Glencore sells off pasta maker September 16, 2013 MINER and commodities trader Glencore Xstrata yesterday said it had agreed to sell Dakota Growers Pasta Company for $370m (£232m) in cash, as it continues to divest assets acquired with its $6bn purchase of Canadian grain handler Viterra last year. To appease regulators around the world, Glencore has already sold a number of Viterra’s assets [...]
Davis returns to haunt Glencore with $3bn miner October 1, 2013 FORMER Xstrata chief executive Mick Davis reinforced his comeback into the mining sector yesterday, with the announcement that his new mining venture has raised $1bn (£618m). Private equity firm TPG and commodities trading house Noble have invested $500m each in X2 Resources, which aims “to create a new mid-tier diversified mining and metals group by…identifying [...]
Glencore and Sumitomo buy Rio’s Clermont coal mine stake for $1bn October 28, 2013 RIO Tinto has agreed to sell its majority stake in Australia’s third-largest thermal coal mine to Glencore Xstrata and Japan’s Sumitomo Corporation for just over $1bn (£618m), pushing ahead with plans to focus on larger, core operations. Rio put its 50.1 per cent stake in the Clermont mine in Queensland on the block earlier this [...]
Davis returns to haunt Glencore with $3bn miner September 30, 2013 FORMER Xstrata chief executive Mick Davis reinforced his comeback into the mining sector yesterday, with the announcement that his new mining venture has raised $1bn (£618m). Private equity firm TPG and commodities trading house Noble have invested $500m each in X2 Resources, which aims “to create a new mid-tier diversified mining and metals group by…identifying [...]
Essar directors resign ahead of delisting plan May 19, 2014 ESSAR Energy yesterday said seven of its non-executive directors have resigned with immediate effect, ahead of the majority stakeholder’s plan to take the oil and gas company private next month. Chairman Prashant Ruia and vice chairman Ravi Ruia, two members of the billionaire family that founded Essar, have resigned. The Ruia family is a beneficiary [...]
Taxes paid by Glencore’s chief executive handed on to charity September 22, 2013 VOTERS in a small Swiss town decided yesterday to donate SwFr110,000 (£75,435) of taxes paid by GlencoreXstrata chief executive Ivan Glasenberg to charity in a protest against the commodities giant’s business practices. Voters in Hedingen, a town of around 3,500 inhabitants in the canton of Zurich, backed by 764 to 662 an initiative to donate [...]
London Report: FTSE hits brakes ahead of 14-year high as ITV drops May 14, 2014 THE FTSE 100 steadied near a 14-year high yesterday, despite broadcaster ITV falling 5.7 per cent after seeing its market share drop in the first four months of the year. ITV’s second-quarter guidance for net advertising revenue was just short of their 14 per cent forecast. The London index ended 0.08 per cent higher at [...]
Xstrata merger saves Glencore at least $2bn September 10, 2013 MINER trader Glencore Xstrata delighted the market yesterday when it said that synergies from this year’s merger would hit at least $2bn (£1.3bn) next year, skyrocketing far beyond initial guidance of $500m. Chief executive Ivan Glasenberg said that a significant proportion of the synergies would come from cutting costs at head and regional offices, [...]
Glencore Xstrata makes progress with Zanaga iron ore project September 13, 2013 Mega miner Glencore Xstrata has announced that its Zanaga iron ore project, based in the Republic of Congo, will now proceed in a staged manner (release). They say that will result in a substantial reduction in the initial capital requirement. The Project is working closely with the Republic of Congo Government to advance its development [...]
Glencore Xstrata leads index on better than expected synergies September 10, 2013 Glencore Xstrata shares are leading the FTSE 100 this morning on news that the miner is gaining better than expected synergies from its recent merger (release). At least $2 billion of synergies estimated for 2014, materially exceeding the initial merger guidance of $500 million;$450 million to come from marketing synergies as forecast, $175 million from [...]