Ankündigung • Aug 08
Glencore plc Declares Cash Dividend, Payable on 18 September 2026 Glencore plc announced that its Board have declared a further cash distribution from the capital contribution reserves of the Company of $0.085 per ordinary share, amounting to c.$1 billion, to be paid concurrently with the $0.085 per ordinary share second tranche of the previously approved distribution at the Company's AGM on 28 May 2026. The further cash distribution of $0.085 will be made in accordance with the following timetable for the second tranche of the previously approved distribution, which was announced on 18 February 2026. Ex-Distribution date (JSE) is 26 August 2026, Ex-Distribution date (Jersey) is 27 August 2026, Distribution Record Date for both JSE and Jersey is 28 August 2026 and the distribution payment date is 18 September 2026. Reported Earnings • Aug 07
First half 2026 earnings released: EPS: US$0.37 (vs US$0.054 loss in 1H 2025) First half 2026 results: EPS: US$0.37 (up from US$0.054 loss in 1H 2025). Revenue: US$174.4b (up 49% from 1H 2025). Net income: US$4.41b (up US$5.06b from 1H 2025). Profit margin: 2.5% (up from net loss in 1H 2025). The move to profitability was driven by higher revenue. Revenue is expected to decline by 4.7% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in South Africa are expected to grow by 6.7%. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Ankündigung • Aug 05
Glencore plc Announces Special Cash Distribution Glencore plc announced a top-up special cash distribution of 8.5 cents per share (c. $1 billion). Declared Dividend • Jun 04
Final dividend of US$0.085 announced Shareholders will receive a dividend of US$0.085. Ex-date: 26th August 2026 Payment date: 18th September 2026 Dividend yield will be 1.1%, which is lower than the industry average of 4.7%. Sustainability & Growth Dividend is not covered by earnings (dividend approximately 5x earnings) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 10% per year over the past 9 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 521% to bring the payout ratio under control. EPS is expected to grow by 93% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Declared Dividend • May 05
Final dividend of R1.40 announced Shareholders will receive a dividend of R1.40. Ex-date: 6th May 2026 Payment date: 3rd June 2026 Dividend yield will be 1.8%, which is lower than the industry average of 4.7%. Sustainability & Growth Dividend is not covered by earnings (dividend approximately 5x earnings) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 10% per year over the past 9 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 521% to bring the payout ratio under control. EPS is expected to grow by 95% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Ankündigung • May 02
Glencore plc Reaffirms Production Guidance for the Year 2026 Glencore plc reaffirmed production guidance for the year 2026. For the year, the company expects copper production to be between 810 kt to 870 kt . Zinc production to be between 700 kt to 740 kt. Nickel production to be between 70 kt to 80 kt . Steelmaking coal production to be between 30 mt to 34 mt . Energy coal production to be between 95 mt to 100 mt. Ankündigung • Feb 18
Glencore plc Recommends Distribution for the Financial Year Ended December 31, 2025, Payable on June 3, 2026 and September 18, 2026 Respectively Glencore plc has announced that its Board is recommending for shareholder approval an aggregate distribution of USD 0.17 per share in respect of the financial year ended 31 December 2025. The distribution will be made from the capital contribution reserves of the Company in two equal tranches of $0.085 payable in the first six months of the 2026 financial year (H1) and the second six months of the 2026 financial year (H2) in accordance with the following: For H1: Ex-Distribution date (JSE) is May 6, 2026,H1 Ex-Distribution date (Jersey) is May 7, 2026,H1 Distribution Record Date for JSE is May 8, 2026, H1 Distribution Record Date in Jersey is May 8, 2026 and H1 Distribution payment date is June 3, 2026.Annual General Meeting of Shareholders vote to approve aggregate Distribution for financial year ended 31 December 2025 is on May 28, 2026. For H2: H2 Ex-Distribution date (JSE): August 26, 2026, H2 Ex-Distribution date (Jersey) is August 27, 2026, H2 Distribution Record Date for JSE is August 28, 2026, H2 Distribution Record Date in Jersey is August 28, 2026 and H2 Distribution payment date is on September 18, 2026. Ankündigung • Feb 06
Rio Tinto Group (LSE:RIO) cancelled the acquisition of Glencore plc (LSE:GLEN). Rio Tinto Group (LSE:RIO) entered into a preliminary discussions to acquire Glencore plc (LSE:GLEN) on January 8, 2026. The possible transaction could include an all-share merger between Rio Tinto and Glencore. The merger transaction is expected to be effected through the acquisition of Glencore by Rio Tinto via a Court-sanctioned scheme of arrangement.
Rio Tinto is required to make a decision by 5:00 p.m. on February 5, 2026. By this deadline, Rio Tinto must either announce a firm intention to make an offer for Glencore. This deadline can only be extended with the consent of the Panel.
Rio Tinto Group (LSE:RIO) cancelled the acquisition of Glencore plc (LSE:GLEN) on January 8, 2026. Ankündigung • Jan 29
Glencore plc Provides Production Guidance for the Year 2026 Glencore plc provided production guidance for the year 2026. For the year, the company expects copper production to be between 810 kt to 870 kt . Zinc production to be between 700 kt to 740 kt. Nickel production to be between 70 kt to 80 kt . Steelmaking coal production to be between 30 mt to 34 mt . Energy coal production to be between 95 mt to 100 mt. Recent Insider Transactions • Jan 17
Insider recently sold R106m worth of stock On the 15th of January, Tor Peterson sold around 1m shares on-market at roughly R106 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of R130m more than they bought in the last 12 months. Ankündigung • Jan 09
Rio Tinto, Glencore Restart Talks on USD 260 Billion Mining Mega-Merger Rio Tinto Group (LSE:RIO) and Glencore plc (LSE:GLEN) said on January 8, 2026 that they have restarted talks about a potential business combination. The two major miners spoke previously back in 2024, but failed to reach an agreement. This time around, they say their preliminary discussions are centered around a combination of some or all of their businesses; this could include the acquisition of Glencore by Rio Tinto. The news was first reported by the Financial Times, with both companies confirming the story via press release shortly thereafter. According to the news outlet, the combination of Rio Tinto and Glencore would create a massive mining company with an enterprise value north of USD 260 billion. The two firms have said there's no guarantee that any transaction will go through. However, it's worth noting that Rio Tinto has changed leadership since the 2024 talks ended, with Simon Trott now at the helm. For its part, Glencore has reorganized its coal assets. The Financial Times also notes that Glencore CEO Gary Nagle spoke last month about the importance of size in the mining industry, saying that bigger companies have various advantages. “It makes sense to create bigger companies,” the executive explained to reporters. “Not just for the sake of size, but also to create material synergies, to create relevance, to attract talent, to attract capital.” Regulations require Rio Tinto to announce its intentions either way by February 5 of this year. Ankündigung • Dec 24
Glencore plc (LSE:GLEN) signed an agreement to acquire an unknown majority stake in FincoEnergies from Pontex Investment Partners and Coloured Finches B.V. Glencore plc (LSE:GLEN) signed an agreement to acquire an unknown majority stake in FincoEnergies from Pontex Investment Partners and Coloured Finches B.V. on December 22, 2025. As part of the acquisition, Pontex Investment Partners will step down as shareholder on the completion date of the transaction.
The transaction is subject to European Union antitrust approval and completion is expected during the course of the second quarter of 2026. Ankündigung • Dec 12
Glencore plc, Annual General Meeting, May 28, 2026 Glencore plc, Annual General Meeting, May 28, 2026. Buy Or Sell Opportunity • Nov 25
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to R78.99. The fair value is estimated to be R65.60, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.0% over the last 3 years. Meanwhile, the company became loss making. Upcoming Dividend • Aug 20
Upcoming dividend of US$0.05 per share Eligible shareholders must have bought the stock before 27 August 2025. Payment date: 19 September 2025. The company is not currently making a profit and there are not enough cash flows to support it either. Trailing yield: 2.5%. Lower than top quartile of South African dividend payers (8.0%). In line with average of industry peers (2.7%). Reported Earnings • Aug 06
First half 2025 earnings released: US$0.054 loss per share (vs US$0.019 loss in 1H 2024) First half 2025 results: US$0.054 loss per share (further deteriorated from US$0.019 loss in 1H 2024). Revenue: US$117.4b (flat on 1H 2024). Net loss: US$655.0m (loss widened 181% from 1H 2024). Revenue is forecast to stay flat during the next 3 years compared to a 11% growth forecast for the Metals and Mining industry in South Africa. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 95 percentage points per year, which is a significant difference in performance. Ankündigung • Jul 30
Glencore plc Updates Production Guidance for the Year 2025 Glencore plc updated production guidance for the year 2025. For the year, the company expects copper production to be between 850 kt to 890 kt against previous guidance of between 850 kt to 910 kt. Cobalt production to be between 42 kt to 45 kt against previous guidance of between 40 kt to 45 kt. Zinc production to be between 940 kt to 980 kt against previous guidance of between 930 kt to 990 kt. Nickel production to be between 74 kt to 80 kt against previous guidance of between 74 kt to 86 kt. Steelmaking coal production to be between 30 mt to 35 mt against previous guidance of between 30 mt to 35 mt. Energy coal production to be between 90 mt to 96 mt against previous guidance of between 87 mt to 95 mt. Ankündigung • Jul 08
Glencore plc (LSE:GLEN) announces an Equity Buyback for $1,000 million worth of its shares. Glencore plc (LSE:GLEN) announces a share repurchase program. Under the program, the company will repurchase up to $1,000 million worth of its shares. The purpose of the program is to reduce the capital of the company. The repurchased shares will be held in treasury. The program is intended to be completed by the time of the release of our financial results for the 2025 year in February 2026. Declared Dividend • Jun 05
Final dividend of US$0.05 announced Shareholders will receive a dividend of US$0.05. Ex-date: 27th August 2025 Payment date: 19th September 2025 Dividend yield will be 1.4%, which is lower than the industry average of 4.7%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (27% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Ankündigung • May 02
Glencore plc Provides Production Guidance for the Full Year 2025 Glencore plc provided production guidance for the full year 2025. For the year, production guidance remains unchanged, the company expected Copper to be 850 kt to 910 kt against previous guidance 850 kt to 910 kt. Cobalt to be 40 kt to 45 kt against previous guidance 40 kt to 45 kt. Zinc to be 930 kt to 990 kt against previous guidance 930 kt to 990 kt. Nickel to be 74 kt to 86 kt against previous guidance 74 kt to 86 kt. Steelmaking coal to be 30 mt to 35 mt against previous guidance 30 mt to 35 mt. Energy coal to be 87 mt to 95 mt against previous guidance 92 mt to 100 mt. Upcoming Dividend • Apr 23
Upcoming dividend of R0.94 per share Eligible shareholders must have bought the stock before 29 April 2025. Payment date: 04 June 2025. The company is not currently making a profit but it is cash flow positive. Trailing yield: 2.9%. Lower than top quartile of South African dividend payers (8.6%). In line with average of industry peers (3.0%). Recent Insider Transactions • Apr 06
Independent Non-Executive Director recently bought R1.0m worth of stock On the 1st of April, Martin Gilbert bought around 15k shares on-market at roughly R67.77 per share. This transaction amounted to 21% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought R5.4m more in shares than they have sold in the last 12 months. Ankündigung • Mar 14
Glencore plc to Report Fiscal Year 2024 Results on Mar 18, 2025 Glencore plc announced that they will report fiscal year 2024 results on Mar 18, 2025 Buy Or Sell Opportunity • Mar 03
Now 23% overvalued Over the last 90 days, the stock has fallen 12% to R77.01. The fair value is estimated to be R62.45, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Declared Dividend • Feb 21
Final dividend of US$0.05 announced Shareholders will receive a dividend of US$0.05. Ex-date: 29th April 2025 Payment date: 4th June 2025 Dividend yield will be 1.6%, which is lower than the industry average of 4.7%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (36% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Reported Earnings • Feb 20
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: US$0.13 loss per share (down from US$0.34 profit in FY 2023). Revenue: US$230.9b (up 6.0% from FY 2023). Net loss: US$1.63b (down 138% from profit in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to stay flat during the next 3 years compared to a 6.9% growth forecast for the Metals and Mining industry in South Africa. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. Ankündigung • Jan 17
Rio Tinto and Glencore Reportedly Discussed Merger But Talks No Longer Active Glencore plc (LSE:GLEN) approached Rio Tinto Group (LSE:RIO) late last year about combining the two big copper producers but the discussions are no longer active, a person familiar with the matter said. The talks between Rio, the world's No. 2 miner, and Glencore, one of the world's biggest producers of coal and base metals, were brief and did not go anywhere, the person added. Bloomberg News reported on January 16, 2025 that the two were in early-stage merger talks. A merger between the firms has the potential to be the largest ever in the mining industry. They have a combined market value of around $158 billion, surpassing BHP's (BHP.AX) $126 billion. Rio and Glencore declined to comment. Ankündigung • Dec 12
Glencore plc Announces Retirement of David Wormsley as Director, Effective 31 December 2024 Glencore plc announceS that Mr. David Wormsley has notified the Company of his retirement from the Board of Directors with effect from 31 December 2024. Ankündigung • Nov 01
Yancoal Reportedly Primed to Snap Up Anglo Coal Portfolio Speculation is mounting that Glencore plc (LSE:GLEN) is betting on a break-up play for the Anglo American plc (LSE:AAL) coal portfolio, and that it may only be bidding for some of the assets within the USD 3 billion offering. Should that be the case, it further cements Yancoal Australia Ltd. (ASX:YAL)'s position as the leader in the race. DataRoom understands that the China-controlled but Australian-listed Yancoal has already gained approval from the Chinese government to buy the assets and has 15 banks lined up and approved to provide funding. Other suitors are a Stanmore Resources Limited (ASX:SMR) Coal-led consortium, which could face challenges in getting all its bidding partners to agree on price, and Peabody Energy Corporation (NYSE:BTU), seen as an outside chance. Goldman Sachs and Morgan Stanley are working on the sale. One of the assets Glencore is probably keen to side step is the Grosvenor Mine 1,000km northwest of Brisbane that has been hit by closures due to a fire. Bids are due next week. Should the portfolio be split up, the major players could pick up Moranbah North and Grosvenor, Jellinbah could go to co-owners, while others take Capcoal and Dawson. It is understood existing shareholders and lenders have tipped in funds for the deal, to be announced on 01 November 2024. Ankündigung • Aug 29
Yancoal Could Target Kestrel If its Anglo Ambitions Fail to Fly Yancoal Australia Ltd. (ASX:YAL) is believed to be angling to buy the $3 billion Kestrel coal mine when it is due to come up for sale by private equity owner EMR Capital - if it misses out on the $4 billion worth of Anglo American coal assets on offer, sources say. EMR Capital is set to launch the sale process of Kestrel at the conclusion of the Anglo American process. It is located in Queensland's Bowen Basin, 51km northeast of Emerald, and was purchased by the Owen Hegarty-chaired EMR Capital in 2018 from Adaro Energy for $2.25 billion. The developments come as more information filters out about the sale process for the Anglo American coal assets on offer through Goldman Sachs and Morgan Stanley. The understanding is that suitors are being told to ascribe zero value to the Grosvenor mine that has caught fire and been closed as a result. Yancoal, which is 62% owned by Chinese state-owned Yankuang Energy, is being assisted by CITIC CLSA and Royal Bank of Canada in its quest to buy the Anglo American portfolio. Chief executive David Moult made it clear during the company's results presentation this month he is a keen buyer, with the group suspending distribution payments to keep its $1.5 billion war chest to use for acquisitions. Glencore plc (LSE:GLEN) is also expected to run hard at the opportunity, while Stanmore Coal's boss Marcelo Matos somewhat laid his cards on the table during the company's result this week. While he would not say if Stanmore was a participant in the sale, he noted that its asset (Poitrel) was next to Anglo American's (Grosvenor and Moranbah North). Stanmore's Indonesian backers, such as Golden Energy, are likely to be there to support its bid, as could BUMA Energy. Or it may play separately. On offer are Anglo American's Capcoal and Dawson assets, and its most attractive mine is Moranbah North as well as Grosvenor. Also in the mix are its Aquila project, an interest in Jellinbah and the potential Moranbah South project. Ankündigung • Aug 21
Glencore plc Announces Dividend Distribution, Payable on September 20, 2024 Glencore plc announced that On 29 May 2024, the shareholders resolved to pay an aggregate distribution of USD 0.13 per share in respect of the financial year ended 31 December 2023, payable in H1 and H2 in two equal tranches of $0.065 per share from the capital contribution reserves of the Company. The currency exchange rate applicable for the distribution payable to shareholders on the Glencore plc South African branch register has been determined by reference to the close of business exchange rate applicable to the South African Rand on 16 August 2024. This rate is as follows: Distribution of USD 0.065 per ordinary Glencore share:South African Rand. Applicable USD:ZAR Exchange Rate: ZAR 17.8875. Distribution per ordinary Glencore share in South African Rand: 1.16269. Dematerialisation and rematerialisation of registered share certificates in South Africa may not be effected during the period from 28 August 2024 to 30 August 2024, both dates inclusive, nor will transfers between the Jersey register and the South African register be permitted between Tuesday, 27 August 2024 and 30 August 2024, both dates inclusive. This H2 distribution will be paid on 20 September 2024. Declared Dividend • Aug 12
First half dividend of US$0.065 announced Shareholders will receive a dividend of US$0.065. Ex-date: 28th August 2024 Payment date: 20th September 2024 Dividend yield will be 1.4%, which is lower than the industry average of 4.7%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (30% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Ankündigung • Jul 30
Glencore plc Revises Production Guidance for the Year 2024 Glencore plc revised production guidance for the year 2024. Copper to be 950 kt -1,010 kt against previous guidance 950 kt -1,010 kt. Cobalt to be 35 kt -40 kt against previous guidance 35 kt -40 kt. Zinc to be 900 kt -950 kt against previous guidance 900 kt -950 kt. Nickel to be 80 kt -90 kt against previous guidance 80 kt -90 kt. Ferrochrome to be 1,100 kt -1,200 kt against previous guidance 1,100 kt -1,200 kt. Steelmaking coal to be 19 mt -21 mt against previous guidance 7 mt -9 mt. Energy coal to be 98 mt -106 mt against previous guidance 98 mt -106 mt. Recent Insider Transactions • Jun 02
Independent Non-Executive Director recently bought R2.3m worth of stock On the 29th of May, David Wormsley bought around 20k shares on-market at roughly R113 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought R4.0m more in shares than they have sold in the last 12 months. Ankündigung • May 04
Glencore Reportedly Studying an Approach for Anglo American Glencore plc (LSE:GLEN) is studying an approach for Anglo American plc (LSE:AAL), two sources said, a development that could spark a bidding war for the 107-year old mining company. Glencore has not yet approached Anglo, one of the sources said. The discussions are internal and preliminary at this stage and may not result in an approach, the source added. "We do not comment on market rumour or speculation," a Glencore spokesperson said. Anglo on April 26, 2024 rejected a $39 billion all-stock proposal from the world's No. 1 miner BHP Group Limited (ASX:BHP). BHP's proposed premium was 31% above Anglo's closing price on April 23. A source familiar with the matter previously told Reuters that the Australian mining giant is considering making an improved offer. It has until May 22 to make a formal bid. U.S. shares of Anglo American rose after the news, closing up 6.5% on the session. Declared Dividend • May 01
Dividend of US$0.065 announced Shareholders will receive a dividend of US$0.065. Ex-date: 28th August 2024 Payment date: 20th September 2024 Dividend yield will be 1.2%, which is lower than the industry average of 4.7%. Payout Ratios Payout ratio: 38%. Cash payout ratio: 24%. Ankündigung • Apr 30
Glencore plc Provides Production Guidance for the Year 2024 Glencore plc provided production guidance for the year 2024. The company expects copper to be 950 kt to 1,010 kt; Cobalt of 35 kt to 40 kt; Zinc to be 900 kt to 950 kt; Nickle to be 80 kt to 90 kt; Ferrochrome to be 1,100 kt to 1,200 kt and Coal to be 105 mt to 115 mt. Upcoming Dividend • Apr 23
Upcoming dividend of US$0.065 per share Eligible shareholders must have bought the stock before 30 April 2024. Payment date: 05 June 2024. Payout ratio is a comfortable 38% and the cash payout ratio is 83%. Trailing yield: 2.2%. Lower than top quartile of South African dividend payers (9.6%). Lower than average of industry peers (3.7%). Ankündigung • Mar 21
Glencore plc Announces Board Changes Glencore plc announced the retirement of Peter Coates. Peter Coates will not seek re-election at the AGM on 29 May 2024, and will retire from the Board on 29 May 2024. He joined the Board of Glencore plc on its IPO in 2011, aged 66, when many might be winding down. Far from it with Peter. He has chaired the HSEC Committee from the beginning and has consistently pushed for improvements in the company's operating standards, especially in Health and Safety, which has continued to this day. His combined experience of the industry and of the company's Group will be impossible to replicate. The company announced the appointment of John Wallington as an Independent Non-Executive Director of the Company is effective from 1 June 2024. John Wallington has over 40 years' experience in the mining industry, overseeing operations in South Africa, Australia, Colombia and Canada. Mr. Wallington spent most of his career at Anglo American plc covering 27 years, culminating in him holding the role as Global CEO Anglo Coal. Prior to this he was appointed as CEO Anglo Coal South Africa (2001-2004). After leaving Anglo American, Mr. Wallington held positions as CEO of Coal of Africa, (2010-2013), Head of Energy at Sibanye (2016-2018) and CEO of Riversdale Resources in Canada (2020-2022). He has also had board positions as a non-executive director with Keaton Energy (2009); Buffalo Coal (2015) and Kwatani (2018-2020). Mr. Wallington holds a BSc in Mining Engineering from the University of the Witwatersrand. Further qualifications include Executive programmes with both the London and Harvard Business Schools. Mr. Wallington is certified with the Institute of Corporate Directors through The ICD-Rotman Board Dynamics Program (University of Toronto). New Risk • Mar 21
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 22% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks High level of debt (77% net debt to equity). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.0% net profit margin). Ankündigung • Mar 14
Tribeca Investment Partners Asks Glencore to Move Main Listing to Sydney On March 13, 2024, Tribeca Investment Partners announced that it has called on Glencore plc to shift its primary listing from London to Sydney and abandon a plan to spin off its profitable coal business. Tribeca Investment Partners wrote to Company's board a list of proposals, including moving its listing to the Australian Securities Exchange to boost its share price. Tribeca Investment Partners also recommended the Company in increasing dividends by discontinuing share buybacks and divesting a minority stake in the Company's lucrative trading division via an initial public offering instead of spinning off its coal business. Buy Or Sell Opportunity • Mar 08
Now 21% overvalued Over the last 90 days, the stock has fallen 12% to R95.46. The fair value is estimated to be R78.72, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 0.3% per annum. Earnings are forecast to grow by 8.0% per annum over the same time period. Declared Dividend • Feb 23
Final dividend of US$0.065 announced Shareholders will receive a dividend of US$0.065. Ex-date: 30th April 2024 Payment date: 5th June 2024 Dividend yield will be 6.2%, which is higher than the industry average of 4.7%. Sustainability & Growth Dividend is covered by earnings (57% earnings payout ratio) but not adequately covered by cash flows (96% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 29% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 22
Full year 2023 earnings released: EPS: US$0.34 (vs US$1.33 in FY 2022) Full year 2023 results: EPS: US$0.34 (down from US$1.33 in FY 2022). Revenue: US$217.8b (down 15% from FY 2022). Net income: US$4.28b (down 75% from FY 2022). Profit margin: 2.0% (down from 6.8% in FY 2022). Revenue is forecast to stay flat during the next 3 years compared to a 3.0% growth forecast for the Metals and Mining industry in South Africa. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Ankündigung • Feb 01
Glencore plc Provides Production Guidance for the Year 2024 Glencore plc provided production guidance for the year 2024. The company expects copper to be 950 kt to 1,010 kt; Cobalt of 35 kt to 40 kt; Zinc to be 900 kt to 950 kt; Nickle to be 80 kt to 90 kt; Ferrochrome to be 1,100 kt to 1,200 kt and Coal to be 105 mt to 115 mt. Buying Opportunity • Dec 11
Now 21% undervalued Over the last 90 days, the stock is up 2.6%. The fair value is estimated to be R133, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 1.5% per annum. Earnings is also forecast to decline by 14% per annum over the same time period. Ankündigung • Oct 30
Glencore plc Revises Production Guidance for the Full Year 2023 Glencore plc revised production guidance for the full year 2023. For the period, the company revised copper production to be 1,040 kt ± 30 kt from previous guidance of 1,040 kt ± 30 kt; cobalt to be 38 kt ± 4 kt from previous guidance of 38 kt ± 5 kt; zinc to be 950 kt ± 30 kt from previous guidance of 950 kt ± 30 kt; nickel to be 102 kt ± 4 kt from previous guidance of 112 kt ± 5 kt; ferrochrome to be 1,200 kt ± 30 kt from previous guidance of 1,310 kt ± 30 kt and coal to be 110 mt ± 4 mt from previous guidance of 110 mt ± 5 mt. Ankündigung • Oct 20
JFE Steel Reportedly Eyes Stake in Teck Resources' Coal Business Japan's JFE Steel Corporation is in talks to buy a stake in the metallurgical coal business of Canada's Teck Resources Limited (TSX:TECK.B), two people aware of the development told Reuters, adding to the list of suitors that also includes miner Glencore plc (LSE:GLEN). Major steelmakers are seeking to diversify their supplies of coking coal due to sanctions on Russia, one of the leading producers. The previously unreported talks between JFE and Teck have been ongoing since September, another source said. The sources declined to be identified as they are not authorized to speak publicly. "We will continue to consider the acquisition of interests in coking coal, but we cannot answer individual questions," a spokesperson for Tokyo-based JFE Steel said in an email. Teck said it does not comment on speculation and referred to its earlier statement that the company is engaging with various counterparties regarding the steelmaking coal business. The talks are early and may not result in a deal, one of the sources added. It was unclear what stake JFE was seeking or what price it was offering. Japan's Nippon Steel Corporation (TSE:5401) has previously said it was looking to buy a 10% stake in Teck's coal business for CAD 1.15 billion, valuing the overall business at about CAD 11.5 billion, with an option of increasing its stake to 17.5%. Teck has been considering splitting its coal and copper businesses since March, but shareholders voted down its original proposal. In April, Teck rebuffed a $22.5 billion unsolicited takeover offer for the entire company from Swiss mining and trading firm Glencore. Glencore has said it will consider buying the coal business for about $8.5 billion. Teck shares were trading down 0.6%, while the benchmark Toronto share index was down 0.1%. JFE Steel holds 15% equity in India's JSW Steel Limited (BSE:500228), which was also exploring an investment in Teck's coal business. But Reuters reported in September the process had slowed down due to India-Canada diplomatic tensions. Earlier this month, Teck CEO Jonathan Price said the company had received multiple suggestions from investors on how to separate its coal and metals businesses and he was hoping to make a decision on the split by the end of this year. Price said the company had two options -- a 100% sale of the coal business for cash or a partial sale of the coal business, with proceeds going to growing the copper business. Ankündigung • Aug 29
Glencore plc Declares Additional Distribution for the Second Half of Financial Year Ended 31 December 2022, Payable on 22 September 2023 Glencore plc announced that On 26 May 2023, the shareholders resolved to pay an aggregate distribution of $0.44 per share in respect of the financial year ended 31 December 2022, payable in H1 and H2 in two equal tranches of $0.22 per share from the capital contribution reserves of the Company. On 8 August 2023, the Company announced an additional distribution of $0.08 per share to be paid alongside the H2 distribution. Therefore, the aggregate distribution amount for H2 will be $0.30 per share, made from the capital contribution reserves of the Company. Distribution per ordinary Glencore share in South African Rand Cents of 560.88900. Dematerialisation and rematerialisation of registered share certificates in South Africa may not be effected during the period from Wednesday, 30 August 2023 to Friday, 1 September 2023, both dates inclusive, nor will transfers between the Jersey register and the South African register be permitted between Tuesday, 29 August 2023 and Friday, 1 September 2023, both dates inclusive. This H2 distribution will be paid on Friday, 22 September 2023. Upcoming Dividend • Aug 23
Upcoming dividend of US$0.22 per share at 8.0% yield Eligible shareholders must have bought the stock before 30 August 2023. Payment date: 22 September 2023. Payout ratio is a comfortable 57% and this is well supported by cash flows. Trailing yield: 8.0%. Lower than top quartile of South African dividend payers (9.4%). In line with average of industry peers (7.4%). Ankündigung • Aug 18
JSW Steel Reportedly May Pick Majority Stake in Teck Coal Unit JSW Steel Limited (BSE:500228) is looking to form a consortium to bid for a majority stake in Teck Resources Limited (TSX:TECK.B)’s steelmaking coal business, people with knowledge of the matter said, potentially rivalling an $8 billion offer from commodities giant Glencore plc (LSE:GLEN). Mumbai-based JSW is seeking partners for an offer to acquire a 75% interest in the asset, known as Elk Valley Resources Ltd., the people said. That’s a marked shift in approach from July, when Bloomberg News reported JSW was interested in up to 20% of Teck’s coal business. A deal could value the coal business at more than $8 billion and JSW has been sounding out banks about financing for a potential offer, according to the people. Deliberations are ongoing and there’s no certainty an agreement will be reached, they said, asking not to be identified discussing confidential information. Representatives for JSW and Teck declined to comment. Any JSW consortium could yet face competition for the coal asset from Glencore, which in June proposed buying the business for about $8 billion as an alternative to a full takeover of Vancouver-based Teck. New Risk • Aug 10
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 4.3% Last year net profit margin: 6.5% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 18% per year for the foreseeable future. Minor Risks High level of debt (63% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (4.3% net profit margin). Reported Earnings • Aug 10
First half 2023 earnings released: EPS: US$0.36 (vs US$0.92 in 1H 2022) First half 2023 results: EPS: US$0.36 (down from US$0.92 in 1H 2022). Revenue: US$107.4b (down 20% from 1H 2022). Net income: US$4.57b (down 62% from 1H 2022). Profit margin: 4.3% (down from 9.0% in 1H 2022). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 1.0% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in South Africa are expected to grow by 3.7%. Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Ankündigung • Jun 14
Glencore Makes Offer for Teck's Steelmaking Coal Business Glencore plc (LSE:GLEN) on June 12, 2023 offered to buy Teck Resources Limited (TSX:TECK.B) steelmaking coal business as a standalone unit, after its $22.5 billon offer to combine the two companies was twice rebuffed by the Canadian miner. Teck Resources said on June 6 it had received several proposals for its steelmaking coal business. Ankündigung • Jun 02
Glencore Prepares Improved Offer for Teck Resources to Break Deadlock Glencore plc (LSE:GLEN) is getting closer to increasing its offer for Teck Resources Limited (TSX:TECK.B), in a move aimed at ending weeks of limbo in the battle over the Canadian miner’s future. Glencore is working on a potential improvement to its bid that could be announced as soon as the coming weeks, according to people familiar with the matter, who asked not to be identified discussing private information. By raising its offer and ratcheting up shareholder pressure, Glencore is seeking to force Teck to the negotiating table, the people said. Ankündigung • May 04
Glencore plc Announces Retirement of Patrice Merrin from the Board Glencore plc announced that as noted in the 2022 Annual Report and this Notice of AGM, Patrice Merrin will retire from the Board after the AGM. Following her retirement, the following changes to the composition of the Board Committees will take place: ECC Committee: Cynthia Carroll will replace Ms. Merrin as Chair of the Committee. Remuneration Committee: Martin Gilbert will replace Cynthia Carroll as Chair of the Committee. Cynthia will remain a member of the Committee. Investigations Committee: David Wormsley will replace Ms. Merrin as a member of the Committee. Upcoming Dividend • Apr 26
Upcoming dividend of US$0.22 per share at 7.6% yield Eligible shareholders must have bought the stock before 03 May 2023. Payment date: 01 June 2023. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 7.6%. Lower than top quartile of South African dividend payers (9.4%). Higher than average of industry peers (6.4%). Reported Earnings • Mar 27
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: US$1.33 (up from US$0.38 in FY 2021). Revenue: US$256.0b (up 26% from FY 2021). Net income: US$17.3b (up 248% from FY 2021). Profit margin: 6.8% (up from 2.4% in FY 2021). The increase in margin was driven by higher revenue. Production and reserves: Coal Production: 110 Mt (103.3 Mt in FY 2021) Copper Production: 1.533 Mt (1.65 Mt in FY 2021) Proved and probable reserves (ore): 5,868 Mt (5,995 Mt in FY 2021) Number of mines: 25 (25 in FY 2021) Zinc Production: 1.622 Mt (1.918 Mt in FY 2021) Proved and probable reserves (ore): 524.4 Mt (620.8 Mt in FY 2021) Number of mines: 13 (13 in FY 2021) Revenue missed analyst estimates by 3.8%. Earnings per share (EPS) also missed analyst estimates by 8.1%. Revenue is expected to decline by 2.5% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in South Africa are expected to grow by 1.8%. Over the last 3 years on average, earnings per share has increased by 118% per year but the company’s share price has only increased by 54% per year, which means it is significantly lagging earnings growth. Ankündigung • Feb 18
Glencore Mulls Sale of Volcan Compania Minera Stake Glencore Plc (LSE:GLEN) is considering a potential exit from Peruvian miner Volcan Compania Minera (BVL:VOLCABC1) in which it holds an economic interest of 23.3%. Glencore started the assessment process in the fourth quarter of last year, the company disclosed in its 2022 preliminary results presentation. Further details about the potential sale process were not disclosed. Ankündigung • Feb 16
Glencore plc Recommends Distribution of the Financial Year Ended 31 December 2022, Payable on June 1, 2023 and 22 September, 2023 Glencore plc announced that its Board is recommending an aggregate distribution of USD 0.44 per share in respect of the financial year ended 31 December 2022. 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 who formerly held shares through the Computershare Hong Kong nominee will receive distribution payments in US dollars unless they make an election to receive payments in Swiss francs, Sterling or Euros, or subscribe to the global payment service to elect to receive payments in the currency of their choosing (including Hong Kong Dollars), by the prescribed date. Elections will remain in place until revoked by the shareholder. Subject to shareholder approval, the distribution will be made from the capital contribution reserves of the Company in two equal tranches of $0.22 payable in the first six months of the 2023 financial year (H1) and second six months of the 2023 financial year (H2) in accordance with the following: H1 Ex-Distribution date (JSE): May 3, 2023; H1 Ex-Distribution date (Jersey) May 4, 2023; H1 Distribution Record Date for JSE May 5, 2023; H1 Distribution Record Date in Jersey May 5, 2023 and H1 Distribution payment date June 1, 2023. H2 Distribution Timetable: H2 Ex-Distribution date (JSE) 30 August, 2022; H2 Ex-Distribution date (Jersey) August 31, 2023; H2 Distribution Record Date for JSE September 1, 2023; H2 Distribution Record Date in Jersey 1 September, 2023; and H2 Distribution payment date 22 September, 2023. Ankündigung • Feb 01
Glencore plc Provides Production Guidance for the Year 2023 Glencore plc provided production guidance for the year 2023. For the year, the company expects production of Copper to be 1,040 ± 30 kt, Cobalt to be 38 ± 5 kt, Zinc to be 950 ± 30 kt, Nickel to be 112 ± 5 kt, Ferrochrome to be 1,310 ± 30 kt, Coal to be 110 ± 5 mt. Ankündigung • Jan 11
Britishvolt in Talks to Sell Majority Stake Power by Britishvolt Limited (Britishvolt) is in talks to sell a majority stake to a consortium of investors for more than £150 million, offering a potential lifeline to the troubled UK battery manufacturer. The potential buyers, led by an international pension fund, have made an offer to Britishvolt’s existing shareholders, which include Glencore plc (LSE:GLEN) and Ashtead Group plc (LSE:AHT) as well as its founders, to take control of the business, according to several people. Shareholders have until January 13, 2023 to approve the offer, according to two people, but some have objected to a deal they believe undervalues the company and dilutes current investors. The new investors are proposing to put in £30 million upfront and a further £128 million over the year, which would give Britishvolt time to secure the much-needed orders from carmakers for its technology, according to the people with knowledge of the discussions. The funding would also allow the business to make further developments to its prototype battery cells, which it must do to convince carmakers to buy its batteries. The company has development agreements with Aston Martin and Lotus but has yet to announce any public deals to sell its technology to manufacturers. The company said on January 9, 2023 it was “in discussions with a consortium of investors concerning the potential majority sale of the company”. The consortium that is looking to invest also provided money to the business late in 2022, according to two people. “The discussions aim to secure legally binding terms that would provide Britishvolt with the long-term sustainability and funding necessary to enable it to pursue its current plans to build a strong and viable battery cell R&D and manufacturing business in the UK,” the company added. Britishvolt declined to name the investors involved. The “two parties will provide further details at the appropriate time and have nothing further to add at this stage”, it said. 
