The JSE and finance forum for South Africa

General Category => Shares => Topic started by: Moneypenny on November 14, 2013, 09:17:18 am

Title: GlencoreXstrata - GLN
Post by: Moneypenny on November 14, 2013, 09:17:18 am
Thought this one deserves its own topic. :P

Listed yesterday (13 Nov 2013) @ 5500c, ended -1.16% with volume of 34 794 950.


So far:

gcr waiting for 52xx to buy;
jaDEB & gcr saying GLN will only move into T40 next year March;
I'm thinking possible future takeover play for Anglo American.
Title: Re: GlencoreXstrata - GLN
Post by: jaDEB on November 14, 2013, 10:18:52 am
Got in at R53.95. yesterday

 
Title: Re: GlencoreXstrata - GLN
Post by: jaDEB on November 15, 2013, 08:22:26 am
(Reuters) - Warren Buffett's Berkshire Hathaway Inc on Thursday disclosed a new $3.45 billion stake in Exxon Mobil Corp, after buying 40.1 million shares in the world's largest publicly traded oil company.
Title: Re: GlencoreXstrata - GLN
Post by: jaDEB on November 15, 2013, 11:54:37 am
The platinum investments it holds are not core to Glencore because they cannot be traded in bulk and allow Glencore to make money from arbitrage positions. Glencore will sell its nearly 25% stake in Lonmin, the world’s third-largest platinum miner, Mr Glasenberg said.

Asked about market speculation that Glencore could revive Xstrata’s failed bid for Anglo American, he said: "Would we look at a company that has a large amount of those other commodities we don’t trade like platinum, diamonds and gold? You can make your own assessment from that."

Anglo is the majority shareholder in Anglo American Platinum and De Beers.

 :TU:

Title: Re: GlencoreXstrata - GLN
Post by: jaDEB on November 18, 2013, 09:43:29 am
Please note that if it bugs some1 that I use shareforum to paste my news of my shares, + graphs, just let me know. I will stop.

Mining giant Glencore is donating $US2 million to help relief efforts after Typhoon Haiyan swept through the Philippines causing mass devastation.
 
Glencore chief executive officer Ivan Glasenberg said Typhoon Haiyan and its aftermath has had a devastating effect on communities in the Philippines.
 
“We have a long standing relationship with the Philippines and its people and hope that this donation will help all those involved with the relief effort in assisting local communities to recover from this catastrophic event,” he said.
 
“Our thoughts are with our employees, their families and all the communities that have been impacted by the typhoon.”
 
The donation was made through the PASAR Foundation which is affiliated with the company’s Pasar operations in the Philippines.
 
Glencore owns 78.2 per cent of Pasar, the sole copper smelter and refinery in the Philippines, with the remaining 21.8 per cent owned by local investors.
 
Located off the coast of the Leyte Islands, the company’s Pasar operations include a port used to ship product to Asian markets, an auxiliary sulphuric acid plant and a doré plant which produces an alloy of gold and silver.

 :TU:
Title: Re: GlencoreXstrata - GLN
Post by: Moneypenny on November 18, 2013, 12:18:25 pm
Please note that if it bugs some1 that I use shareforum to paste my news of my shares, + graphs, just let me know. I will stop.

No pumpkin, you are suppose to do that, please continue.
Title: Re: GlencoreXstrata - GLN
Post by: jaDEB on November 18, 2013, 02:55:13 pm
Just reprimanding GLN -  :wall:  :TU:  :frustrated: - Seems to work for Orca
Title: Re: GlencoreXstrata - GLN
Post by: jaDEB on November 19, 2013, 12:44:45 pm
OK, OK, so Glenda tested the 200 SMA + the bottom range of the price band. But it does not mean much, as it is all dependant on the Rand / commodity prices.  :wall:
Title: Re: GlencoreXstrata - GLN
Post by: Moonraker on November 19, 2013, 03:04:02 pm
Why JSE resources investors should eye Glencore (http://www.moneyweb.co.za/moneyweb-investment-insights/why-jse-resources-investors-should-eye-glencore)

Diversification, baby, especially if combined with either AGL or BIL.
Title: Re: GlencoreXstrata - GLN
Post by: jaDEB on November 19, 2013, 04:11:01 pm
 :TU: Thanks Mr Bond.
Title: Re: GlencoreXstrata - GLN
Post by: jaDEB on November 22, 2013, 08:50:18 am
 ???
Title: Re: GlencoreXstrata - GLN
Post by: jaDEB on November 25, 2013, 08:47:56 am
As per Moneypenny ...


Gold 1238$  :frustrated:, Crude 94$, Moon's F&G @ 69 'Greed'.

New lows for DRD, Goldfields, Glencore  :wall:  :wall:  :frustrated:, Tongaat, Harmony & new high JSE

Rand / USD 10.09 -

Title: Re: GlencoreXstrata - GLN
Post by: gcr on November 25, 2013, 09:08:46 am
Well just back from holiday and see that my order for GLN was executed while away, but on Friday it dropped to just under R 51 so bought some more - now will wait over the next 3 years for the company to rationalise its holdings, change its structure, set its strategy and hopefully get handsome dividends and capital gains. May have to take the pain on Goldfields and switch the funds into GLN, though I still have a belief that GFI could do so much better if they reverse their BEE deal and chop Holland
Title: Re: GlencoreXstrata - GLN
Post by: jaDEB on November 25, 2013, 09:23:32 am
Some info from website
Title: Re: GlencoreXstrata - GLN
Post by: jaDEB on November 25, 2013, 09:25:07 am
Mr Bond, this is for you, from our UUU days ...

Tokyo - The operator of Japan's wrecked nuclear plant and three Mitsubishi group firms plan to build a new type of energy-efficient coal-fired power plant in Fukushima, a source said on Saturday.
Tokyo Electric Power Company will tie up with Mitsubishi Heavy Industries, Mitsubishi and Mitsubishi Electric to build integrated gasification combined-cycle (IGCC) stations.
Mitsubishi group companies will have a majority stake in the new plants while cash-strapped Tepco will be in charge of running the facilities, which they plan to put online around 2020, the source said.
Tepco has been under pressure to introduce energy-efficient facilities as all of its nuclear power plants have been closed in the wake of the Fukushima disaster, with no immediate prospects of restarting any nuclear plants given public distrust.
Mitsubishi Heavy also aims to be a leading player in the new IGCC technology, which will increase power output by 20 percent from conventional coal power plants, using the same amount of fuel.
Three reactors suffered core meltdowns at the Fukushima Daiichi plant north of Tokyo after the March 2011 earthquake and tsunami that triggered explosions and forced the evacuation of 160 000 people from nearby towns and villages. - Reuters
Title: Re: GlencoreXstrata - GLN
Post by: jaDEB on November 26, 2013, 12:08:00 pm
 :'(  :wall:  :wall:
Title: Re: GlencoreXstrata - GLN
Post by: jaDEB on November 27, 2013, 08:42:34 am
 :mad:
Title: Re: GlencoreXstrata - GLN
Post by: jaDEB on November 29, 2013, 02:20:05 pm
This one went down, thru the blue line, then thru the red line. Then turned and went up thru the red line.  :-*

I am sure some investment house will be offering me a job in the near furure. I know how to read graphs.
Title: Re: GlencoreXstrata - GLN
Post by: jaDEB on December 02, 2013, 11:01:25 am
 8)  :-[
Title: Re: GlencoreXstrata - GLN
Post by: Moonraker on January 06, 2014, 01:25:24 pm
JaDEB, I think you picked a good one for the challenge (GLN) for 2014. If I were to take part I would also pick GLN as one of mine for 2014 - not for the long term though.  8)



Title: Re: GlencoreXstrata - GLN
Post by: jaDEB on January 06, 2014, 01:39:08 pm
Thanks Mr. Bond. I also have it in my portfolio. 100%.
Title: Re: GlencoreXstrata - GLN
Post by: Bevan on January 07, 2014, 09:53:29 am
jaDEB, Ivan Glasenberg is a very clever man who learnt much of what he knows from Marc Rich and his crew. When you get on the phone with  Ivan and his generals prepare to be shouted down into submission. Glencore makes their money from trading which basically means having legions of people on the ground reporting into their offices in Baar, Switzerland up to three times a day. They then take outsized positions in the financial markets by having a physical information edge or owning a physical squeeze. Google the famous Glencore Arcadia oil squeeze.

Before they bought Xstrata their mining assets were pretty poor and they just used them for trading leverage. Now that Ivan actually has to run a mining business and they are a public company, Glencore will simply not be able to perform as well as they did before i.e. under the white light of transparency. Expect to see them more active in places like the DRC where not so many analysts like to go. However, they should be able to perform just as well as any other major mining house, if not better. They are massively exposed to thermal coal and zinc and would like to be more into oil and iron ore.
Title: Re: GlencoreXstrata - GLN
Post by: jaDEB on January 07, 2014, 11:15:41 am
Thanks, just sold my OCE and bought more GLN. Every time I read it is about the frikkin goverment getting involved in the fishies ..... OCE has been going up for years, I buy it and it goes down 18% ...  FFS

 
Title: Re: GlencoreXstrata - GLN
Post by: jaDEB on January 08, 2014, 10:03:17 am
2014 CORPORATE CALENDAR

Glencore Xstrata plc announces the dates of its corporate calendar for 2014:


Corporate event                                                Date (all 2014)

IMS and Fourth Quarter 2013 Production Report                  Tuesday 11 February
Preliminary Annual Results 2013                                Tuesday 4 March
IMS and First Quarter 2014 Production Report                   Tuesday 6 May
Annual General Meeting                                         Tuesday 20 May
IMS and Second Quarter 2014 Production Report                  Wednesday 13 August
Half-yearly Report 2014                                        Wednesday 20 August
IMS and Third Quarter 2014 Production Report                   Tuesday 4 November
2014 Investor Day                                              Wednesday 10 December
Title: Re: GlencoreXstrata - GLN
Post by: jaDEB on January 10, 2014, 02:56:49 pm
 :TU:
Title: Re: GlencoreXstrata - GLN
Post by: jaDEB on January 13, 2014, 11:13:31 am
 8)
Title: Re: GlencoreXstrata - GLN
Post by: jaDEB on January 17, 2014, 01:46:36 pm
I do not know why GLN is going up like this, or the others like Billiton. But I appreciate it.
Title: Re: GlencoreXstrata - GLN
Post by: Moonraker on January 17, 2014, 02:27:35 pm
Told you you picked a good one. Now why didn't I do that.

Title: Re: GlencoreXstrata - GLN
Post by: jaDEB on January 17, 2014, 03:11:58 pm
Thanks Mr Bond. Hope my good fortunes continue ...   O:-)  :TU:
Title: Re: GlencoreXstrata - GLN
Post by: Bevan on January 20, 2014, 07:44:33 am
I do not know why GLN is going up like this, or the others like Billiton. But I appreciate it.

All resource stocks doing very well this last week as investors look for value. Resources performed badly last year and on P:E terms are showing value now. Anglo American was the superstar last week. However, resources are not going to hold this year. China is cutting back on its steel sector and coal also looking weak going forward. Parts of Anglo are going to be sold off this year. Watch this space.  8)
Title: Re: GlencoreXstrata - GLN
Post by: jaDEB on January 20, 2014, 08:07:07 am
Yes GLN did indicate that they need Gold in their portfolio and buying some gold company / mine is not out of the question...
Title: Re: GlencoreXstrata - GLN
Post by: jaDEB on January 20, 2014, 08:31:46 am
 8)
Title: Re: GlencoreXstrata - GLN
Post by: jaDEB on January 21, 2014, 09:03:02 am
Also listed in Hong Kong
Title: Re: GlencoreXstrata - GLN
Post by: jaDEB on January 23, 2014, 04:56:52 pm
 ;)  :TU:
Title: Re: GlencoreXstrata - GLN
Post by: jaDEB on January 30, 2014, 09:39:36 am
GLN - 2014 Distribution Timetable

Glencore Xstrata 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                                                                30 JANUARY 2014

                                    2014 DISTRIBUTION TIMETABLE

Glencore Xstrata plc announces the timetables of its distribution (dividend) events for 2014.

                                  2013 FINAL DISTRIBUTION TIMETABLE

Distribution event                                            Date (all 2014)
------------------------------------------------------------------------------------------------------
Announcement of recommended 2013 Final Distribution           Tuesday 4 March

Applicable exchange rate reference date (Johannesburg         Friday 2 May
Stock Exchange (JSE))

Last time to trade on JSE to be recorded in the register      Close of business (SA) Friday 9 May
on record date                                               

Last day to effect removal of shares cum div between          Friday 9 May
Jersey and JSE registers

Final Ex-Div date (JSE)                                       Monday 12 May

Final Ex-Div Date (Jersey and Hong Kong)                      Wednesday 14 May

Last time for lodging transfers in Hong Kong                  4.30pm Thursday 15 May (HK time)

Final Distribution Record Date in Hong Kong                   Opening of business (HK) Friday 16 May

Final Distribution Record Date for JSE                        Close of business (SA) Friday 16 May

Final Distribution Record Date in Jersey                      Close of business (UK) Friday 16 May

Deadline for return of currency election form                 Monday 19 May
(Shareholders on the Jersey register only)

Removal of shares between the Jersey and JSE registers        Monday 19 May
permissible from

Annual General Meeting - Shareholder vote to approve          Tuesday 20 May
2013 Final Distribution                                                           

Applicable exchange rate reference date                       Wednesday 21 May                                                             
(Jersey and Hong Kong)

Final Distribution payment date                               Friday 30 May

Dematerialisation and rematerialisation of registered share certificates in South Africa may not be
effected during the period from Monday 12 May 2014 to Friday 16 May 2014, both days inclusive.

Distributions will be declared and paid in U.S. dollars, although Shareholders on the Jersey register will
be able to elect to receive their distribution payments in Pounds Sterling, Euros or Swiss Francs.
Shareholders on the Hong Kong branch register will receive their distributions in Hong Kong dollars.
Shareholders on the Johannesburg register will receive their distributions in South African Rand.

                              2014 INTERIM DISTRIBUTION TIMETABLE

Distribution event                                            Date (all 2014)
------------------------------------------------------------------------------------------------------
Announcement of 2014 Interim Distribution                     Wednesday 20 August

Applicable exchange rate reference date (JSE)                 Friday 22 August

Last time to trade on JSE to be recorded in the               Close of business (SA) Friday 29 August
register on record date

Last day to effect removal of shares cum div                  Friday 29 August
between Jersey and JSE registers

Interim Ex-Div date (JSE)                                     Monday 1 September

Interim Ex-Div Date (Jersey and Hong Kong)                    Wednesday 3 September

Last time for lodging transfers in Hong Kong                  4.30pm Thursday 4 September (HK time)

Interim Distribution Record Date in Hong Kong                 Opening of business (HK) Friday 5 September

Interim Distribution Record Date for JSE                      Close of business (SA) Friday 5 September

Interim Distribution Record Date in Jersey                    Close of business (UK) Friday 5 September

Deadline for return of currency election form                 Monday 8 September
(Shareholders on Jersey Register only)

Removal of shares between the Jersey and JSE                  Monday 8 September
registers permissible from

Applicable exchange rate reference date                       Wednesday 10 September
(Jersey and Hong Kong)

Interim Distribution payment date                             Friday 19 September

Dematerialisation and rematerialisation of registered share certificates in South Africa may not be
effected during the period from Monday 1 September 2014 to Friday 5 September 2014, both days
inclusive.

Distributions will be declared and paid in U.S. dollars, although Shareholders on the Jersey register will
be able to elect to receive their distribution payments in Pounds Sterling, Euros or Swiss Francs.
Shareholders on the Hong Kong branch register will receive their distributions in Hong Kong dollars.
Shareholders on the Johannesburg register will receive their distributions in South African Rand.
Title: Re: GlencoreXstrata - GLN
Post by: jaDEB on February 07, 2014, 09:25:33 am
The deal with JPMorgan, if completed, will make Mercuria one of the top global commodities traders, like Glencore Xstrata plc (GLNCY), Vitol and Trafigura. Further, Mercuria’s expansion in the U.S. is expected to be beneficial as the shale oil boom is opening up new avenues for profits

Title: Re: GlencoreXstrata - GLN
Post by: jaDEB on February 11, 2014, 10:15:03 am
PRODUCTION REPORT FOR THE 12 MONTHS ENDED 31 DECEMBER 2013

Following completion of the GlencoreXstrata merger on 2 May 2013, production information for all periods covered in this
report has been presented on a combined basis.

Key Highlights:

-   Total own sourced copper production up 26% to 1.5 million tonnes in 2013, driven by strong growth in African
    copper, Collahuasi, Antapaccay and Ernest Henry:
        -    African copper up 43% to 398,600 tonnes, as the key expansion projects, Katanga and Mutanda,
             successfully grow production, both reaching 200,000 tonnes p.a. capacity at the end of 2013.
        -    Collahuasi increased production 58% to 195,600 tonnes, with H2 2013 up 91% compared to H1
             2013, as production ramped up, following the SAG mill restart and a return to higher grades.
        -    The Antapaccay and Ernest Henry projects are progressing well.
-   Perseverance and Brunswick mines reached the end of their mine lives in June 2013, resulting in a decline in
    total own sourced zinc and lead production, only partially offset by the growth projects in Australia and Africa.
    Excluding Perseverance and Brunswick, zinc production increased by 7% in 2013.
-   Koniambo started production in Q4 2013 and is in the early stages of ramp-up.
-   Quarterly sequential (Q4 13 v Q3 13) increase in all Base Metal (Cu, Zn, Pb and Ni) own source production.
-   Ferrochrome production up 32% to 1.2 million tonnes based on higher utilisation of the smelters and furnaces
    and the successful commissioning of the Tswelopele pelletizing plant.
-   Own sourced gold production up 14% to 1,023,000 oz, driven by strong growth at Kazzinc and Antapaccay.
-   Coal production up 4% to 138.1 million tonnes during 2013, driven by a number of key expansion projects at
    Prodeco and various Australian thermal coal assets.
-   Successful commencement of production at Alen (Equatorial Guinea) and Badila (Chad) oil fields in 2013.
-   Successful sale of the pasta and malt businesses during 2013, acquired as part of Viterra.
-   The Group's resources and reserves report was also issued today, noting:
        -    Significant growth in Mutanda copper ore reserves and mineral resources, up respectively, 23% and
             25% to 2.0 million and 7.4 million tonnes of contained copper.
        -    The recognition of ore reserves at Las Bambas, containing 6.9 million tonnes of copper.
        -    An increase of 21% in iron ore mineral resources to 4.6 billion tonnes of contained iron (100% basis),
             mainly as a result of increased resources at El Aouj.
        -    An increase of 129% to 87 mmboe in 2P net oil reserves, primarily through the recognition of
             acquired Chad reserves and an increase of 223% to 387 mmboe in 2C net contingent oil resources,
             mainly resulting from drilling in Cameroon.

Title: Re: GlencoreXstrata - GLN
Post by: gcr on February 11, 2014, 03:17:22 pm
What is quite amazing about this company - is that they have just recently bought a dragline coal digger - a real monster for R 173 million. Considered a snip given that a new one cost almost a billion Rand and costs R 90 million to deliver. They are not going to disassemble it as the cost is prohibitive so they are going to creep it to their site at something like 1 klm per day - hope the site is not too distant :LHST:
Title: Re: GlencoreXstrata - GLN
Post by: jaDEB on March 04, 2014, 09:40:32 am
NEWS RELEASE
Baar, 4 March 2014

Preliminary Results 2013
Key Highlights:

-   Adjusted pro forma EBITDA of $13.1bn consistent with 2012, reflecting:
      – Strong marketing results, with Adjusted EBITDA up 17% to $2.6 billion (Adjusted EBIT up 11% to $2.4 billion).
      – Industrial Adjusted EBITDA lower by a respectable 4% to $10.5 billion, as increased production and improved
        cost management, aided by some merger related synergies, substantially mitigated the impact of the weaker
        commodity price environment.
-   Strong year for production growth:
      – Copper up 26% to 1.5 million tonnes, including African copper, up 43%, with Mutanda and Katanga each
        reaching 200,000 tonnes p.a. capacity at year-end and 58% production growth at Collahuasi.
      – Ferrochrome up 32% to 1.2 million tonnes based on higher utilisation of the smelters and furnaces and the
        successful commissioning of the Tswelopele pelletizing plant.
      – Coal up 4% to 138.1 million tonnes, driven by expansions at Prodeco and in Australian thermal coal.
      – Start-up of production at the Alen (Equatorial Guinea) and Badila (Chad) oil fields.
-   Successful integration of Xstrata, with sustainable annual synergies of $2.4 billion identified and substantially
    delivered. The full benefit is expected to be realised in 2014, with implementation costs of some $0.3 billion, mostly
    incurred in 2013.
-   Net debt increased to $35.8 billion as the Group nears completion of many of its large development projects,
    including McArthur River, African copper and the pre-commissioning of Koniambo, the benefits of which should start
    to accrue in the near term. Capital expenditure is now on steeply declining trajectory.
-   Operating cash flow generation in the form of pro forma FFO was solid at $10.4 billion, slightly ahead of 2012.
-   Overall balance sheet remains strong and flexible with $13 billion of committed available liquidity at year-end.
-   Active balance sheet / portfolio management continued:
      – Las Bambas sale process ongoing.
      – Successful sale of the pasta and malt businesses during 2013, acquired as part of Viterra.
      – Repayment of $1.2 billion of Russneft loans received during the year.
-   Secondary listing on the JSE, deepening our relationship with South Africa and highlighting our confidence in Africa
    as an investment destination.
-   Statutory Day One goodwill impairment of $7.5 billion was recorded in relation to the Xstrata acquisition, reflecting
    the broader negative mining industry environment / sentiment which prevailed during 2013 and the heightened risks
    associated with greenfield and large scale expansion projects.
-   Board has recommended a final distribution of $11.1 cents per share, or $16.5 cents for the full year, some 4.8%
    higher than 2012, reflecting our continued confidence in the strength and prospects for the group.

Glencore's Chief Executive Officer, Ivan Glasenberg, commented:
"Our marketing division once again delivered a strong overall performance, while the modest year on year decline in our
industrial asset performance inevitably reflected the weaker commodity price environment in 2013.
Glencore remains the only genuinely diversified natural resources company in respect of business activity, commodity
and geography. Our financial performance in 2013 reflects this, with a consistent pro forma EBITDA and operational
cash flow performance compared to 2012.

As we look ahead to 2014, we continue to see healthy demand growth in all our key commodities, underpinned by the
long term trend of urbanisation in emerging markets and parts of the developed world returning to trend growth."
In addition, Glencore has today published on its website (www.glencorexstrata.com) a presentation which contains a
summary of the 2013 preliminary results.
Title: Re: GlencoreXstrata - GLN
Post by: Aragorn on March 05, 2014, 08:41:41 am
Forecast stats for GLN courtesy OST

As at: 20 Feb 2014
                31 Dec 2014    31 Dec 2015    31 Dec 2016
DPS cents           174.00         173.00         191.00
EPS cents           364.00         477.00         693.00
PE                  16.50          12.59          8.67
Earn Y %            6.06           7.94           11.54
Divi Y %            2.90           2.8            3.18

Title: Re: GlencoreXstrata - GLN
Post by: jaDEB on March 11, 2014, 12:22:35 pm
@ griffin.

I bought at R54.74, I think now will be a good time to buy. Of course you can wait to see if it goes down more, but I think if it turns it will go up quick and might pay more R60 level.


KIO  :(  >:(  8)

Iron ore extended its decline into a bear market, slumping by the most since August 2009, amid concern that demand in China is slowing just as rising output signals a global glut.
Ore with 62 percent content delivered to Tianjin fell 8.3 percent to $104.70 a dry ton, the lowest since October 2012 and the biggest drop in more than four years, according to data from The Steel Index Ltd. yesterday. The benchmark price lost 27 percent since Aug. 14, when it reached a five-month high of $142.80. The raw material dropped into a bear market on March 7.

Nickel is up, Copper down.

Title: Re: GlencoreXstrata - GLN
Post by: jaDEB on March 11, 2014, 01:41:45 pm
Thanks Jadeb, I prefer to wait it out and buy in under R50 with a margin of safety. Hope the Chinese do me a favor here...  :whistle:

Title: Re: GlencoreXstrata - GLN
Post by: Moonraker on March 11, 2014, 03:21:22 pm
I am not a fan of resources at all, but of  them all GLN would be my pick. The balance sheet would have looked a lot better were it not for the 7,5 billion $ Xtrata goodwill. That's out of the way and barring a Chinese disaster, the stock should perform quite well for 2014.
Title: Re: GlencoreXstrata - GLN
Post by: jaDEB on March 13, 2014, 12:08:34 pm
 :whistle:
Title: Re: GlencoreXstrata - GLN
Post by: Bevan on March 14, 2014, 08:45:20 am

Commodities are getting whacked upside the head right now. Glencore has huge copper exposure in Zambia and the DRC and copper is falling out of bed since the Chinese have all been using it as a carry trade on the USD:RMB. Now that the banks are calling margin every man and his dog in China is dumping copper. Same story for iron ore - Kumba shares should soon be taking a big hit... Chinese steel mills are closing left, right and centre. The commodity and credit crunch in China could spill over to the housing sector bubble as well... Remember that the Chinese have also traditionally used gold as a financing means... When copper is done I expect that gold will be dumped as well if the margin calls continue....

The iron ore and steel crunch also affects alloys so expect SA chrome, manganese and nickel producers to suffer as well.... Assmang and Xstrata alloys are not going to be reporting decent profits this coming year I can tell you that now..... However, European and US demand for alloys is a little better than Asian demand although it can't soak up all the excess supply.

Resources have started the year off well but they look like ending this year in worse shape than last. Maybe gold and platinum will do OK but basic materials will get hammered on a hard Chinese landing.

Here's an interesting thought on Cyril Ramaphosa...... Glencore is Shanduka's paymaster (or in more politically correct terms, Shanduka is Glencore's BEE partner). Glencore has huge oil interests in South Sudan but have been having huge problems getting their oil out of the state producer, what with the pesky war and kick-backs and all the usual commodity trading stuff..... In Zuma's recent state of the nation address Cyril Ramaphosa is being deployed to South Sudan to negotiate peace on the spurious notion that he can handle conflict from his days with the NUM. How utterly convenient for Glencore. I don't know why this is not being shouted from the rooftops but watch the news stories from South Sudan concerning Glencore's oil after Mr. Ramaphosa's visit...... There are some wonderful stories about Glencore from across the globe concerning ladies of the night, brown paper bags, incriminating photographs slipped into contracts to be signed etc... But then again, Mercuria, Trafigura, Vitol, Freepoint, Cargill etc. are not all exactly blameless either..... This is the wonderful world of physical commodities....
Title: Re: GlencoreXstrata - GLN
Post by: jaDEB on March 14, 2014, 01:18:27 pm
OK, enough of bading GLN on this site. Ask Patrick, some big investment houses get there information from here, thus talk it up ... PLEASE .....  :LHST:

Title: Re: GlencoreXstrata - GLN
Post by: Bevan on March 14, 2014, 01:46:38 pm
Don't get me wrong, I may think some of Glencore's methods are a little dubious but they are certainly good at what they do.... Especially in Africa where no one is watching or in places where journalists don't like to go....
Title: Re: GlencoreXstrata - GLN
Post by: Moonraker on March 23, 2014, 12:32:01 pm
Glencore Xstrata: A controversial colossus (http://mg.co.za/article/2014-03-19-glencore-xstrata-a-controversial-colossus)

Part extract:-

Quote
Xstrata said its combined companies paid more than $4.3-billion in royalties and taxes and it has profit-sharing or other financial agreements in place. As heavily invested as the directors are in the company, and being listed to boot, they have been working to clean up their corporate image and grow their market valuation, Major said.

Glencore Xstrata, with a market capitalisation of around $70-billion, is somewhat behind that of resources leader Rio Tinto with $83-billion, just ahead of BHP Billiton's $64-billion and considerably ahead of Anglo American's $34-billion. Anglo is seen as a likely future takeover target for Glencore Xstrata, although the company has refused to speculate on possible acquisitions.

David van Wyk, lead researcher at the Bench Marks Foundation, which has been looking into companies such as Glencore since 2001, did fieldwork in the DRC as part of a published report on Glencore titled Contracts, Human Rights and Taxation: How a Company Exploits a Country.

"If Glencore realises its dream of taking over Anglo, South Africa would be in Glasenberg's pocket. Should it take Anglo, it would become the biggest mining company in the world," said Van Wyk. "We have copies of Senate reports from the US that express concern about the monopolistic nature of Glencore."

Glencore Xstrata is more vertically integrated than other resources companies — being active in upstream mining and resource extraction as well as downstream marketing. Its marketing and logistics activities mean the company has the advantage of strategic intelligence and the ability to understand the cycle and underlying supply and demand issues.

"The vision is one of a large number of people on the ground collecting real-time info from the market," said Gait. "Presumably, this means it can respond to changes in the market faster than other mining companies [can]."

And it's this advantage that saw Eskom trying to block the merger between Glencore and Xstrata in early 2013 when, in a confidential last-minute submission, of which the Mail & Guardian has a copy, the parastatal detailed pressing concerns about the merged Glencore Xstrata's ability to influence domestic coal prices and take advantage of the utility's supply shortfalls. It claimed the company's "endgame" was to introduce an export market-related price factor for coal.

But on the day it was meant to make its case at the Competition Tribunal, Eskom met with Glencore behind closed doors and suddenly withdrew its objection. A memorandum of understanding was drawn up and both parties refuse to divulge details of the agreement.

"You can bet their endgame is export parity prices in South Africa. All coal producers in South Africa have an 'endgames' target of export parity pricing," said Major. "Eskom is terrified because they know it's coming."

But Glencore group executive Clinton Ephron recently commented, as reported by Business Day, that the company believes it still has some space left to explore mergers and acquisitions relating to South African coal before competition authorities might block them. Its shareholding in the Richards Bay terminal is not nearly as high as that of some previous shareholders, he said, and does not account for even one-fifth of Eskom's coal supply.

Glencore Xstrata's latest results, as detailed in the company's annual report, showed strong financials driven by aggressive cost-cutting measures. Adjusted net income was at $3.7-billion. It says it expects acquisition synergies following the takeover of Xstrata to amount to $2.4-billion a

In its report, the company said it intends to "pursue a progressive dividend policy with the intention of maintaining or increasing its total ordinary dividend each year".

Major said: "Ivan would lure in a lot more investors by paying higher-than-industry dividends for a few years. He wants to stand out from the other mining companies in many ways."
Title: Re: GlencoreXstrata - GLN
Post by: jaDEB on April 14, 2014, 09:50:29 am
GLENCORE Xstrata has sold its interest in the Las Bambas copper mine in Peru to a Chinese consortium in a $6bn cash deal, making it one of China's largest mining acquisitions in recent years.

The commodities trader said on Sunday it had sold its interest to a consortium led by Hong Kong-listed MMG, the offshore arm of China Minmetals.

Hong Kong-based Guoxin International Investment Corp and China's Citic Metal Co are the other partners in the consortium.

Minmetals had been reported to be the preferred bidder for the Peruvian copper mine.

Glencore agreed to sell Las Bambas to secure approval from China's competition authorities for its takeover of Anglo-Swiss miner Xstrata as Beijing feared the merged group would have too much power over the copper market.

A Chinese buyer had been considered a virtual certainty since Las Bambas was put on the block, given the deep pockets of China's state-owned enterprises and China's hunger for copper - it is already the world's top consumer of the metal.

Las Bambas, one of the largest mines in Xstrata's project portfolio, is due to begin production in 2015. It is expected to produce more than 450 000 tonnes of copper a year in its first five years and 300 000 tonnes a year thereafter.

Glencore will receive about $5.85bn in cash upon completion of the deal. In addition, all capital expenditure and development costs since the beginning of the year until the closure of the deal will also be payable by the consortium.

Capital expenditure and other costs incurred since the start of the year were about $400m as of March 31.

Glencore said proceeds from the sale will "immediately and materially" deleverage its balance sheet.

The deal, which is expected to close prior to the end of the third quarter, is subject to approval from China's Ministry of Commerce as well as approval from MMG's shareholders.

China Minmetals Non-Ferrous Metals Co Ltd, which holds about 74% of MMG, has agreed to vote in favour of the deal, Glencore said.

Glencore said it would continue to look for opportunities to reinvest capital and any surplus capital would be returned to shareholders.

http://www.fin24.com/Companies/Mining/Glencore-sells-mine-for-6bn-to-China-buyer-20140414
Title: Re: GlencoreXstrata - GLN
Post by: jaDEB on April 14, 2014, 03:02:43 pm
Glencore and Caracal Enter into a Definitive Agreement for Glencore
           to Acquire Caracal for £5.50 in Cash Per Share

               --Caracal Terminates Proposed Merger with TransGlobe--

Baar, Switzerland & Calgary, Alberta, April 14, 2014 – Glencore Xstrata plc ("Glencore") (LSE:
GLEN; Hong Kong: GLEN.HK; Johannesburg:GLN.J) and Caracal Energy Inc. ("Caracal" or the
“Company”) (LSE:CRCL), announced today that they have reached a definitive agreement for a
wholly owned subsidiary of Glencore to acquire Caracal for an all cash consideration of £5.50
per common share by way of Plan of Arrangement (the “Arrangement”).

As a result of the Arrangement, Caracal is also announcing that it has terminated a prior
agreement under which it proposed to merge with Calgary-based TransGlobe Energy
Corporation (the “Proposed TransGlobe Merger”). Termination is on the basis that the
unsolicited proposal from Glencore constitutes a Superior Proposal. Caracal has paid to
TransGlobe a termination fee of US$9.25 million as required under the terms of the Proposed
TransGlobe Merger.

The Arrangement, which is expected to close in the second quarter of 2014, provides Caracal
shareholders many compelling benefits including:

- A 61% premium to the £3.42 closing price of Caracal’s common shares on April 11, 2014, the
  last trading day prior to the announcement of the Arrangement
- A 54% premium to £3.57, being the volume-weighted average price of Caracal’s common
  shares for the 30 trading days up to and including the last trading day prior to the
  announcement of the Arrangement
- Certainty of value for shareholders through 100% cash consideration paid for their common
  shares
- Elimination of risks associated with business plan execution and ultimate realization of
  Caracal’s fundamental value

Mr. Gary Guidry, Caracal’s President and Chief Executive Officer, commented:

                                                                                            1
“The premium all-cash offer from Glencore is strong recognition of the significant value Caracal
has created for its shareholders since inception. This transaction and the significant premium it
places on our shares is an excellent outcome for our shareholders. Glencore has been an
important supporter and partner of Caracal in Chad and this is a natural progression in the
development of this portfolio.”

From Glencore’s perspective, the Arrangement will allow it to take on operatorship and a larger
working interest to more fully benefit from the development of Caracal’s Chad oil development
and exploration operations.

Mr. Alex Beard, Glencore’s Head of Oil, commented:

“Both companies have had a successful partnership since 2012. This transaction deepens our
relationship, adding further value and expertise to our growing oil business in Africa. We believe
the combined business will be even better placed to take advantage of the long term
opportunities across the African oil sector.”

Further Details of the Arrangement

Full details of the Arrangement will be included in an information circular, which will be mailed to
Caracal shareholders. The Arrangement will be carried out under the Canada Business
Corporations Act and will require the approval of two-thirds of the votes cast by shareholders of
Caracal voting at a special meeting to be called to consider the Arrangement, as well as a court
and other regulatory approvals and certain other conditions for an arrangement of this nature.

The Arrangement provides that Caracal is subject to non-solicitation provisions and provides
that the Board of Directors of Caracal may, under certain circumstances, terminate the
Arrangement in favour of an unsolicited superior proposal, subject to payment of a termination
fee of US$15 million to Glencore and subject to a right in favour of Glencore to match the
superior proposal. In addition, Caracal has agreed to pay the termination fee to Glencore in the
event the Arrangement is terminated in certain other circumstances. Glencore has also agreed
to provide for a reciprocal termination fee of US$15 million to Caracal in certain circumstances.

It is expected that the Caracal shareholder meeting will take place in early June 2014, with
closing expected to occur as soon as possible thereafter, subject to receipt of approval pursuant
to the Investment Canada Act and Competition Act and any other necessary regulatory
approvals and satisfaction of other customary closing conditions. The Arrangement is not
subject to financing conditions or due diligence and is not subject to the approval of the
Government of Chad.

The Arrangement also provides that Glencore and its affiliates are entitled to acquire additional
Caracal common shares through purchases over a stock exchange provided (i) that Glencore
does not acquire more than an additional 4.1% of the outstanding Caracal common shares on a
non-diluted basis and (ii) such purchases do not commence before April 16, 2014.

                                                                                                  2
Caracal’s Board of Directors has unanimously approved the Arrangement with Glencore and
has concluded that it is in the best interests of Caracal. Caracal’s financial advisors, Goldman,
Sachs & Co. and RBC Capital Markets have also each provided opinions to the Caracal Board
of Directors that, as of April 14, 2014, and subject to the assumptions and limitations on which
the opinions are based, the consideration to be received under the Arrangement is fair, from a
financial point of view, to Caracal’s shareholders, excluding Glencore and its affiliates. The
Board of Directors and Management of Caracal have signed support agreements to vote their
shares in favour of the Arrangement.

Upon completion of the Arrangement, Caracal’s convertible debentures with an aggregate
principal amount of US$173.6 million (the “Caracal Debentures”) will continue to be an
obligation of Caracal, as a wholly-owned subsidiary of Glencore. After completion of the
Arrangement, holders of Caracal Debentures who exercise their conversion rights in
accordance with the terms of the indenture for the Caracal Debentures will not receive Caracal
shares (which shall be issued to Glencore or its affiliates) and will, rather, receive £5.50 in cash
for each Caracal share which the holder would have received upon conversion in accordance
with the terms of the indenture for the Caracal Debentures.

Full details of the Arrangement will be available in an information circular that Caracal will mail
to shareholders in due course. The information circular will also be available on Caracal’s
website and at www.sedar.ca. All Caracal shareholders are urged to read the relevant
information circular once it becomes available as it will contain additional important information
concerning the Arrangement. There is no action required for Caracal shareholders to take today.

Delisting and Cancellation of Trading

It is intended that the London Stock Exchange and the Financial Conduct Authority will be
requested respectively to cancel trading in Caracal’s shares on the London Stock Exchange's
market for listed securities and the listing of Caracal’s shares from the Official List on closing of
the Arrangement.

It is expected that at that time share certificates in respect of Caracal’s shares will cease to be
valid and entitlements to Caracal’s shares held within the CREST system will be cancelled.

Advisors

For Caracal, financial advisors are Goldman, Sachs & Co. and RBC Capital Markets. Caracal’s
legal advisor is Stikeman Elliott LLP.

For Glencore, the legal advisors are Torys LLP and McCarthy Tetrault LLP for North America
and Clifford Chance LLP for the UK.



About Glencore
                                                                                                   3
Glencore is one of the world’s largest global diversified natural resource companies. As a
leading integrated producer and marketer of commodities with a well-balanced portfolio of
diverse industrial assets, we are strongly positioned to capture value at every stage of the
supply chain, from sourcing materials deep underground to delivering products to an
international customer base. The Group’s industrial and marketing activities are supported by a
global network of more than 90 offices located in over 50 countries. The Group’s diversified
operations comprise over 150 mining and metallurgical sites, offshore oil production assets,
farms and agricultural facilities. We employ approximately 190,000 people, including contractors.

About Caracal Energy Inc.

Caracal Energy Inc. is an international exploration and development company focused on oil
and gas exploration, development and production activities in the Republic of Chad, Africa. In
2011, Caracal entered into three production sharing contracts ("PSCs") with the government of
the Republic of Chad. These PSCs provide exclusive rights, along with its partners, to explore
and develop reserves and resources over a combined area of 26,103 km2 in southern Chad.
The PSCs cover two world-class oil basins with oil discoveries, and numerous exploration
prospects.


For further information:
Glencore
  Charles Watenphul (Media)             Paul Smith (Investors)
  t: +41 (0) 41 709 2462                t:+41 (0)41 709 2487
  m: +41 (0) 79 904 33 20               m: +41 (0)79 947 1348
  [email protected]        [email protected]
Title: Re: GlencoreXstrata - GLN
Post by: jaDEB on May 06, 2014, 08:34:10 am
Glencore Xstrata 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

NEWS RELEASE
Baar, 6 May 2014

IMS & First Quarter 2014 Production Report

Following completion of the GlencoreXstrata merger on 2 May 2013, production information for all periods covered in this
report has been presented on a combined basis.

Key Highlights:

–   Own source copper production up 24% to 382,000 tonnes, driven by the expansions at Mutanda and Ernest Henry
    and improved production at Collahuasi and Antamina.
–   Own source zinc production was 306,000 tonnes, down 18% due to Perseverance and Brunswick reaching the end
    of their mine lives in June 2013. Excluding their impact, zinc production was broadly in line with the prior period.
–   Ferrochrome production up 29% to 335,000 tonnes, primarily reflecting the electricity power buy-back program
    during Q1 2013, which limited production. The Lion phase 2 smelter started production on 6 April 2014 with the
    second furnace expected to come on line at the end of Q2 2014 / early Q3 2014.
–   Own sourced coal production up 4% to 34.1 million tonnes, reflecting the impact of the lengthy Cerrejón strike in Q1
    2013 and productivity improvements / growth at expansion projects within Australian thermal coal.
–   Gross oil E&P production was 7.4 million barrels, up 37% or up 48% on a net Glencore entitlement basis, due to the
    commencement of new production from the Alen (Equatorial Guinea) and Badila (Chad) fields at the end of June
    and September 2013, respectively.
–   Sequential quarterly own source production of copper, zinc and gold were down 10%, 9% and 12% respectively,
    primarily due to planned mine sequencing and / or processing of lower grade ores at a number of operations
    (including Collahuasi, Antamina and Alumbrera) and ongoing power issues affecting operations and commissioning
    at Katanga.
–   On 13 April 2014, Glencore signed an agreement to sell its interest in the Las Bambas copper project to a
    consortium owned 62.5% by MMG Limited, 22.5% by GUOXIN International Investment Corporation Limited and
    15% by CITIC Metal Co., Limited. The consideration is approximately $5.85 billion, payable in cash on closing. In
    addition, all capital expenditure and other costs incurred in developing Las Bambas in the period from 1 January
    2014 to closing will be payable by the Consortium. At the end of March 2014, capital expenditure and other costs
    incurred since the start of the year amounted to some $400 million.
–   On 14 April 2014, Glencore reached an agreement to acquire Caracal Energy Inc. via an all cash consideration of
    £5.50 per common share by way of a Plan of Arrangement. Caracal is the majority owner and operator of the
    various Chad oil production and exploration fields, in which Glencore is currently a minority partner. The transaction
    is expected to close towards the end of Q2 2014.
–   On 24 April 2014, the 7 million tonnes p.a. Askaf North iron ore project in Mauritania was approved. The forecast
    construction cost is $0.9 billion, with first production expected in early 2017.
–   We expect to close the Clermont coal transaction late in Q2 2014.
–   Marketing performance during the quarter, across all business segments, was strong and in line with our
    expectations.
Title: Re: GlencoreXstrata - GLN
Post by: jaDEB on May 28, 2014, 06:11:03 pm
 :TU:

Most traded share on the JSE - 12,164,465 Volume, 3rd by Value  :whistle:
Title: Re: GlencoreXstrata - GLN
Post by: Moonraker on May 28, 2014, 07:08:31 pm
GLN should outperform BIL and AGL in my opinion. Less iron ore exposure (there is an oversupply I think). Also it is still waiting for inclusion in the all share index which will give the price a spurt. Plus of course they are traders in commodities, so flexible and very diversified globally etc.
Title: Re: GlencoreXstrata - GLN
Post by: rjthomas on September 13, 2015, 01:45:06 am
"London - Four years after a stock market listing made them billionaires, and months after the last ban on them selling shares expired, most Glencore managers are still sticking with their boss Ivan Glasenberg - and even preparing to invest more in the firm." There is a new share is coming soon to Glencore (http://www.iol.co.za/business/companies/glencore-bosses-bet-big-1.1914743).

I believe the share price is undervalued, maybe even cheap. Ivan Glasenberg may have the image of Scrooge McDuck but he gets the job done in a very tough market. So I rate this one a buy after this news.
Title: Re: GlencoreXstrata - GLN
Post by: jaDEB on September 14, 2015, 09:34:52 am
 8)
Title: Re: GlencoreXstrata - GLN
Post by: jaDEB on September 28, 2015, 03:10:15 pm
 :wall:
Title: Re: GlencoreXstrata - GLN
Post by: Fawkes85 on September 28, 2015, 03:40:13 pm
With the price falling so much why would they have a hold consensus on it???
Title: Re: GlencoreXstrata - GLN
Post by: jaDEB on September 28, 2015, 04:32:02 pm
The consensus was probably done a while back. Is not updated daily.
Title: Re: GlencoreXstrata - GLN
Post by: Bevan on September 28, 2015, 04:33:12 pm
Goldman Sachs is saying if commodity prices fall another 5% then GLN is in danger of breaching debt covenants. Could be the reason for the big fall today. The problem for GLN is that they are a trader and they generally bought low quality, high cost assets to trade around. Now that all the trading optionality has disappeared thanks to low prices, they are dying on these assets. This is why they closed their high cost copper assets in Zambia as well as Optimum Coal in SA. Expect more closures to follow. I suspect GLN will go back to its old trading ways once they stop out of all this pain by selling all their assets.
Title: Re: GlencoreXstrata - GLN
Post by: Moonraker on September 28, 2015, 04:41:36 pm
I mostly ignore consensus forecasts - eg. AGL/BIL etc. were BUY's since 2010. Put that in your pipe and smoke it.  8)
Title: Re: GlencoreXstrata - GLN
Post by: jaDEB on September 28, 2015, 05:55:41 pm
I mostly ignore consensus forecasts - eg. AGL/BIL etc. were BUY's since 2010. Put that in your pipe and smoke it.  8)

Also 1 company has been calling NPN a sell since R500 a share.  8)
Title: Re: GlencoreXstrata - GLN
Post by: Bevan on September 29, 2015, 12:59:07 pm
jaDEB, I know you like GLN but things could be about to get a lot worse. There is a very real risk that Glencore is holding significant "out of the money" derivative trading positions that are close to maturing. For example, they might be long coal swaps (a type of derivative) and short physical coal i.e. typically GLN traders would buy up financial positions to try and rally the market whilst at the same time selling their physical coal mined from Optimum etc. No-one really knows their real exposure other than Glencore's Chief Risk Officer. Find out how he's sleeping and you will know their future. Either way the market smells blood here. Be very careful.
Title: Re: GlencoreXstrata - GLN
Post by: rjthomas on September 29, 2015, 03:27:12 pm
Help me understand this drop of 87% since listing in 2001. Is it primarily because of the global financial crises, and therefore the whole sector is affected; or is it because of bad business deals by Gelncore itself?

Title: Re: GlencoreXstrata - GLN
Post by: jaDEB on September 29, 2015, 04:48:25 pm
As far as I can read, the investors are very concerned about their debt.
Title: Re: GlencoreXstrata - GLN
Post by: Bevan on September 30, 2015, 10:11:36 am
Help me understand this drop of 87% since listing in 2001. Is it primarily because of the global financial crises, and therefore the whole sector is affected; or is it because of bad business deals by Gelncore itself?

Glencore used to make all its money through trading i.e. buy copper in Zambia, pay some people to get it transported cheaply and smoothly to Dar Es Salaam, pay some more people at the port, freight it to China using cheap freight options, and then sell it to a Chinese buyer for a huge profit margin. Along the way they would hedge the underlying price  of copper in the futures or options market i.e. they didn't really care about the underlying price. Traders like big volatility swings because it allows them to arbitrage on price, location and quality differentials. In that regard Glencore's assets were how much transport, refining, freight and other basis optionality they had, as well as how many people and contracts they could control in the value chain.

So things like Richards Bay Coal Export Allocation were very important. That is why they bought Optimum Coal i.e. they were prepared to lose money on the Eskom supply contract because export coal prices were high and they got a whole bucketload of export allocation optionality. Now that export prices are really low (even in Rand terms) that coal export allocation is worth far less and now the company is not prepared to lose money on their Eskom coal contract. I guess that's called having your cake and eating it whenever you like. Glencore repeated this type of low quality asset purchase many times as they expected the assets to give them trading optionality. Now that all of that trading optionality is effectively gone (thanks to low prices and margins) they are realising that having low quality, high cost mines is not really a good idea.

So all of that debt that was accumulated to buy these assets is weighing heavily on their balance sheet and the assets are having a hard time paying off the debt by themselves without the margins from trading. Plus there is a massive amount of working capital employed on existing physical and financial positions in the market, some of which could be very far out of the money. But you would think that a serious player like Glencore would "mark-to-market" all of their derivative positions and this should therefore be reflected in their results.
Title: Re: GlencoreXstrata - GLN
Post by: jaDEB on October 02, 2015, 02:03:51 pm
LENCORE 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
2 October 2015

Notification of transaction of Person Discharging Managerial Responsibilities


    1. Name of person discharging managerial responsibilities within the issuer
             William Macaulay, Director
    2. Reason for responsibility to notify
             Notification relates to a transaction notified in accordance with DTR 3.1.2R
    3. Name of relevant issuer
             Glencore plc (Glencore)
    4. Description of the financial instrument
             Ordinary Shares of US$0.01 each in Glencore (Shares)
    5. Nature of transaction (e.g. acquisition or disposal)
             Acquisition
    6. Volume and price of the transaction
             1,700,000 Shares at a price of 90.91p (GBP 0.91) per Share
    7. Date and place of transaction
             1 October 2015, London
    8. Date issuer informed of transaction
             1 October 2015
    9. Details of duly authorised officer of issuer responsible for making notification
             John Burton
             Company Secretary
             Glencore plc


Company Secretarial
John Burton         t: +41 41 709 26 19      m: +41 79 944 5434   [email protected]
Nicola Barrett      t: +41 41 709 27 55      m: +41 79 735 3916   [email protected]
Title: Re: GlencoreXstrata - GLN
Post by: rjthomas on April 11, 2016, 08:23:07 am
What's the latest on Glencore?