Hints and tips:
...“London is no longer the home of mining,” wrote Cleary, who added that Glencore’s progress under chief executive Gary Nagle to lower carbon emissions at its mines would be better recognised by investors...
...“You have Turkey as a staging point for Russian zinc and copper and to a lesser extent aluminium,” said one senior commodity trader. “It creates the entrepot point.”...
...Chief executive Gary Nagle said in a statement that “commodity prices trended lower in 2023, feeling the impact of higher interest rates on consumer and industrial demand and more normalisation of energy...
...But the results were still one of its best in the first six months of the year, and Glencore chief executive Gary Nagle signalled reasons for optimism about demand in the months ahead....
...Shareholders said no to Teck’s independent restructuring plan because the black stuff would have funded copper and zinc divisions....
...Glencore made an unsolicited offer in April for the entirety of the Canadian group — including its copper and zinc mines across the Americas....
...The London-listed company, which has a 10 per cent stake in Li-Cycle, aims to repurpose its zinc and lead smelter in Sardinia to produce lithium, nickel and cobalt, key metals used to make batteries for...
...Chief executive Gary Nagle also said the company would not spin off its coal assets if a merger does not happen....
...“We believe that it is in your shareholders’ interests to engage with Glencore and we see no valid reason not to delay your shareholders meeting,” Glencore chief executive Gary Nagle wrote in a letter to...
...Chief executive Gary Nagle said the company anticipated a global structural shortage of copper in the coming years, as demand from grid infrastructure outstrips production from copper mines....
...The news from Glencore’s mining business was less positive as the group lowered its outlook for copper, cobalt and zinc production....
...“We are not a coal company, we are a decarbonising transition company,” chief executive Gary Nagle said, pointing to the “future-facing metals” Glencore mines, specifically copper, cobalt, nickel and zinc...
...The group also lowered its outlook for zinc. However, Glencore’s coal mines increased production during the quarter in spite of heavy rains in Australia and South Africa....
...Gary Nagle, who took the helm this summer, on Thursday said Glencore’s plan to close all of its coal mines within the next 30 years was the “responsible strategy for both our business and for the world”....
...The results are the first under Gary Nagle, who replaced Glencore’s long-serving chief executive Ivan Glasenberg in June....
...Nagle said Glencore was seeing some inflationary pressures, particularly in Europe where power prices have hit record levels, prompting it to cut production at its European zinc smelters....
...As well as its large trading business, Glencore is a big producer of coal, copper, cobalt, zinc and nickel....
...As for Glasenberg, he will exit later this year, handing the reins to Gary Nagle, a fast-talking South African who at present runs Glencore’s coal mines....
...I am very proud and happy to say Gary can take this company forward in the future.”...
...“We expect a seamless transition from Ivan to Gary,” said Mr LaFemina....
...Stimulus spending in the US and Europe should further stoke demand for Glencore’s metals, including zinc and cobalt....
...The frontrunners to replace Mr Glasenberg are Gary Nagle, head of coal assets, Kenny Ives, its top nickel trader, and Nico Paraskevas, who runs copper marketing....
...These include Mr Glasenberg, head of coal trading Tor Peterson, and Daniel Maté, who leads its zinc business....
...Potential candidates to take over are Kenny Ives, the head of nickel, Gary Nagle, who runs Glencore’s coal business, and Nico Paraskevas, head of copper trading....
...These include Mr Glasenberg, chief financial officer Steven Kalmin, head of coal trading Tor Peterson, and Daniel Mate, who leads its zinc business....
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