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(Sharecast News) - Glencore reported a fall in production but reiterated annual trading profits and the commodities company would come in above its long-term guidance.
The mining and trading giant said copper, nickel and cobalt output were all lower last year and indicated there would be falls in the latter two in 2024.
Copper production fell 5% to 1.01 million metric tonnes, below guidance of 1.04 million. It now expects output of 950,000 - 1.01 million this year, after selling the Cobar mine in Australia.
Nikel production fell below guidance to 97,600 tonnes of nickel in 2023, with current-year production guidance of 80,000 - 90,000 tonnes.
Cobalt production fell 6% to 41,300 tonnes. The company expects this to be between 35,000 - 40,000 tons this year.
Glencore said earnings before interest and tax from its trading division would be $3.5bn, above its long-term guidance of $2.2bn - $3.2bn.
Interim divi 40.50cents
LAC ......Latin America customer/consumer down trading!!
Huge waist of Buyback cash verses today's close price & DGE states it's been returned to investors.
Markets always suprise me with results or trading updates.
gla
Stocks on Monday posted moderate gains, with the S&P 500 and Dow Jones Industrials climbing to new record highs. Stocks traded mixed into Monday afternoon but then rallied as T-note yields fell after the Treasury unexpectedly cut its quarterly borrowing estimates. Stocks also rose on the Treasury’s borrowing news as the cut in borrowing estimates was due to higher tax receipts, a sign of economic strength.
The markets are awaiting earnings reports from Apple, Alphabet, Amazon.com, and Microsoft this week. Also, the results of central bank meetings this week could move the markets, with the 2-day FOMC meeting beginning tomorrow and the Bank of England (BOE) meeting on Thursday.
gla
Labour will get the islamic movement voters in the UK which is one more step towards Hades UK.
This present bunch of misfits who've highjacked the Tory party are nothing more than self serving dull of hearing floating T urds.
I sincerely hope Tory voters vote for Reform Party because both Lab & Tory aren't fit purpose. Floaters in suits!
Good Luck Nige & Reform Party
It's not a recommendation, however, I'm just saying one could apply an exit plan!
I00,000 Lloyds shares @ 50p average.
Use the interim and final dividends for 25,000 shares which then gives>>>
75,000 @ 50p
25,000 sub 40p
Use the (10k + 25,000 shares) and buy another higher dividend-paying share LGEN, AV, PHNX, TW.........AS EXAMPLES OF HOLD 25,000 Lloyds shares sub-40s & sell into the next rise.
I haven't heard of any fund manager or PI who called the perfect lows and crystal ball highs to exit in amongst all the geopolitical hurdles/ spinless BOD/market manipulation & more.
Well, apart from grass munching, I'm close to perfection trading!!
DYOR
ATB
FAKE NEWS
(Alliance News) - BHP Group Ltd confirmed on Friday it had not received an order from a Brazilian court to pay billion of dollars in "moral damages" following the 2015 Fundao dam disaster.
The tailings dam was operated by Samarco Mineracao SA, a 50-50 joint venture of BHP and Brazilian iron ore miner Vale SA.
The Melbourne-based miner noted media reports that the Federal Court of Brazil had ordered BHP and its partners to pay USD9.7 billion in "collective moral damages" arising from the Fundao trailings dam failure.
This come after an interlocutory motion was filed by the Brazilian prosecutors seeking the early payment of collective moral damages, which is one of the categories of damages sought in the BRL155 billion, or around USD43 billion at the time, claim, BHP said.
In May 2016, Brazil's Federal Public Prosecution Office sued Samarco Mineracao, Vale and BHP, seeking BRL155 billion, or around USD43 billion at the time, for reparation, compensation and collective moral damages arising from the Fundao tailings dam disaster in November 2015.
BHP said on Friday the court in Brasil had not served it with the reported judgement, and will review the decision to assess its implications, the potential for an appeal and any potential impact on its provision related to the Samarco dam failure.
BHP has made dam-related provisions of USD3.7 billion to cover claims.
Since early 2021, the parties have been engaging in negotiations to seek a settlement of obligations, BHP said, noting that talks are expected to resume next month.
Https://www.thedrinksbusiness.com/2024/01/diageo-turns-off-direct-supply-to-wholesalers-below-2m-threshold/
DGE will use 10 major wholesalers in the UK ......... bad move in my opinion.
Their secondary product ranges will take a huge hit!
Wholesalers who have been delisted will purchase MUST HAVE DGE brands from one of the 10, however, the same delisted wholesalers will NOT promote DGE "me too" secondary brands.
This is a classic accountant blunder.
Added on the dip.
My PF is overweight with UK shares in an election year. (Leaving politics aside)
AV, LGEN, LLOYDS, TW, PSN, VTY to name a few!
Oil shares SHEL & BP .... more global as well as miners.
gla
Morgan Stanley maintains DGE underweight 23.80p on 23rd January.
Let's see next Tuesday. 2024 Forward Estimated EPS 151.25p (17 analysts' average consensus)
2025 Forward Estimated EPS 164.14p
2026 Forward Estimated EPS 175.88p
gla