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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Glencore plc    GLEN   JE00B4T3BW64

GLENCORE PLC

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Glencore to lay off contractors at Australia's Hunter Valley on market downturn

11/16/2020 | 12:57am EST
FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar

MELBOURNE (Reuters) - Glencore, the world's biggest thermal coal trader, said on Monday it plans to lay off contractors at its coal operations in Australia's New South Wales state due to a prolonged market downturn.

Contractors at the Hunter Valley Operations (HVO) will depart next month, Glencore said in a statement. The miner holds a minority 49% stake of the joint venture with Yancoal, and manages the mine's communications.

"Hunter Valley Operations has initiated discussions with the mine's workforce on changes that will be made to the coal processing requirements from January 2021 as a result of ongoing economic and energy demand impact arising from the COVID-19 pandemic," Glencore said, without providing details about the number of contractors who would be made redundant.  

"The changes will not impact HVO's permanent workforce numbers but some contracting roles in the mining, coal preparation and maintenance areas will not be required under the revised production plan." 

In August, the miner and commodity trader said it was taking steps to manage its coal production profile, including temporary site and equipment shutdowns at a number of its Australian operations, to coincide with September school holidays.

Coal prices in Newcastle have climbed off 12-year lows of around $46 a tonne plumbed in September to about $55.88 a tonne currently. They are still well below cycle peaks of $120 hit in 2018.

(Reporting by Melanie Burton, Editing by Sherry Jacob-Phillips)


© Reuters 2020
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Financials (USD)
Sales 2020 165 B - -
Net income 2020 -1 919 M - -
Net Debt 2020 33 557 M - -
P/E ratio 2020 -27,0x
Yield 2020 1,43%
Capitalization 46 968 M 46 886 M -
EV / Sales 2020 0,49x
EV / Sales 2021 0,38x
Nbr of Employees 160 000
Free-Float 75,5%
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 4,11 $
Last Close Price 3,55 $
Spread / Highest target 44,0%
Spread / Average Target 15,7%
Spread / Lowest Target -12,8%
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Managers and Directors
NameTitle
Ivan Glasenberg Chief Executive Officer & Executive Director
Anthony Bryan Hayward Independent Non-Executive Chairman
Steven F. Kalmin Chief Financial Officer
Peter Roland Coates Non-Executive Director
John Joseph Mack Independent Non-Executive Director
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