Member Info for stocksie

56000 @ 11.3

Magic's sign-on bonus.....

Re RNS:
This includes the position on Ugandan tax on capital gains, which is to be remitted by Total Uganda on behalf of Tullow Uganda, and which is expected to be US$14.6 million in respect of the Cash Consideration

Wow...win win situation !! Do we know the odds ?

Au$ 1.00 returned Au$ 7.70 on the TAB

Stocksie

Good Morning All,
Bloomberg article freely available on South African site..
https://www.fin24.com/Companies/Mining/glencore-mine-boss-seized-at-zambian-airport-spells-trouble-20200418
Stocksie

down 1.1% in JHB - was down 2% earlier

On their website there is a warning at the bottom:
80% of retail investor accounts lose money when trading CFDs with this provider.
You should consider whether you can afford to take the high risk of losing your money. Capital at risk.
On Yell.com https://www.yell.com/biz/salt-invest-truro-8839939 the three reviews were all from freshly created accounts for the review...
D.Y.O.R

Glencore Security Company accused of allegedly shooting rubber bullets and stun grenades and injuring around 6 protesters on a legal march protesting at high unemployment at Marikana in North West Provence on South Africa this morning according to reports on SAFM radio.

Up over 3% in Johannesburg

Last sentence was cut off.... The entry of the settlement agreement between Katanga and G?camines constitutes a smaller related party transaction as defined in Listing Rule 11.1.10 because G?camines holds more than 10% of the voting rights in a material subsidiary of Glencore. Accordingly, as a condition precedent to the Settlement Agreement becoming effective, Glencore must obtain written confirmation from a sponsor that the terms of the Settlement Agreement with G?camines are fair and reasonable as far as the shareholders of Glencore are concerned. Glencore aims to obtain such written confirmation on or before 14 June, 2018.

On JSE S. Africa Exchange: GLN - Settlement of DRC Legal Dispute with G?camines and Agreement for the Resolution of KCC?s Capital Deficiency Glencore plc (Incorporated in Jersey under the Companies (Jersey) Law 1991) (Registration number 107710) JSE Share Code: GLN LSE Share Code: GLEN HKSE Share Code: 805HK ISIN: JE00B4T3BW64 Baar, Switzerland 12 June, 2018 Katanga Mining announces settlement of DRC Legal Dispute with G?camines and Agreement for the Resolution of KCC?s Capital Deficiency Glencore refers to the announcement today by Katanga Mining Limited (?Katanga?) in which it announced the settlement of the DRC legal dispute with La G?n?rale des Carri?res et des Mines (?G?camines?) and an agreement for the resolution of the capital deficiency at Katanga?s 75% owned DRC operating subsidiary Kamoto Copper Company (?KCC?). Glencore is pleased that this matter has now been resolved and looks forward to supporting KCC?s closer partnership with G?camines as the parties work together to ensure that the Joint Venture reaches its full potential for the benefit of all stakeholders. The key highlights of Katanga?s settlement agreement with G?camines are as follows: - Conversion of US$5.6 billion of KCC?s total debt of approximately US$9 billion into new KCC equity such that, with retroactive effect as at January 1st, 2018, KCC has $3.45 billion of debt to KML Group, bearing interest at the lower of US$ Libor 6 month + 3% and 6% per annum; - Katanga and G?camines? shareholdings in KCC remain unchanged at 75% and 25% respectively; - a one-time payment to G?camines of US$150 million relating to historical commercial disputes; - certain amendments to the dividend payment and free cash flow provisions of KCC including an amortization schedule for the repayment of the residual debt; - payment of approx. $US 41 million to G?camines in relation to outstanding expenses incurred as part of an exploration program; - waiver by KCC of its entitlement (or financial equivalent) to replacement reserves and associated incurring of drilling costs on Gecamines? behalf, amounting to US$285 million and US$57 million respectively, and - withdrawal of all legal action by G?camines. Other key terms are detailed in the Katanga press release at the following link: http://www.katangamining.com/media/news-releases/2018.aspx. The entry of the settlement agreement between Katanga and G?camines constitutes a smaller related party transaction as defined in Listing Rule 11.1.10 because G?camines holds more than 10% of the voting rights in a material subsidiary of Glencore. Accordingly, as a condition precedent to the Settlement Agreement becoming effective, Glencore must obtain written confirmation from a sponsor that the terms of the Settlement Agreement with G?camines are fair and reasonable as far as the shareholders of Glencore are concerned.

Not sure this is a good deal for Glencore as the refinery will need big upgrades to modernise it. At present diesel sold in South Africa is either 50ppm for modern cars or 250ppm for trucks/older vehicles. In the UK I think it's 10ppm - so newer car engines aren't imported in to SA due to the poor fuel quality.