69%


FTSE 100
6,266.19 -1.59%
Dow Jones
29,564.16 -1.16%
CAC 40
5,575.16 -0.41%
SBF 120
4,408.75 -0.44%
Euro STOXX 50
3,492.54 -1.24%
DAX
13,291.16 -0.33%
Ftse Mib
22,191.88 -0.72%




Rio Tinto
4,834 -1.80%


Bhp
1,698.6 -2.26%



Anglo American
2,213.5 -2.30%



Glencore
211.85 -0.80%

[waldron] 27/11/2020 17:21

Gold COMEX 1,788.00 -1.44%
Silver COMEX 22.68 -3.18%
Platinum NYMEX 967.60 -0.24%
Copper COMEX 3.42 +1.18%
Brent Crude Oil NYMEX 48.00 +0.76%
Gasoline NYMEX 1.26 +0.55%
Natural Gas NYMEX 2.84 -2.87%
WTI 45.31 USD +0.78%

FTSE 100
6,367.58 +0.07%
Dow Jones
29,890.79 +0.06%
CAC 40
5,598.18 +0.56%
SBF 120
4,428.16 +0.61%
Euro STOXX 50
3,527.79 +0.32%
DAX
13,335.68 +0.37%
Ftse Mib
22,343.09 +0.64%




Rio Tinto
4,922.5 +0.43%



Bhp
1,737.8 +0.56%


Anglo American
2,265.5 -0.04%



Glencore
213.55 +0.64%

[qs99] 27/11/2020 12:51

V quiet thread.

[dmf] 25/11/2020 16:38

This will take several years !

[a1ord53] 24/11/2020 16:26

Anybody knows what is happening with investigations against Glencore in London, Chicago and Washington DC ?
Nothing heard since December 2019 !

[imastu pidgitaswell] 24/11/2020 14:10

And that's fine - it was very good while it lasted. But for me I don't want to be in at 210 and finding it back at 160-odd.

The swift change in the markets post vaccine has been very good for me elsewhere, and I mean very good - some sold (70% or more in a few weeks), and some (also 70-100%) will be long term holds for a protracted recovery. Now switching out of some of those and back into metals. Looking like too soon for metals, but that is what I always do and that's fine.

Very happy, but not sure about when I will be back here soon - but I love it as a FTSE100 liquid company with no stamp duty; not too many of those (apart from POLY...)

[plat hunter] 24/11/2020 13:44

Look at the banks, airliners etc etc today.#Flying

[imastu pidgitaswell] 24/11/2020 11:35

Let's be honest - while it was a great trading share over the Summer and Autumn, got this very wrong at the start of November.

I thought that gap at 170-odd might be a factor - it just wasn't. I do hope those stranded at or above this sort of level are pretty happy with this move.

[gta5] 16/11/2020 20:32

Hello! new holder here after having been in ZIOC for some time and I've kept an eye on Glencore over the years too...

I think the successor of Glasenberg will have the ability to make some huge difference by dusting off a few of the old Iron ore projects like Zanaga. Perhaps a bit more hands on and production rather than trading will be a better balance going forward?

GL ALL,
GTA.