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[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 WiegmannApril 19 (Reuters) - Glencore (GLEN.L) has told Teck Resources (TECKb.TO) shareholders it is willing to improve its $22.5 billion takeover offer, raising pressure on the Canadian miner to ditch a restructuring plan and sit down at the negotiating table. In an open letter on Wednesday, Glencore said it would consider taking the offer to Teck's shareholders directly if the board failed to engage. "With engagement, we could improve our proposal's terms and value, which would be in the best interests of all Teck shareholders." "The vote (on Teck's restructuring plan) is highly likely to go through without an official bump in terms (from Glencore)," Ben Cleary, portfolio manager at Tribeca Global Natural Resources Fund, told Reuters.

☆ Glencore raises pressure on Teck Resources with promise of higher bid
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, July 18, 2017. In an open letter on Wednesday, Glencore said it would consider taking the offer to Teck's shareholders directly if the board failed to engage. Glencore Chief Executive Gary Nagle flew to Canada to meet shareholders last Thursday after revising its unsolicited bid to include up to $8.2 billion in cash. Teck's board rejected that as too low, adding that it would unnecessarily expose shareholders to a large thermal coal business and an unwanted oil trading unit. Glencore's proposal would combine and spin off its thermal coal unit and Teck's steelmaking coal business.

☆ 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.

☆ Teck's base metals business attracts offers from Freeport, Vale, Anglo
▼ + stars: | 2023-04-16 | by ( Mrinmay Dey | ) www.reuters.com time to read: +2 min

These approaches from international miners come as the Vancouver-based miner is fending off unsolicited bids from Glencore Plc (GLEN.L). Freeport, Vale and Anglo American declined to comment. Teck investors will decide on the Canadian miner's restructuring plan on April 26. Influential proxy advisor Institutional Shareholder Services (ISS) on Thursday advised shareholders to reject Teck's restructuring plan on uncertainties and structural issues. The Globe and Mail first reported interest in Teck's base metals business.

☆ TSX notches 6-week high as investors cheer US bank earnings
▼ + stars: | 2023-04-14 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) rose 15.42 points, or 0.1%, to 20,579.91, its highest closing level since March 3. "Good bank earnings out of the U.S. spilled over into Canada," said Allan Small, senior investment advisor of the Allan Small Financial Group with iA Private Wealth. Canadian banks had been pressured in recent weeks by the banking stress in the United States and Europe. The Toronto market's heavily-weighted financials sector added 0.2%, while energy was up 0.3% as oil added to recent gains. Reporting by Shristi Achar A in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

ET (1413 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was up 26.71 points, or 0.13%, at 20,591.2. The heavily-weighted financials sector (.SPTTFS) added 0.4%, mirroring gains in big U.S. banks. "The read through to Canada is largely from the banks (in the U.S.) because the banks comprise about 20% of the weight of the Toronto Stock Exchange," said Brian Madden, chief investment officer at First Avenue Investment Counsel. "It is good news for the Canadian banks in general because they have operations in the United States, so that should bode well for their results in their US operations." Reporting by Shristi Achar A in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

LONDON, April 12 (Reuters) - The zinc market was defined by smelter woes last year with global refined metal production dropping by 4.1% relative to 2021, according to the International Lead and Zinc Study Group (ILZSG). But the smelter bottleneck was severe enough to generate a global supply shortfall of more than 300,000 tonnes, according to ILZSG. A sharp rise in the annual benchmark smelter processing fee should incentivise a turnaround in metal production. Annual "benchmark" zinc smelter processing feesOUT-OF-SYNCH SUPPLY CHAINThis year's benchmark treatment charge, the fee a smelter earns for converting mined concentrates into metal, has been set at $274 per tonne, up from $230 in 2022 and $159 in 2021. Global mined and refined zinc production annual changeSMELTER RECOVERY?

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.

TORONTO, April 10 (Reuters) - Glencore Plc (GLEN.L) Chief Executive Gary Nagle plans to meet with some of Teck Resources Ltd's (TECKb.TO) Canadian shareholders in Toronto this Thursday to personally lobby them for support of Glencore's proposed takeover of the copper and zinc miner, according to a source who was invited. Royal Bank of Canada's (RY.TO) RBC Capital Markets will host the Toronto lunch meeting, according to Jonathan Case of CI Global Asset Management, a Teck shareholder who was invited. RBC has been one of Glencore's bankers in the past. Teck's executives on Monday reinforced their rejection of Glencore's unsolicited $22.5 billion takeover offer. Reporting by Divya Rajagopal in Toronto; Editing by Ernest Scheyder and Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

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."

☆ Newmont plumps offer for Australia's Newcrest to $19.5 bln
▼ + stars: | 2023-04-10 | by ( Melanie Burton | ) www.reuters.com time to read: +3 min

Under the revised offer, Newcrest shareholders would receive 0.400 Newmont share for each share held, with an implied value of A$32.87 a share, up from a previous exchange ratio of 0.380 that Newcrest's board unanimously rejected in February. Newcrest shares rose by as much as 7% to A$30.28 but still traded below the implied offer price. The latest bid is 16% higher than Newmont's initial proposal, and represents a 46% premium to Newcrest's share price on Feb. 3 before Newmont's bid was announced, Newcrest said. Reuters had reported that Newmont was open to raising its offer price for Newcrest. The revised deal is just shy of Glencore's $22.5 billion takeover offer for Canada's Teck Resources Ltd's (TECKb.TO) that was announced earlier this month.

☆ Canadian miner Teck Resources pushes for restructuring, says Glencore bid 'flawed'
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +1 min

April 10 (Reuters) - Canada's Teck Resources (TECKb.TO) on Monday doubled down on its push to reject an unsolicited $22.5 billion bid from Glencore Plc (GLEN.L) citing "fundamental flaws" in the offer and urged shareholders to instead vote for a restructuring. The Swiss miner's buyout bid, which was made public last week, includes a plan to simultaneously spin off the thermal and steelmaking coal businesses and rebrand the remaining company as GlenTeck. read moreTeck said its board has rejected the offer as Glencore did not present a coherent plan for its proposed coal company, adding that the deal would expose its shareholders to thermal coal, oil, LNG and related sectors. The company once again said more value could be unlocked through a proposed restructuring in which the Vancouver-based miner would spin off its steelmaking coal unit to focus on copper and other industrial metals. Reporting by Mrinalika Roy in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

☆ Canada's Teck Resources rejects $22.5 bln buyout offer from Glencore
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +1 min

April 3 (Reuters) - Teck Resources Ltd (TECKb.TO) on Monday rejected an unsolicited $22.5 billion bid from Swiss commodity firm Glencore Plc (GLEN.L), sending the U.S.-listed shares of the Canadian copper miner up about 10% in premarket trading. Teck said more value can be achieved with the proposed restructuring announced earlier this year than the sale of the company. "The board is not contemplating a sale of the company at this time," Teck Chair Sheila Murray said. The company had in February said it would spin off its steelmaking coal unit to focus on industrial metals such as copper. After the separation, Teck will re-brand itself as Teck Metals Corp, while the new divested unit will be listed in Toronto as Elk Valley Resources Ltd.

☆ Glencore sentenced to pay $700 million in US after bribery guilty plea
▼ + stars: | 2023-02-28 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +1 min

Companies Glencore PLC FollowNEW YORK, Feb 28 (Reuters) - A U.S. judge on Tuesday ordered Glencore Plc (GLEN.L) to pay $700 million in connection with its guilty plea over a decade-long scheme to bribe foreign officials across several countries. Prosecutors have said Glencore paid more than $100 million in bribes to officials in countries including Nigeria, Brazil, Venezuela and the Democratic Republic of the Congo to win business or avoid audits. Overall, the Swiss-based multinational has said it expects to pay more than $1.5 billion to settle bribery and market manipulation accusations, including more than $1 billion in the United States. Last year, Glencore was ordered to pay $341 million in fines and $144 million in forfeiture after pleading guilty to a market manipulation charge in Connecticut federal court. Reporting by Luc Cohen in New York Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

LIMA, Feb 16 (Reuters) - Peru's top copper mines are starting to see activity hit harder by protests and blockades in the country's southern Andes, power data reviewed by Reuters shows, with Chinese-owned Las Bambas and Glencore PLC's Antapaccay currently worst affected. Those are MMG's (1208.HK) Las Bambas, Peru's third largest copper mine, and Glencore's (GLEN.L) Antapaccay, which have both been hit by blockades on a key mining corridor highway. The data backs this up, suggesting that mines are at times getting some supplies through the blockades, with Las Bambas in recent days see-sawing between full and half power use. Reuters GraphicsRepresentatives from Las Bambas, Antapaccay and Constancia were not immediately available to comment on whether they were receiving inputs for their operations or sending their concentrates in the two-day window with the blockades eased. "Anecdotal reports and high frequency data suggest that ongoing civil unrest in Peru is beginning to choke off activity at key copper mines.

The analysis of power usage data by Reuters at some of the key mines in Peru, the world's no. The South American nation has been gripped by anti-government protests since the Dec. 7 ouster of leftist President Pedro Castillo. The power data from COES, which represents firms in Peru's energy sector, shows that nearly all major mines are drawing normal or near-normal levels of electricity. A combined index of six key mines is near normal. The other firms did not immediately respond to requests for comment about activity at their mines in Peru.

[1/5] Demonstrators take part in a protest to demand Peru's President Dina Boluarte to step down, in Lima, Peru, January 31, 2023. The protests began after Congress removed President Pedro Castillo on Dec. 7. His ouster fired up anger against the elite, especially in poor rural Andean regions in Peru's south, which had propelled Castillo, a leftist former teacher and political novice, to the presidency in 2021. Castillo's vice president, Dina Boluarte, took over as Peru's sixth president in five years following his ouster. Establishing a timeline for new elections could calm the protests, but even that may not solve Peru's political woes in the longer run.

☆ Peru's Machu Picchu, Inca trail ordered closed as protests flare
▼ + stars: | 2023-01-21 | by ( ) www.cnbc.com time to read: +2 min

Peruvian authorities ordered the closure of the Incan citadel of Machu Picchu and the Inca trail which leads to the world-renowned archeological site as of Saturday amid anti-government demonstrations that have spread nationwide and left a mounting death toll. Some 46 people have been killed in the weeks-long clashes and another nine in traffic accidents related to the barricades set up amid the protests. In the Cusco region, the gateway to Machu Picchu, Glencore's major Antapaccay copper mine suspended operations on Friday after protesters attacked the premises — one of the largest in the country — for the third time this month. Airports in Arequipa, Cusco and the southern city of Juliaca were also attacked by demonstrators, delivering a fresh blow to Peru's tourism industry. Cultural authorities in Cusco said in a statement that "in view of the current social situation in which our region and the country are immersed, the closure of the Inca trail network and Machu Picchu has been ordered, as of January 21 and until further notice".

☆ Peru's Machu Picchu, Inca trail ordered closed as protests flair
▼ + stars: | 2023-01-21 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Alessandro Cinque/File PhotoJan 21 (Reuters) - Peruvian authorities ordered the closure of the Incan citadel of Machu Picchu and the Inca trail which leads to the world-renowned archeological site as of Saturday amid anti-government demonstrations that have spread nationwide and left a mounting death toll. Some 46 people have been killed in the weeks-long clashes and another nine in traffic accidents related to the barricades set up amid the protests. In the Cusco region, the gateway to Machu Picchu, Glencore's (GLEN.L) major Antapaccay copper mine suspended operations on Friday after protesters attacked the premises - one of the largest in the country - for the third time this month. Airports in Arequipa, Cusco and the southern city of Juliaca were also attacked by demonstrators, delivering a fresh blow to Peru's tourism industry. Reporting by Fabian Cambero; Writing by Anthony Esposito Editing by Alistair BellOur Standards: The Thomson Reuters Trust Principles.

[1/8] Anti-government protesters clash with the police, as they demand the release of protesters detained in the protests, after President Pedro Castillo was ousted, in Lima, Peru January 21, 2023. REUTERS/Sebastian CastanedaLIMA, Jan 21 (Reuters) - Peruvian police arrested over 200 people accused of illegally entering the campus of a major Lima university, while authorities in Cusco shut the Incan citadel of Machu Picchu and the Inca trail as deadly anti-government protests spread nationwide. Some 46 people have been killed in the weeks-long clashes and another nine in traffic accidents related to the barricades set up amid the protests. In videos circulating online, an armored vehicle can be seen breaking down a door on the university campus to allow entry for security forces. Protests have rocked Peru since former President Pedro Castillo was ousted in December after he attempted to dissolve the legislature to prevent an impeachment vote.

☆ Glencore's major Peru copper mine attacked again as fire breaks out
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +2 min

Video footage published by the company on its Facebook page shows people putting flammable material near one of the mine's fences. The attack comes as growing political and social unrest grips Peru, following weeks of angry and sometimes violent anti-government protests triggered by the ouster of the country's president last month. Peru, the world's second-largest copper producer, has seen growing disruptions to its key extractive industry due in large part to road blockades impeding transportation. Glencore's mine, of the country's largest, was operating at a "restricted" capacity earlier this week due to protests. Reporting by Marco Aquino; Editing by Isabel Woodford and Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

☆ Glencore copper mine in Peru struck by vandals, cars torched
▼ + stars: | 2023-01-12 | by ( Marco Aquino | ) www.reuters.com time to read: +2 min

LIMA, Jan 12 (Reuters) - Vandals attacked Glencore's (GLEN.L) Antapaccay copper mine in Peru on Thursday, the country's top mining official said, amid a deepening political crisis marked by violent protests that have broken out near major mines in the southern Andes. Peru is the world's second-biggest copper producer, and is currently in the throes of the worst civil unrest in years. A major tin mine located in the southern Puno region, where some of the fiercest anti-government protests have played out, also announced it temporarily halted its mining operations. The Antapaccay mine is one of the largest in Peru, and has tussled with the local community in the past. Later on Thursday, miner Minsur said it was temporarily suspending operations at its San Rafael mine, one of the largest tin mines in the world.

[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.

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