Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Nice Rise - Again. Could she reach 570 by Week's end?
an all time high?
Yeah, Evi thanks for that. $1.1bn extra in the bank probably explains the nice rise.
It's really impressive given the wider economic picture being so gloomy. And the coal and copper prices having fallen over recent weeks. Despite all that she is doing well.
GLEN does appear to be a very strong company now - little debt and generating loads of cash. Obviously there will be bouts of bad news but fingers crossed its looking ok in the run up to Christmas...
Great jump up this morning. Top of the FTSE100 leader board - again
Billy is of course technically correct. The current GLEN was listed on LSE after the merger of Xstrata and Glencore in 2011. Xstrata shareholders like me had their shares automatically converted to Glencore shares. So I regard this as basically the same shareholding as with Xstrata - pre- GLEN. Glencore was listed on the LSE in 2011. Xstrata was listed in 2002. Those of us who were in Xstrata before the merger have fond memories of those days and we look forward to a bright future now. I'm in my mid 40's as I started investing in my late teens.
SP up 1.5% today while the FTSE is down. So long as there is no bad news this week she could creep towards the 530's again by week's end. To be honest even were she to lose 20-30% on some unexpected bad news the prospect of really very very large divi in April should ameliorate most of our fears and worries.
I've been in Glen for more than 17 years - since she was Xstrata. It's been a very long wait but I really do think those of us who are long not short will be well rewarded. Just my opinion tho.
Living, They are saying the ordinary divi (interim and final) will add up to 51 cents. That is twice the divi of 26 cents paid out this year (but for 2021). They are not saying this...but on top of that there might also be a special dividend as there was this year (11 cents). That would be 62 cents a share. Say u have 10,000shares that's $6,200; if you have 100,000 shares that is an incredible $62,000. These are really huge sums....difficult to believe the divi in April 2023 could be more than double what we have just been paid. Normally mainly failing companies pay huge divis. Hard to believe but could this actually happen? We are all made if it does......
Berenberg brokers say GLEN looking good
As if on cue, analysts at Berenberg weighed in with comments summarising their view of the outlook on the back of the Financial Times' Mining Summit and the various events linked to the London Metal Exchange's LME week held over the prior weeks.
To sum up, the near-term outlook was "challenging" from a supply/demand perspective due to global recessionary concerns, they said.
Berenberg highlighted StanChart boss Bill Winter's remarks at the FT summit, where he said he expected Beijing to enact fiscal stimulus which he hoped would compensate weakness in the US and Europe - otherwise we faced a broader global downturn.
Longer-term nonetheless, the broker was upbeat on demand for sector due to its critical role in the energy transition.
Which were the companies they believed might outperform within that context? Glencore, Ecora, Jubilee Metals, Capital Limited, Yellow Cake and Kenmare Resources.
As an aside, just the day before, the FT had reported on talks between Tesla and Glencore, which had begun in 2021, by which the carmaker might take out a 10-20% stake in the latter, which mined cobalt and traded lithium - although no deal was finally reached.
Of possible interest in the case of Anglo American, in the same research note, the broker noted forecasts from Trafigura according to which copper inventories currently at approximately 4.9 days were expected to decline to 2.7 days by year-end.
Billy got his 535..Early Christmas!!
wow, why the jump?
closing in Billy... 532.5 and counting!!!!
529.60 She's creeping upwards!!!
On 23 March 2020 GLEN was 113. Can u believe how she has recovered? Miraculous
527.50....not far now Billy
Elon is presumably fast asleep in his California mansion. What we don't want is for him to wake up later today and tweet that he has no interest ever in buying a stake in GLEN because of its reliance on fossil fuel
She's motoring...
Glencore says output of copper and zinc output fall, trading profits on track for record
On the upside, production of cobalt rose 41%, coal 7% and oil by 16%
Glencore PLC -
An update from Glencore PLC (LSE:GLEN) hit big mining stocks on Friday as the commodities giant revealed reduced output of several industrial and precious metals over the first nine months of 2022.
Despite lower production in some areas of the business, FTSE 100-listed mining group expects underlying earnings (EBIT) from its trading unit to reach US$1.6bn in the second half of the year – putting the company on track for record annual performance.
The Swiss-based giant explained the falls in mining output were due to factors ranging from the war in Ukraine to strikes in Canada and Norway and poor weather in New South Wales.
In comparison to 2021, the company said that copper production had diminished 14% year-to-date to reach 770.5kt, alongside an 18% reduction in zinc output to 699.6kt.
The latter was the result of "emerging supply-chain issues in Kazhakstan."
Glencore also lowered its guidance for zinc output by 65kt and for lead production by 21% to 136.9kt.
Output of gold fell by 15% to 593kt and that of silver by 25% to 17,88kt, the group said.
On the upside production of cobalt rose by 41% to 33.1kt, coal by 7% to 81.9mt and oil by 16% to 4.82m barrels of oil equivalent.
But Glencore cut coal production guidance for 2022 by 11mt due to the flooding in NSW and delays in restoring operations.
Glencore also cautioned that the La Niña weather phenomenon was expected to further disrupt coal operations in the fourth quarte
for those u cant access the Bloomberg report....its much more positive and SP has gone back up to recover nearly all its losses after open this morning...
Glencore Sees More Bumper Profits From Commodity Trading Unit
Thomas Biesheuvel, Bloomberg News
(Bloomberg) -- Glencore Plc is on course for more bumper profits from its sprawling commodity trading business as the disruptions from Russia’s invasion of Ukraine continue to ripple through global markets.
Commodities from oil and gas to corn and copper have seen wild swings this year, creating opportunities for the traders who transport the world’s resources. Glencore said it expects second-half trading profits will probably exceed $1.6 billion, the top end of its guidance range on a half-year basis.
Still trading earnings in the second half will be significantly lower than the the record $3.7 billion it posted in the first six months of the year. And while Glencore’s marketing business continues to reap huge profits, the company -- like many others in the sector -- is struggling to hit output targets at its mines.
Glencore, the world’s biggest coal shipper, cut its production goal for the fuel this year by almost 10% after a huge floods in Australia, in a move that’s likely to put even more pressure on stretched energy markets. Coal prices have soared to records this year as demand surges, and producers around the world have been running at full tilt with little ability to increase output.
The company, which reported record first half profits on the back of soaring coal prices, had already flagged in July that it was accessing the impact of the floods. Full-year output is now seen at 110 million tons, and it also lowered zinc and nickel output targets.
Production report very mixed but EBIDTA at top end of expectations
If u look at the HL performance charts for the past day, week, month, three months, six months, one year, two years, three years and five years GLEN is the ONLY FTSE100 company, apart from BAE, that is up in all nine time periods. And it has massively out performed BAE.