Glencore acquires half of former Rio coal mine in Australia

Following a bidding race where the company initially lost, Glencore (LON:GLEN) was finally able to put its hands on Rio Tinto’s (ASX, LON:RIO) former coal assets in Australia’s Hunter Valley, located in the New South Wales region. The Anglo–Swiss multinational announced that it signed agreements with Yancoal Australia (ASX:YAL), a subsidiary of China’s Yanzhou Coal[…]

Glencore snatches Rio Tinto-owned mines from Yancoal with $2.55B offer

Miner and commodities trader Glencore (LON:GLEN) has performed a coup d’etat on a deal that was practically sealed between Yancoal Australia (ASX:YAL) and Rio Tinto (ASX, LON:RIO) for Rio’s coal assets in Australia’s Hunter Valley. The company said Friday that it has offered $2.55 billion for the mines that are near coal operations already owned by[…]

Top 50 biggest mining companies

Less red ink more blue sky and sister company IntelligenceMine‘s ranking of the world’s 50 largest mining companies based on market value continues to show an industry in recovery. At the end of the first quarter this year the top 50 companies had a combined worth of $842 billion. In total these companies’ added $258[…]

Cyclone Debbie disrupts $3.2bn of Australian coal exports

Australia’s coal exports may be disrupted for weeks as flooding associated with Cyclone Debbie has caused serious damage to some of the country’s key rail lines, particularly in the north-east, momentarily helping prices, but also increasing the prospect of major producers declaring force majeure. Damage to rail lines in cyclone-hit Queensland have disrupted the shipment[…]

Glencore’s profit soars on commodities rebound

Miner and commodities trader Glencore (LON:GLEN) became Thursday the latest company to prove the mining industry is coming back up from one of the sector’s most severe downturns by posting a 48% increase in 2016 profits. A surge in commodity prices combined with Glencore’s multibillion-dollar asset fire-sale not only helped it swing back to profit, but also to[…]

DRC says Ok for Glencore to take full control of Mutanda copper mine

The Democratic Republic of Congo won’t stand in the way of Glencore’s (LON:GLEN) plans to increase its stake in the Mutanda copper mine, an asset it jointly owns with billionaire mining tycoon Dan Gertler. Mines Minister Martin Kabwelulu told Bloomberg he “didn’t believe” the government needed to authorize changes in ownership in that project, marking[…]

Glencore may take full control of Mutanda copper mine

Miner and commodities trader Glencore (LON:GLEN) is mulling to hike its stake in the Mutanda mine in the Democratic Republic of Congo, a copper asset it jointly owns with billionaire mining tycoon Dan Gertler. The Swiss firm, which already owns 69% of the mine, confirmed Thursday it was studying strategic options for the venture, adding it would make[…]

Glencore becomes sole owner of Newlands, Collinsville coal mines in Australia

Miner and commodities trader Glencore (LON:GLEN), the world’s biggest supplier of thermal coal, has bought out its two Japanese partners in an Australian coal venture that includes Newlands and Collinsville mines, as well as a stake in an export terminal. Glencore recently restarted one of them, Queensland’s Collinsville, in response to higher coal demand from Southeast[…]

Glencore to resume dividend in 2017 as debt reduction on track

Mining and commodities trader giant Glencore (LON:GLEN) just added a fresh sign to a mounting pile of indicators that signal a long-awaited recovery in the mining industry, by announcing it will resume paying dividends in 2017 and also meet its goal this year to cut net debt. The Swiss company, which was one of the[…]

Chinese coking coal futures hit the roof

Coking coal prices climbed Monday 10%, the maximum daily amount allowed based on market rules, just when some analysts were predicting the end of the rally. The fresh gains came amid tight supply and renewed appetite for risky assets, leading a broad rally in Chinese commodities. The most-traded coking coal for January delivery on the Dalian[…]