Royal Dutch Shell, Exxon Mobil and Glencore: Energy companies risk wasting trillions on uneconomic projects November 25, 2015 Energy companies risk wasting $2.2 trillion (£1.46 trillion) on uneconomic projects over the next 10 years, according to a new report. Think tank the Carbon Tracker Initiative's (CTI) report how fossil fuel firms risk destroying investor returns says energy companies' focus on fossil fuels at the expense of emerging clean technologies could put them out of kilter [...]
Glencore’s share price falls further as commodities rout makes giant FTSE 100’s biggest loser – again September 24, 2015 Glencore’s woes aren’t over yet, as the commodities firm’s share price plunged anew today, making it the FTSE 100’s biggest loser for the second day this week. Worries over China’s economic slowdown have been pushing the price of raw materials sharply down, and the commodities rout is taking its toll on Glencore, which is the [...]
Glencore’s share price falls below 90p after it sells off nickel project at cut-price $8m September 28, 2015 Troubled mining and trading firm Glencore's share price plummeted to a fresh low this morning, after agreeing to sell its Araguaia nickel project (GAP) to Aim-listed Horizonte Minerals for a discount price of $8m (£5.3m). Shares in Glencore fell more than 16 per cent in early trading, while Horizonte Minerals' share price climbed 5.6 [...]
Glencore earnings beat estimates as it shoulders commodities rout September 28, 2015 The figures Switzerland-based Glencore said attributable net income fell seven per cent to $4.3bn (£2.7bn), down from $4.6bn a year earlier. This beat expectations as analysts had forecast $4.1bn. Meanwhile, net debt rose to $30.5bn. It set aside $1.1 billion of impairment charges for crumbling commodity prices. The company has also recommended a final cash [...]
Oil price gush lifts FTSE close to a record high October 11, 2016 Oil prices hit a 14-month high and the FTSE 100 recorded its second-highest close on record yesterday after Vladimir Putin suggested Russia would take part in a production cut alongside the Organisation of the Petroleum Exporting Countries (Opec). The Russian President told the World Energy Congress in Istanbul he supported the agreement reached by Opec [...]
Glencore, BHP Billiton, Anglo American share price: Miners suffer as iron ore falls to fresh 10-year low December 4, 2015 Iron ore prices fell to a fresh 10-year low today, amid concerns falling demand from its biggest consumer would add to a global glut in the steelmaking raw material. It came after industry consultancy Custeel said more steel mills in China's Shanxi province have halted production due to shrinking demand and shortage of cash. Spot iron ore prices fell to [...]
Glencore, Anglo American, BHP Billiton share price: FTSE miners tumble as commodities rout deepens November 12, 2015 The FTSE 350 mining index fell 4.61 per cent to 8,234.14 points this afternoon as copper prices tumbled. Glencore shares shed 9.52 per cent to 94.77p per share, Anglo American fell 8.55 per cent to 450.60p per share and BHP Billiton was 4.27 per cent lower at 884.50p per share. Earlier, copper prices slid to a two-and-a-half month low after the dollar [...]
At the close: Mining companies Glencore, Anglo American and BHP Billiton take FTSE 100 higher November 4, 2015 The FTSE 100 ended Wednesday's session slightly higher, led by gains in mining companies. The UK's top blue chip index ended the day 0.46 per cent up at 6,412 points. The day's biggest riser was Glencore, the embattled mining giant, which has been struggling to reassure investors worried about the size of its debt pile. It today announced a [...]
Glencore, BHP Billiton, Anglo American: Failing to plan for climate change could cost mining companies $10 billion November 24, 2015 Mining companies who fail to adequately prepare for climate change could collectively face costs of $10bn (£6.6bn), or 15 per cent of their earnings, if a carbon price is introduced, according to a new report. The report by environmental NGO CDP, analysing metal and mining companies with a total market capitalisation of $329bn, said the companies accounted for about [...]
Glencore share price lifted by plans to slash zinc production by a third October 9, 2015 Glencore announced this morning that it plans to cut zinc production by 500,000 tonnes each year. The reduction, which will knock off around a third of the mining company's current zinc output, is taking place to counteract plummeting prices of the metal. Since May, zinc has lost around 30 per cent of its value. Shares [...]