DIRS.INFO The most relevant business & tech news

☆ 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.

☆ 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.

☆ EU Draft Law Sets Out Moves to Secure Critical Energy Transition Materials
▼ + stars: | 2023-03-09 | by ( Yusuf Khan | ) www.wsj.com time to read: +5 min

According to draft legislation seen by The Wall Street Journal, the Critical Raw Materials Act aims to set standards and promote policy designed to ensure Europe has the metals and minerals it deems necessary for its energy transition and defense and energy security. The Critical Raw Materials Act will also make it easier to mine and process the materials within the bloc; establish a European Critical Minerals Board; identify strategic projects to mine, process and recycle the materials; and work to ensure those projects have quick permitting and sufficient funding. It also said the EU should be able to extract 10% and process 40% of its strategic raw material needs while also expanding recycling capacity so that 15% of consumption can come from secondary sources by 2030. Other countries such as Japan have put in place similar plans to secure raw materials. Raw materials projects could also be labeled as being in the public interest or as strategic, which could further streamline funding.

☆ EU Draft Law Sets Out Moves to Secure Supply of Critical Energy Transition Materials
▼ + stars: | 2023-03-09 | by ( Yusuf Khan | ) www.wsj.com time to read: +5 min

According to draft legislation seen by The Wall Street Journal, the Critical Raw Materials Act aims to set standards and promote policy designed to ensure Europe has the metals and minerals it deems necessary for its energy transition and defense and energy security. The Critical Raw Materials Act will also make it easier to mine and process the materials within the bloc; establish a European Critical Minerals Board; identify strategic projects to mine, process and recycle the materials; and work to ensure those projects have quick permitting and sufficient funding. The purchasing system would negotiate with global sellers but will be structured to comply with EU competition law. Other countries such as Japan have put in place similar plans to secure raw materials. Raw materials projects could also be labeled as being in the public interest or as strategic, which could further streamline funding.

☆ Glencore Subsidiary Sentenced, Ordered to Pay $30 Million to Medical Company
▼ + stars: | 2023-02-28 | by ( Dylan Tokar | Richard Vanderford | ) www.wsj.com time to read: +4 min

A Glencore lawyer on Tuesday said the company now expects to pay as much as $1.5 billion in total penalties, up from the $1.2 billion it initially agreed to pay last year. Glencore faced several restitution claims after agreeing to its settlement last year, including from Petróleos Mexicanos SA de CV, or Pemex, Mexico’s state-owned oil company. The negotiated monetary penalty paid by the Glencore subsidiary is lower than what is called for under federal sentencing guidelines, a reflection of Glencore’s cooperation, Judge Schofield said at Tuesday’s sentencing. Glencore gave prosecutors more than a million documents, including from overseas, where prosecutors lack subpoena power, the judge said. The company also agreed to overhaul its compliance program and will be under an independent monitorship for three years, she said.

☆ 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.

Feb 27 (Reuters) - The U.S. Energy Department on Monday said it will lend Li-Cycle Holdings Corp (LICY.N) $375 million as it builds a battery recycling facility in New York set to become one of the country's largest sources of lithium by next year. Senator Chuck Schumer, a New York Democrat who serves as Senate majority leader, had long advocated for Li-Cycle to receive the funding. Li-Cycle's Rochester, New York, processing facility is slated to open later this year at a cost of roughly $485 million. The Rochester facility will break down that black mass into lithium and other metals. The Energy Department in the past month has agreed to lend $2 billion to Li-Cycle peer Redwood Materials and $700 million to ioneer Ltd's (INR.AX) Rhyolite Ridge lithium mining project.

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.

☆ Investors Push Mining Companies to Adopt Better Sustainability Standards
▼ + stars: | 2023-01-25 | by ( Dieter Holger | ) www.wsj.com time to read: +4 min

Investors are pushing miners to adopt tougher sustainability policies amid fears the rush for minerals to expand renewable energy will harm the environment and poor communities. The newly-launched Global Investor Commission on Mining 2030 said it would introduce sustainability standards by next January which will seek to overhaul the mining industry this decade. “We’ll improve the practices and outcomes in the mining industry more quickly,” he said. PREVIEWThe rules will draw on lessons from investors and the mining industry’s development of the Global Industry Standard on Tailings Management. The tailings standard came out about two years ago following the 2019 Vale SA Brumadinho disaster in Brazil where a tailings dam collapsed and killed 270 people.

☆ Exclusive: Glencore copper mine in Peru running at 'restricted' capacity due to protests -source
▼ + stars: | 2023-01-17 | by ( Marco Aquino | ) www.reuters.com time to read: +2 min

LIMA, Jan 17 (Reuters) - Glencore Plc's (GLEN.L) huge Antapaccay copper mine in Peru is operating at "restricted" capacity due to anti-government protests that saw an attack on the facility last week, a company source told Reuters on Tuesday. "The mine has not yet suspended operations, which overall continue in a restricted manner," the company source said, asking not to be named. Road blockades by protesters were preventing trucks from moving its copper, the source said. Last week, two Antapaccay company vehicles were burned and the area around the workers' housing was attacked. Las Bambas mine, owned by China's MMG Ltd (1208.HK) in the Apurimac region, has also seen transport of copper concentrates impacted by the blockades.

[1/2] FILE PHOTO: Larry Fink, Chairman and CEO of BlackRock, arrives at the DealBook Summit in New York City, U.S., November 30, 2022. The major prize Bluebell has so far scored was at Danone, where it helped oust a chief executive. By comparison, the average activist hedge fund was down 14% for 2022 in November, according to Hedge Fund Research data. BlackRock has also not responded to Bluebell's request to shake up its board and review its environmental, social, and corporate governance (ESG) strategy. Even if Bluebell does not win concessions from BlackRock, it has at least bet on a company that has performed well in the past.

☆ More Cases, Policy Changes Are on the Horizon, DOJ’s New Fraud Section Chief Says
▼ + stars: | 2022-11-30 | by ( Dylan Tokar | ) www.wsj.com time to read: +4 min

The fraud section has at least two bribery-related settlements with corporations that it plans to finalize in the coming weeks, Mr. Leon said. Justice Department settlements typically require companies to undertake compliance reforms over a set period of time. A company’s chief executive and chief compliance officer will be required to sign at the end of that period the certification document, stating that the company’s compliance program is “reasonably designed to prevent and detect” future violations. A veteran of the fraud section, Mr. Leon previously served as a supervisor in its securities fraud unit beginning in 2011 and then briefly as its deputy chief before departing in early 2014. More policy changes are on the horizon, Mr. Leon said, including an update to the fraud section’s FCPA corporate enforcement policy.

☆ IMF strategy chief heads to China, to focus on speeding up debt treatments
▼ + stars: | 2022-11-30 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

[1/2] The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. Pazarbasioglu welcomed China's participation in a debt treatment package for Chad, the first country to complete the process under the Common Framework set up in late 2020 by the Group of 20 major economies. All eyes are on Zambia now, whose creditors are still hammering out a debt treatment solution, said Pazarbasioglu, who described Zambia's larger and more complicated debt restructuring as the real test case for the Common Framework. Pazarbasioglu said China was hosting a meeting of the "Premiere Plus," including international financial institutions and officials from China Development Bank and the Export-Import Bank of China. "The problem we have is that we don't have that time right now because these countries are very fragile and dealing with debt vulnerabilities," she said.

☆ IMF says Chad debt deal cuts risks, protects against oil price fall
▼ + stars: | 2022-11-14 | by ( Andrea Shalal | ) www.reuters.com time to read: +2 min

WASHINGTON, Nov 13 (Reuters) - The head of the International Monetary Fund on Sunday welcomed a long-awaited debt deal by Chad's creditors and said it would reduce the African country's risk of debt distress while guarding it against downside risks, including lower oil prices. Chad on Friday said it had reached a debt agreement with Swiss commodities trader Glencore Plc (GLEN.L) and other creditors. Sources said the deal called for some debt relief in 2024 in the form of a reprofiled debt service schedule, but added that it would not reduce Chad's overall debt level. Sources familiar with the agreement said it would protect Chad if oil prices dropped again, while restoring confidence and opening the door to fresh resources. The automatic mechanism would protect Chad if oil prices fell again, eroding revenues, they said.

☆ U.K.’s Serious Fraud Office’s Director to Depart Next Year
▼ + stars: | 2022-11-10 | by ( David Smagalla | ) www.wsj.com time to read: +2 min

Lisa Osofsky, director of the U.K.’s Serious Fraud Office, will leave her job in August 2023 after completing her five-year tenure with the white-collar crime prosecuting agency, according to a person with knowledge of the SFO’s plans. The U.K. attorney general’s office will start its search for her successor immediately, the person said in an email, adding that Ms. Osofsky will remain in her job for a short period after her tenure ends if needed. Newsletter Sign-up WSJ | Risk and Compliance Journal Our Morning Risk Report features insights and news on governance, risk and compliance. PREVIEW The leadership of the SFO by Ms. Osofsky, a former U.S. prosecutor, has been marked by scrutiny over its handling of a criminal bribery probe into oil-services consulting firm Unaoil Group. More recently, her team scored a victory in a case against Glencore PLC.

☆ Glencore to Pay $320 Million to Resolve U.K. Bribery Charges
▼ + stars: | 2022-11-03 | by ( Alistair Macdonald | ) www.wsj.com time to read: 1 min

Lisa Osofsky, wearing a scarf, and her team from the U.K.’s Serious Fraud Office outside the court in London. LONDON— Glencore PLC, the commodities giant, said it would pay a penalty and costs of 281 million pounds, equivalent to about $320 million, after pleading guilty to British charges of bribing officials in West Africa for preferential access to crude oil. The penalty, imposed by a U.K. judge Thursday, is part of a wide-ranging bribery investigation by authorities in Britain, the U.S. and elsewhere that has hung over the global mining and trading business for years.

☆ Tesla Talked to Glencore About Buying Stake in the Miner
▼ + stars: | 2022-10-31 | by ( Alistair Macdonald | ) www.wsj.com time to read: 1 min

Tesla is a big customer of Glencore, which owns a mine in Ravensworth, Australia. Tesla Inc. held early-stage talks with Glencore PLC last year about buying a stake in the commodities giant, according to a person familiar with the matter. The electric vehicle maker’s interest came as manufacturers across the West look to secure supplies of so-called future-facing metals that are used in batteries and the renewable energy industry.

☆ Medical Company Seeks $50 Million From Glencore Over Congolese Bribe
▼ + stars: | 2022-10-26 | by ( Dylan Tokar | ) www.wsj.com time to read: +2 min

A company founded by a South African husband and wife to provide medical care for Congolese miners asked a federal judge in Manhattan for $50 million in restitution for the harm it said it suffered from a bribery scheme involving Glencore PLC. Glencore, an Anglo-Swiss commodities company, in May agreed to pay about $1.2 billion to resolve long-running investigations by U.S., U.K. and Brazilian authorities into bribery and market-manipulation misconduct. Newsletter Sign-up WSJ | Risk and Compliance Journal Our Morning Risk Report features insights and news on governance, risk and compliance. After a dispute over the appointment of a manager to oversee those contracts, Kamoto terminated the agreements, according to Crusader Health. The bribe, which was described in settlement documents between Glencore and the U.S. government, ultimately forced Crusader Health to shut down, the company said.

President Joe Biden last week doled out $2.8 billion to miners developing new U.S. sources of lithium, nickel, copper and other EV minerals, as well as battery parts manufacturers and recyclers. Those grants followed August's Inflation Reduction Act, which links EV tax credits to minerals extracted domestically or from 20 allies. "People have a misconception about how quickly we can get mines up and running given the U.S. permitting process," said Megan O'Connor, Nth Cycle's CEO. "Hopefully, they'll give us some help and fast track some of the permitting process," said Kent Masters, Albemarle's CEO. The yawning divide between America and China's approaches to funding the EV supply chain is now a top concern for many policymakers and their advisers in the nation's capital.

☆ DOJ Pushing Ahead With Corporate Settlement Policy That Could Make Execs Liable, Official Says
▼ + stars: | 2022-09-22 | by ( Richard Vanderford | ) www.wsj.com time to read: +2 min

The U.S. Justice Department isn’t backing away from a policy, criticized by some in the corporate sector, of having compliance officers sign off on the effectiveness of their programs as part of settlements. “That’s something you’re going to see more of,” Ms. Smith said at a compliance conference in New York on Thursday, referring to the certifications. Newsletter Sign-up WSJ | Risk and Compliance Journal Our Morning Risk Report features insights and news on governance, risk and compliance. The DOJ’s move was in part aimed at raising the stature of compliance officers within companies to help ensure they can run effective compliance programs, but some of those officers have expressed concerns. Ms. Smith at the conference said she was expressing her personal views, not necessarily those of the department.

Search resuls for: "Glencore Plc"

20 mentions found