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Glencore PLC (GLEN.L)

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Latest Key Developments (Source: Significant Developments)

African Rainbow Minerals Announces Restructuring Of ARM Coal Debt
Monday, 25 Jun 2018 07:50am EDT 

June 25 (Reuters) - African Rainbow Minerals Ltd ::RESTRUCTURING OF ARM COAL DEBT.PARTIES CONCLUDED RESTRUCTURING OF DEBT OF R3.98 BILLION OWED BY ARM AND ARM COAL TO GOSA AT 30 JUNE 2017.PARTIES ALSO CONCLUDED RESTRUCTURING OF DEBT OF R1.83 BILLION OWED BY PCB TO ARM AND ARM COAL AT 30 JUNE 2017.MATURITY DATE FOR ALL DEBT OWED BY ARM AND ARM COAL TO GOSA IS EXTENDED TO 31 DECEMBER 2029.  Full Article

Glencore Says Katangas Settlement Agreement With Gécamines Fulfilled
Thursday, 14 Jun 2018 10:44am EDT 

June 14 (Reuters) - Glencore PLC ::KATANGAS SETTLEMENT AGRMT WITH GÉCAMINES EFFECTIVE.CONFIRMS THAT CONDITION PRECEDENT TO SETTLEMENT AGREEMENT WITH GECAMINES HAS NOW BEEN FULFILLED.SETTLEMENT AGREEMENT WITH GECAMINES IS UNCONDITIONAL.  Full Article

Katanga Mining Settles DRC Legal Dispute With Gecamines
Tuesday, 12 Jun 2018 01:42pm EDT 

June 12 (Reuters) - Katanga Mining Ltd ::KATANGA MINING ANNOUNCES SETTLEMENT OF DRC LEGAL DISPUTE WITH GÉCAMINES AND AGREEMENT FOR THE RESOLUTION OF KCC CAPITAL DEFICIENCY.KATANGA MINING - GÉCAMINES, KATANGA & KCC AGREED ON A RECAPITALIZATION PLAN THAT WILL ALLOW RECONSTRUCTION OF NET EQUITY OF KCC.KATANGA MINING - SETTLEMENT AGREEMENT INCLUDES ONE-TIME SETTLEMENT PAYMENT BY CO TO GÉCAMINES, PAYABLE ON JUNE 14, OF $150 MILLION.KATANGA - ENTERED AGREEMENT WITH JV PARTNER LA GÉNÉRALE DES CARRIÈRES ET DES MINES TO TERMINATE LEGAL PROCEEDINGS BROUGHT BY GÉCAMINES IN DRC COURTS.KATANGA MINING - ON CLOSING DATE, GÉCAMINES WILL WITHDRAW LEGAL PROCEEDINGS COMMENCED ON APRIL 20, 2018 IN KOLWEZI COMMERCIAL COURT.KATANGA MINING - $150 MILLION SETTLEMENT PAYMENT WILL BE FUNDED BY NEW LOANS TO KMFL UNDER NEW CREDIT FACILITY.KATANGA MINING - KCC AGREED THAT IT WILL WAIVE CONTRACTUAL RIGHT TO RECEIVE REPLACEMENT RESERVES OR EQUIVALENT CASH PAYMENT OF $285 MILLION.KATANGA MINING - TRANSACTIONS WILL NOT IMPACT CO'S PREVIOUSLY REPORTED CONSOLIDATED NET ASSETS OR CONSOLIDATED LIABILITIES.  Full Article

Jefferies expects copper market to remain balanced in near term
Tuesday, 12 Jun 2018 12:18am EDT 

June 12 (Reuters) - :GLOBAL METALS AND MINING: JEFFERIES EXPECTS THE COPPER MARKET TO REMAIN BALANCED WITH SOME POTENTIAL DOWNSIDE RISK TO PRICES IN THE VERY NEAR TERM.GLOBAL METALS AND MINING: JEFFERIES SAYS DEFICITS MAY BEGIN OVER NEXT 6-12 MONTHS AS SUPPLY CONSTRAINTS INTENSIFY AND DEMAND GROWS.  Full Article

Congo Court Suspends Gecamines Bid To Dissolve Glencore Unit Until June - Bloomberg
Tuesday, 8 May 2018 09:32am EDT 

May 8 (Reuters) - :CONGO COURT SUSPENDS GECAMINES BID TO DISSOLVE GLENCORE UNIT UNTIL JUNE - BLOOMBERG.  Full Article

Katanga Mining Says First Supreme Court Hearing On Legal Proceedings Commenced By DRC-owned Gecamines On June 15
Tuesday, 8 May 2018 09:26am EDT 

May 8 (Reuters) - Katanga Mining Ltd ::KATANGA MINING PROVIDES AN UPDATE ON LEGAL PROCEEDINGS COMMENCED BY GECAMINES.OBTAINED DECISION FROM SUPREME COURT OF DRC ON MAY 4 ALLOWING KCC TO CHALLENGE COMPETENCY OF KOLWEZI COURT TO RULE ON CAPITAL DEFICIENCY PROCEEDINGS.KOLWEZI COURT WAS NOTIFIED OF DECISION OF SUPREME COURT ON MAY 7, 2018.AS A RESULT OF DECISION OF SUPREME COURT, KOLWEZI COURT CONCLUDED TODAY THAT PREVIOUSLY SCHEDULED CAPITAL DEFICIENCY PROCEEDINGS SHOULD BE SUSPENDED.FIRST HEARING OF SUPREME COURT IS SCHEDULED ON JUNE 15, 2018."REMAINS DETERMINED TO FIND A MUTUALLY AGREEABLE RESOLUTION OF DISPUTES WITH GÉCAMINES".  Full Article

Glencore Says Filing Of Freezing Orders Against Subsidiaries Mutanda And Kamoto
Friday, 27 Apr 2018 12:17pm EDT 

April 27 (Reuters) - Glencore PLC ::FILING OF FREEZING ORDERS AGAINST MUTANDA+KAMOTO.VENTORA DEVELOPMENT SASU HAS SERVED IN DEMOCRATIC REPUBLIC OF CONGO FREEZING ORDERS AGAINST MUTANDA MINING SARL AND KAMOTO COPPER CO (KCC), SUBSIDIARIES OF GLENCORE, FOR ABOUT $695 MILLION AND $2.28 BILLION RESPECTIVELY.VENTORA ALLEGES MUTANDA HAS BREACHED AGREEMENT WITH VENTORA PURSUANT TO WHICH IT ALLEGES MUTANDA IS REQUIRED TO MAKE ROYALTY PAYMENTS TO VENTORA.VENTORA ASSERTS IF ITS CLAIM FOR BREACH IS UPHELD IT WILL BE ENTITLED TO DAMAGES OF ABOUT $695 MILLION WHICH IT ALLEGES IS VALUE OF FUTURE ROYALTIES DUE TO IT UNDER AGREEMENT.ASSESSING IMPACT OF FREEZING ORDER ON MUTANDA AND KCC'S OPERATIONS IN DRC, BUT NOTES FREEZING ORDERS MAY MATERIALLY ADVERSELY AFFECT SUCH OPERATION.DENIES THAT MUTANDA AND KCC ARE IN BREACH OF ANY OF THEIR OBLIGATIONS UNDER THEIR RESPECTIVE AGREEMENTS WITH VENTORA AND AHIL.ENTIRELY REJECTS VENTORA'S CALCULATION OF VALUE OF FUTURE ROYALTIES ALLEGEDLY OWED TO VENTORA.  Full Article

Glencore Restructures Loans To Polymet, Aquires Common Share Purchase Warrants
Wednesday, 28 Mar 2018 09:42am EDT 

March 28 (Reuters) - Glencore Plc ::GLENCORE RESTRUCTURES LOANS TO POLYMET AND ACQUIRES COMMON SHARE PURCHASE WARRANTS.GLENCORE RESTRUCTURES LOANS TO POLYMET AND ACQUIRES COMMON SHARE PURCHASE WARRANTS.UNIT ENTERED INTO AMENDMENT TO PURCHASE AGREEMENT WITH POLYMET MINING CORP. AND POLY MET MINING​.‍MATURITY OF AGGREGATE OF $152 MILLION OF OUTSTANDING SECURED CONVERTIBLE, NON-CONVERTIBLE DEBENTURES EXTENDED BY 12 MONTHS, TO MARCH 31, 2019​.ALSO AGREED TO LEND UP TO AN ADDITIONAL US$80 MILLION TO POLYMET OVER NEXT 12 MONTH IN FIVE TRANCHES​.  Full Article

Glencore weighs buying back Gupta-linked coal mine - Bloomberg
Wednesday, 28 Mar 2018 04:31am EDT 

March 28 (Reuters) - :GLENCORE WEIGHS BUYING BACK GUPTA-LINKED COAL MINE -BLOOMBERG CITING SOURCES.  Full Article

Glencore Says Intended Issuance Of $500 Mln Non-Dilutive Cash Settled Guaranteed Convertible Bonds
Tuesday, 20 Mar 2018 09:27am EDT 

March 20 (Reuters) - Glencore Plc ::‍ANNOUNCES INTENDED ISSUANCE OF $500 MILLION NON-DILUTIVE CASH SETTLED GUARANTEED CONVERTIBLE BONDS DUE 2025​.‍NET PROCEEDS OF OFFERING OF BONDS WILL BE USED FOR GENERAL CORPORATE PURPOSES AND FOR PURCHASE OF CALL OPTIONS​.  Full Article

Greece shortlists Glencore, Vitol in Hellenic Petroleum majority stake sale

ATHENS Greece has shortlisted Anglo-Swiss Glencore and Swiss Vitol to submit a binding bid for a majority stake in the country's biggest oil refiner Hellenic Petroleum, its privatization agency said on Wednesday.