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


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Glencore's 2019 cobalt up, copper down; share price rises

02/04/2020 | 05:07am EST
FILE PHOTO: The logo commodities trader Glencore is pictured in Baar

Glencore said its 2019 copper output fell 6% and battery mineral cobalt rose 10% as it boosted production at its Katanga mine in the Democratic Republic of Congo, offsetting the impact of the early closure of another operation.

The news drove Glencore's shares 5% higher by 1000 GMT, outperforming London peers, as analysts took the view Glencore was overcoming operational problems in Africa.

The miner shut its Mutanda mine in Congo ahead of schedule in November in response to falling cobalt prices and rising costs and taxes.

Glencore, whose CEO Ivan Glasenberg has said he may be replaced this year, has been battling multiple issues, including political and operational issues in Congo and Zambia, and investigations by the U.S. Department of Justice and Britain's Serious Fraud Office.

The problems have weighed on Glencore's shares, which shed 19% last year.

Analysts now predict a rally, saying the company is too cheap and operational problems have been tackled.

"Glencore continues to screen as a strong value proposition," Tyler Broda of RBC Capital Markets said in a note.

(Graphic: Glencore production - https://fingfx.thomsonreuters.com/gfx/ce/7/8414/8395/glencore%20%20metals.jpg)

(Graphic: Glencore peers - https://fingfx.thomsonreuters.com/gfx/ce/7/8420/8401/glenshaes.jpg)

Glencore on Tuesday said its 2019, copper output reached 1.37 million tonnes while cobalt climbed 42,200 tonnes. In the fourth quarter, copper output fell to 355,400 tonnes and cobalt production dropped to 11,900 tonnes.

It should benefit from the rise of electric vehicles, which use high volumes of copper and cobalt.

But the company, which is the world's biggest shipper of export quality coal, is under mounting pressure from investors concerned about the need to phase out fossil fuel to lower climate-warming emissions.

Production of zinc, ferrochrome and nickel fell slightly but the company kept its full year 2020 outlook unchanged.

Also on Tuesday, Glencore appointed former China Molybdenum International CEO Kalidas Madhavpeddi to its board. China Moly, like Glencore, operates in Congo.

By Zandi Shabalala and Yadarisa Shabong

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CHINA MOLYBDENUM CO., LTD. 2.09% 5.38 End-of-day quote.6.32%
DOW JONES AFRICA TITANS 50 INDEX -1.16% 532.29 Delayed Quote.1.74%
GLENCORE PLC -1.79% 279.9 Delayed Quote.20.13%
S&P AFRICA 40 INDEX -1.63% 173.09 Delayed Quote.1.71%
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Financials (USD)
Sales 2020 164 B - -
Net income 2020 -2 017 M - -
Net Debt 2020 33 656 M - -
P/E ratio 2020 -28,1x
Yield 2020 1,33%
Capitalization 50 277 M 50 302 M -
EV / Sales 2020 0,51x
EV / Sales 2021 0,40x
Nbr of Employees 160 000
Free-Float 75,0%
Duration : Period :
Glencore plc Technical Analysis Chart | GLEN | JE00B4T3BW64 | MarketScreener
Technical analysis trends GLENCORE PLC
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 4,04 $
Last Close Price 3,80 $
Spread / Highest target 34,5%
Spread / Average Target 6,19%
Spread / Lowest Target -18,5%
EPS Revisions
Managers and Directors
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
Sector and Competitors