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    GLEN   JE00B4T3BW64

GLENCORE PLC

(GLEN)
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Delayed Quote. Delayed London Stock Exchange - 07/30 11:35:23 am
323.55 GBX   -1.79%
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Glencore : Workers again block rail line supplying Colombia coal miner Cerrejon

06/03/2021 | 04:10pm EDT

BOGOTA, June 3 (Reuters) - Former workers have again blocked Colombian coal miner Cerrejon's rail line, the company said on Thursday, the latest protest to recently affect the beleaguered miner's operations.

Cerrejon, jointly owned by BHP Group, Anglo American Plc and Glencore Plc, has had repeated disagreements with nearby Wayuu indigenous communities and its largest union, which held a three-month strike last year.

The company in late May declared force majeure and halted operations because of two blockades which prevented it from bringing in supplies of gasoline. One was mounted by former workers upset by recent job cuts and another by members of a nearby indigenous community which has made repeated environmental complaints about Cerrejon.

The company and the government had conversations with ex-workers blocking the company rail line and the Media Luna community, which was barricading a road out of Cerrejon's port. They made deals late last week to lift blockades and on Saturday Cerrejon said it would gradually restart operations.

But the group of former employees, who left the company in February, has once again blocked the line, Cerrejon said.

"The company asks the authorities for their immediate intervention in the face of the illegal blockades and actions which put in danger the employment stability of more than 9,000 families," Cerrejon said in a statement.

It said it is willing to hold further talks with workers, but not under the pressure of illegal barricades.

It said the workers let go were given more generous benefits than those required by law, but did not accept them. It said it told them they will not be rehired.

Cerrejon produced 12.4 million tonnes of coal in 2020, down almost 52% from 2019, and its exports fell to their lowest level in the past 18 years amid coronavirus restrictions and falling global demand for coal. (Reporting by Julia Symmes Cobb; Editing by David Gregorio)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BHP GROUP 0.30% 53.49 End-of-day quote.26.07%
GLENCORE PLC -1.79% 323.55 Delayed Quote.38.86%
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Financials (USD)
Sales 2021 216 B - -
Net income 2021 7 415 M - -
Net Debt 2021 30 300 M - -
P/E ratio 2021 7,90x
Yield 2021 4,40%
Capitalization 59 550 M 59 586 M -
EV / Sales 2021 0,42x
EV / Sales 2022 0,38x
Nbr of Employees 87 822
Free-Float 75,6%
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Mean consensus OUTPERFORM
Number of Analysts 21
Last Close Price 4,50 $
Average target price 5,17 $
Spread / Average Target 15,0%
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Managers and Directors
Gary Nagle Chief Executive Officer
Steven F. Kalmin Chief Financial Officer
Kalidas V. Madhavpeddi Chairman
Patrice E. Merrin Independent Non-Executive Director
Martin James Gilbert Senior Independent Director