Category Archives: Glencore

Investors push Glencore to scrap spin-off of heavily polluting coal division

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More than 95% of investors urged commodities firm to keep highly profitable fossil fuel arm to help maximise shareholder cash

Glencore has scrapped plans to spin off its coal business after shareholders urged the commodities company to hold on to the highly profitable but heavily polluting division.

The FTSE 100 company said that an overwhelming majority of its shareholders favoured retaining the coal business over its plan to list the division as a separate company on the New York stock exchange.

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Mining industry braces for multi-billion pound Anglo American bidding war

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Glencore understood to be considering takeover offer while BHP could move again after initial rejection

The global mining industry is braced for a multi-billion pound bidding war for Anglo American amid growing speculation that mining companies are preparing rival bids.

The Australian miner BHP is understood to have sent senior executives to Anglo’s base in South Africa to meet key company stakeholders after an initial offer of £31bn was rebuffed by Anglo’s board last week.

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Battery passports: how a meeting at Davos helped set a car industry standard

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Mining groups hope their joint project, ReSource, will have an influence on the global business

“It’s incredibly exciting,” said Benedikt Sobotka, the chief executive of mining company Eurasian Resources Group (ERG). Sitting in front of an audience in January at Davos, the ski resort that hosts an annual gathering of the world’s business elite, he waved a piece of paper with a QR code that he hopes will eventually be attached to every electric car battery in the world.

Sobotka’s excitement reflected his involvement in setting up ReSource, a joint project with fellow miners Glencore and IXM to provide battery “passports” for electric cars. It also hinted at his bigger hopes: that his mining company and its partners could take an influential role in the future of the automotive industry.

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Glencore shareholders to receive almost £6bn after record profits

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Mining and commodities firm’s pre-tax profit climbed 60% to £28.2bn last year, up £10.6bn on 2021

Glencore will give almost £6bn to shareholders after the mining and commodities company reported record pre-tax profits of more than £28bn in 2022, boosted by rocketing oil and coal prices.

The Switzerland-based group, whose market capitalisation makes it one of the largest FTSE 100 companies, announced a payout of £5.9bn ($7.1bn) to shareholders, including dividends and a new £1.2bn share buyback programme.

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FTSE 100 firms hand billions in dividend payouts to Qatar investors

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Critics say everyday UK consumer spending has funnelled billions to controversial World Cup host since 2010

Some of the UK’s largest listed companies including water and energy giants have handed almost £500m to Qatari state-owned investors this year, raising concerns that blue-chip company profits are supporting the controversial World Cup host.

The dividend payouts are the result of the Gulf nation’s investments in a raft of FTSE 100 firms, including Barclays, Shell and utility firm Severn Trent, which have reported strong profits amid a cost of living crisis and the worst UK drought in centuries.

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Aboriginal cultural heritage protected as NSW rejects Glendell coalmine expansion

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Wonnarua people want Ravensworth Homestead added to the state heritage register and to become a site of reconciliation

The New South Wales independent planning commission has for the first time ruled against a coalmine extension in Singleton.

Scott Franks and Robert Lester, representatives of the Plains Clans of the Wonnarua People (PCWP), learned this week that priceless Wonnarua cultural heritage in the Upper Hunter region – centred on the Ravensworth Homestead – would be protected because the planning commission had denied Glencore’s Glendell coalmine expansion.

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Sophie Nicholls is a freelance writer based in the Hunter Valley

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Mining giant Glencore faces human rights complaint over toxic spill in Chad

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Dozens of villagers, including children, claim they suffered severe burns and sickness after contact with contaminated water

The UK government has accepted a human rights complaint against mining and commodities giant Glencore regarding a toxic wastewater spill in Chad, where dozens of villagers – among them children – claim they suffered severe burns, skin lesions and sickness after contact with contaminated water.

The complaint, brought by three human rights groups on behalf of affected communities, alleges environmental abuses and social engagement failures by the FTSE-100 company in relation to two spillages, the wastewater spill and an alleged oil spill, both in 2018.

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