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☆ Glencore courts 120 Teck investors for bid backing as spinoff vote looms -source
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, July 18, 2017. The Swiss mining giant would instead combine and spin off its thermal coal unit and Teck's steelmaking coal business. Glencore's initial bid represented a 20% premium to Teck's closing stock price on March 26, when it was made privately. JP Morgan analysts said in a note on Monday that Glencore could pay as much as $27.2 billion. Reporting by Clara Denina; Additional reporting by Mrinalika Roy; Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

☆ Big copper deals to take centerstage in Santiago as demand heats up
▼ + stars: | 2023-04-16 | by ( ) www.reuters.com time to read: +4 min

Lundin Mining Corp (LUN.TO) is paying nearly $1 billion for control of Chile's Caserones copper mine despite ongoing political uncertainty in the country. "The green transformation theme remains a strong tailwind for copper, the king of green metals," Saxo Bank strategist Ole Hansen told Reuters. Global copper demand expected to reach 53 million tonnes annually by 2053 - more than double current levels - but supply is still expected to fall short, according an S&P Global (SPGI.N) study. And Hudbay Minerals Inc (HBM.TO) last week said it would pay $439 million for rival Copper Mountain Mining Corp (CMMC.TO). Neighboring Peru, the world's second-largest copper producer, also expects to boost production this year.

Glencore latest offer is for Teck's shareholders to receive 24% of the combined metals group and up to $8.2 billion in cash for those who may not want exposure to thermal coal, which is the most polluting fossil fuel. Teck said its board will review and evaluate the offer, but nevertheless believes it is "largely unchanged" from the original bid. "The revised proposal does not provide an increase in the overall value to be received by Teck shareholders or appear to address material risks previously raised," Teck said in a Tuesday statement. "Getting Teck's Class A shareholders on board is a separate, more substantial challenge," LaFemina added. Reuters on Monday reported that Glencore Chief Executive Gary Nagle plans to meet with some of Teck's Canadian shareholders in Toronto on Thursday to personally lobby them for support.

☆ Glencore adds cash option to Teck bid in effort to sway shareholders
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +2 min

LONDON, April 11 (Reuters) - Glencore (GLEN.L) proposed introducing a cash component to its $22.5 billion bid for Teck Resources (TECKb.TO) on Tuesday and urged its board to delay an impending vote on a restructuring. Glencore is now proposing that Teck shareholders receive 24% of the combined metals group and up to $8.2 billion in cash for those who may not want exposure to thermal coal, which is the most polluting fossil fuel. Teck, which did not immediately respond to a request for comment, had said in its rejection that it did not want to expose its shareholders to thermal coal. "This new bid from Glencore raises the odds of the vote (on proposed restructuring) not going Teck's way." Reuters on Monday reported that Glencore CEO Gary Nagle plans to meet with some of Teck's Canadian shareholders in Toronto on Thursday to personally lobby them for support.

A shareholder vote on Teck's plan is scheduled for April 26. "A vote against the separation is a vote to maintain the status quo at Teck, and there is no path that includes Glencore acquiring Teck," Price said. Teck said its board has rejected the offer as Glencore did not present a coherent plan for its proposed coal company. Analysts had last week seen room for an higher offer from Glencore to sway Teck shareholders in its favour. "This is not just about price," Price said on Monday.

April 10 (Reuters) - Canada's Teck Resources (TECKb.TO) on Monday reinforced its rejection of an unsolicited $22.5 billion bid from Glencore (GLEN.L), calling it "an illusion" and telling shareholders that its proposed restructuring is the only option on the table. "A vote against the separation is a vote to maintain the status quo at Teck, and there is no path that includes Glencore acquiring Teck," Price said. Analysts had last week seen room for an higher offer from Glencore to sway Teck shareholders in its favour. "This is not just about price," Price said on Monday. Price also said that Teck is open to partnering with Glencore and other companies on "the creation of ...joint venture to unlock regional synergies."

☆ Swiss court upholds corruption ruling against mining magnate Steinmetz
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +1 min

GENEVA, April 4 (Reuters) - A Swiss appeals court on Tuesday upheld a guilty verdict for corruption for mining magnate Beny Steinmetz, who was sentenced in Geneva two years ago in one of the mining world's most high-profile legal disputes. However, it acquitted him of an earlier sentence for forgery. Steinmetz can appeal the verdict. The higher court's three judges sentenced Steinmetz to three years' imprisonment of which 18 months must be served. Reporting by Emma Farge and Clara Denina, Editing by Friederike Heine and Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

☆ UN to start taking deep-sea mining applications this July
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

Deep-sea mining would extract cobalt, copper, nickel, and manganese - key battery materials - from potato-sized rocks called "polymetallic nodules" on the ocean's floor at depths of 4 to 6 km (2.5 to 4 miles). They are abundant in the Clarion-Clipperton Zone (CCZ) in the North Pacific Ocean between Hawaii and Mexico. The council plans to meet virtually before July to debate further whether approval of such applications could be delayed once received, according to the document. Its executives have repeatedly said they believe deep-sea mining would have less impact than traditional mining for battery metals on land. Reporting by Clara Denina and Ernest Scheyder; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

☆ BHP Group seeks delay to Brazil dam court case
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Ricardo Moraes/File PhotoLONDON, March 29 (Reuters) - Mining group BHP Group (BHP.AX) is seeking to delay a potential 36 billion pound ($44 billion) London lawsuit over Brazil's worst environmental disaster as it needs more time to prepare, the company's lawyers said on Wednesday. BHP denies liability and in December applied to join Vale to the case. Simon Salzedo, representing Vale, argued that BHP has no case against Vale and that, if it did, any lawsuit should be brought in Brazil. Reparation and compensation programs implemented by the Renova Foundation funded $6 billion in financial aid by the end of 2022, BHP added. BHP has applied to the Supreme Court to end the case without trial following the Court of Appeal's decision last year.

The group said estimated it would spend around $1 billion a year to bring the Woodsmith project in north-east England to production by 2027. The mine has the world's largest known deposit of polyhalite, a multi-nutrient fertiliser. It now expects first production from 2027, reaching around 5 million tonnes per annum by 2030, from a previous estimate of 2024 with output of 10 million tonnes a year in the initial phase. "And then depending on how we shape and develop the markets from there, we will expand it from the 5 million tonnes to the 13 million tonnes," Chief Executive Duncan Wanblad told reporters. ($1 = 0.8293 pounds)Reporting by Clara Denina; Editing by Vinay Dwivedi and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

LONDON, Feb 22 (Reuters) - Rio Tinto (RIO.AX), (RIO.L) posted a 38% drop in annual profit and more than halved its dividend on Wednesday, hurt by weaker iron ore prices as demand from China slowed, while higher labour and material costs also ate into earnings. Strict COVID-19 curbs in top steel producer China curtailed economic activity last year, dragging down iron ore prices from lofty levels a year earlier. The world's top iron ore producer said China consumption showed signs of rebounding and commodity prices had found support in recent months, although the economy remained volatile. Rio Tinto last year earned an average realised price of just $106.10 per dry metric tonne (dmt) of iron ore, down from $143.80 per dmt in 2021. Rio Tinto reported underlying earnings of $13.3 billion for 2022, compared with a record $21.4 billion in 2021.

☆ Glencore declares $7.1 bln payout to shareholders after record 2022
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Adjusted EBITDA up 60% to record $34.1 billionMetals and fossil fuels trading profit up 73% to record highLONDON, Feb 15 (Reuters) - Glencore (GLEN.L) announced a payout of $7.1 billion to its investors on Wednesday, including a $1.5 billion share buyback, as strong oil and coal prices helped it post a record 2022 profit. Its adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose 60% to a record $34.1 billion, smashing a previous best of $21.3 billion a year earlier, in line with analysts' estimates. Profit on metals and fossil fuels trading hit a record $6.4 billion in 2022, up 73%, though analysts see a repeat of that performance this year or next as unlikely. "COVID, supply chain disruptions and the power crisis in Asia/Europe has created exceptional opportunities for Marketing," UBS analysts said in a note. Reporting by Clara Denina, Helen Reid, Muhammed Husain; editing by Subhranshu Sahu and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ Microsoft calls for 'coalition' to improve Congo's informal cobalt mines
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +3 min

Congo accounts for three-quarters of the world's mined cobalt supply. "In practice it is virtually impossible for them to completely exclude artisanal cobalt, especially when it is sent to smelters and refiners in DRC and China." Microsoft declined to reply to Reuters' questions about the visit or about its strategy on artisanal cobalt. The issues around artisanal mining are an existential threat to the cobalt industry, according to Marina Demidova, head of communications at the Cobalt Institute. Entreprise Generale du Cobalt, a unit of state mining company Gecamines, was granted a monopoly on artisanal cobalt by government decree.

☆ Mongolia calls on Rio Tinto to keep budget for giant copper mine in check
▼ + stars: | 2023-01-26 | by ( Clara Denina | ) www.reuters.com time to read: +3 min

LONDON, Jan 26 (Reuters) - Mongolia has asked Rio Tinto (RIO.L)(RIO.AX), its partner in the huge Oyu Tolgoi copper and gold mine in the Gobi desert, not to further increase its estimated $7.06 billion budget for the project's expansion, its mining minister told Reuters. "The government has asked Rio Tinto to not increase the budget," J. Ganbaatar, the minister for mining and heavy industries, told Reuters on Jan. 16 in a video interview. Rio Tinto declined to comment. Mongolia owns 34% and Anglo-Australian miner Rio Tinto 66% of Oyu Tolgoi, one of the world's largest known copper and gold deposits, which is slated to eventually produce more than 500,000 tonnes of copper a year. However, when the price of copper exceeds $9,000 a tonne, a 20% royalty is imposed on copper concentrate.

☆ Turquoise Hill shareholders approve Rio Tinto's $3.3 bln buyout bid
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: +1 min

Dec 9 (Reuters) - Shareholders of Canada's Turquoise Hill (TRQ.TO) on Friday voted in favour of Rio Tinto's (RIO.L), (RIO.AX) $3.3 billion bid to take it private and gain direct control over a giant Mongolian copper mine. Turquoise Hill said 86.6% voted to approve Rio Tinto acquiring 49% of shares that it does not already own, giving the Anglo-Australian miner a 66% stake in Oyu Tolgoi, the world's largest known copper and gold deposit. The vote clears the way for Rio Tinto to gain more autonomy over Oyu Tolgoi, which is 66% owned by Turquoise Hill and 34% by the Mongolian government, and operated by Rio. Friday's shareholder meeting was repeatedly delayed due to opposition of key minority shareholders of Turquoise Hill, including funds Pentwater Capital and SailingStone Capital. Rio Tinto had agreed to let the two dissenting parties withhold their votes and make claims via an arbitration process, a deal that was subsequently scrapped as it raised regulatory concerns.

[1/2] The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, July 18, 2017. REUTERS/Arnd Wiegmann/File PhotoLONDON, Dec 6 (Reuters) - Shares in miner and trader Glencore (GLEN.L) fell as much as 3.5% on Tuesday after 2023 production guidance across all the commodities it mines missed consensus estimates. The company gave guidance towards copper production of 1.04 million tonnes in 2023, down from 1.06 million this year and compared to a consensus of analysts at 1.124 million tonnes. Glencore expects 2022 EBITDA (earnings before interest, tax, depreciation and amortization) at $28.7 billion and free-cash-flow at $14.7 billion. Roughly 20% of total copper output comes from the mine.

☆ BHP's Henry sees fundamentals in place for China's economic growth
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: 1 min

Nov 30 (Reuters) - BHP Group's (BHP.AX) Chief Executive Mike Henry said that "all fundamentals are in place" in China for continued economic growth over the next 20 years. China, the world's second biggest economy, accounts for more than 50% of global demand for raw materials. Its economic activity has this year been dampened by targeted lockdowns in response to COVID-19 outbreaks. Speaking at the Reuters NEXT conference in New York Henry, head of the world's largest listed mining company, said he expects to see an "increasing domestic drive towards economic growth in China". Reporting by Clara Denina, Ernest Scheyder; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

SummarySummary Companies Coal miners struggling to fund expansion plansThermal coal costs more than coking coal after price surgeMost Western bankers pulling back from coal industryLONDON, Nov 24 (Reuters) - It's the best of times, it's the worst of times. At least when it comes to mining coal. With funding hard to come by from Western banks, coal miners outside China have turned more to equity markets this year. "With regard to thermal coal mining, any transaction in coal mining requires an enhanced environmental risk review," a Deutsche spokesperson said, adding that the bank was updating its coal policy. Bens Creek listed shares partly because of the lack of appetite from banks to support any expansion of coal mining, chief executive Wilson said.

The drop is not just because industrial companies are turning down thermostats, they are also shutting down plants that may never reopen. And while lower energy use helps Europe weather the crisis sparked by Russia's war in Ukraine and Moscow's supply cuts, executives, economists and industry groups warn its industrial base may end up severely weakened if high energy costs persist. Reuters GraphicsThe International Energy Agency estimates European industrial gas demand fell by 25% in the third quarter from a year earlier. "We are doing all we can to prevent a reduction in industrial activity," an European Commission spokesperson said in an email. "From Jan. 1, we will be able to switch to oil," company executive Wolfgang Ott said, as the company seeks government help to cushion energy costs.

☆ BHP Group, ArcelorMittal trial carbon capture at Europe, US steel plants
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File PhotoLONDON, Oct 27 (Reuters) - BHP Group (BHP.AX) is teaming up with steelmaker ArcelorMittal (MT.LU) and two others to test a new technology to reduce carbon emissions in steel making at two plants in Belgium and North America. By discharging over 3 billion tonnes of carbon dioxide a year, the steel industry accounts for 7-9% of global greenhouse gas (GHG) emissions. BHP's partnerships, for example, also include one with India's Tata Steel (TISC.NS), which uses biomass as a source of energy. "There isn't a silver bullet, there isn't one path or technology for low-carbon emissions in steelmaking," Pant said. "We are covering many different technologies and geographies with these partnerships ... to enable lower GHG emissions steel and support the reduction of carbon intensity in blast furnaces," Pant said.

☆ Vale CEO says iron ore miner will spin-off copper, nickel unit
▼ + stars: | 2022-10-21 | by ( Macdonald Dzirutwe | ) www.reuters.com time to read: +1 min

LONDON, Oct 21 (Reuters) - The chief executive of Vale SA (VALE3.SA) said on Friday the Brazilian iron ore miner is reconsidering a near-term spin-off of its base metals business and an eventual public listing. The Brazilian miner had a longstanding plan to sell the unit that was still being considered as recently as 2021. But rather than selling all or part of it, the company is now looking to separate and ring-fence the copper and nickel unit from the iron ore business as the two have different growth prospects, Eduardo Bartolomeo said at the FT Mining Summit. There is "huge growth" in base metals, whereas iron ore is a mature business, he added. Vale, once the world's top producer of the steel ingredient, said in September that global demand for nickel should increase 44% by 2030 to 6.2 million tonnes.

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