TOC Europe 2023Port of StocktonIMPA EventsSailors SocietyTelestackTMS Awards 2023
  • Sailors Society
  • TBA Group
  • Telestack
  • IMPA Events
  • Coaltrans Asia 2023
  • Cimbria

Glencore results reflect trade uncertainty

Glencore results reflect trade uncertainty

(Posted on 18/02/20)

Glencore’s Chief Executive Officer, Ivan Glasenberg, commented: “Our performance in 2019 reflected the prolonged and uncertain trade deal negotiations, generally weaker prices for our key commodities and some operational challenges experienced at our ramp-up/development assets. Adjusted EBITDA declined 26% to $11.6 billion.

“Our Marketing business finished 2019 on a strong note, generating Adjusted EBIT of $2.4 billion, in line with 2018, with an excellent performance from oil and a stronger second half metals’ contribution, helping to offset the cobalt headwinds experienced in the first half.

“In relation to our ramp-up/development assets, performance is steadily improving, in particular at our flagship Katanga operation, which met its second half production targets for both copper and cobalt.

“We are again recommending to shareholders a 2020 base distribution of $0.20 per share, payable in two equal instalments, which is comfortably covered (c.1.5x) by current annualised business free cashflow generation, even applying the presently weakened coronavirus discounted commodity prices.

“We are also pleased to report progress against our commitments to the transition to a low-carbon economy. We are on track to achieve a near doubling of our first GHG target with a reduction in Scope 1 and 2 emissions intensity of c.10% since 2016. Also, in line with our commitment to a Paris consistent strategy, we project a c.30% reduction in absolute Scope 3 emissions by 2035, including natural depletion of our coal and oil resource base over time.

“Looking ahead, in the short-term, we are closely watching coronavirus developments and potential scenario impacts on global growth and markets. As shown over many cycles, our business has various defensive cashflow characteristics, stemming primarily from marketing activities, but also material exposure to precious metals and infrastructure and expected countercyclical working capital inflows. Our priorities for 2020 remain being focused on delivering sustainable long-term returns for all stakeholders, including via delivering a step-change in safety performance, realising the potential of our ramp-up assets, seizing further operational efficiencies, strengthening our balance sheet and managing the transition to Glencore’s next generation of leadership.”

Latest News

Vale and Port of Açu sign steelmaking decarbonisation Mega Hub agreement

(Posted on 26/09/23)

Vale has announced that it signed a MOU with the Port of Açu to study the development of a Mega... Read more


European feed industry continues commitment to responsible soy

(Posted on 26/09/23)

The European Soy Monitor 2021 has been published, containing an overview of estimations on the use of... Read more


BHP contributes $60 billion to Australian economy in FY23

(Posted on 19/09/23)

BHP contributed $60 billion (AUD) in economic value to the Australian economy in the 2023 financial... Read more


BHP contributes $60 billion to Australian economy in FY23

(Posted on 19/09/23)

BHP contributed $60 billion (AUD) in economic value to the Australian economy in the 2023 financial... Read more


Trafigura announces executive leadership changes

(Posted on 19/09/23)

Trafigura Group Pte Ltd. has announced an evolution of its executive team to further strengthen leadership... Read more


World cereal production in 2023/24 seen on par with the 2021 record

(Posted on 12/09/23)

The Food and Agricultural Organisation of the United Nations (FAO) forecast for global cereal production... Read more


Rio Tinto appoints new Aluminium Chief Executive

(Posted on 08/09/23)

Rio Tinto has appointed Jérôme Pécresse to lead its Aluminium business, succeeding... Read more


US wheat growers express “unease” on final WOTUS Rule

(Posted on 04/09/23)

The Environmental Protection Agency (EPA) and the Army Corps in the USA have announced the final definition... Read more


Shipowners shortchanged over grain cargoes, says Swedish Club

(Posted on 28/08/23)

Despite the many and varied categories of cargo damage faced by shipowners transporting grain cargoes... Read more


La Granja joint venture transaction completed

(Posted on 28/08/23)

Rio Tinto and First Quantum Minerals have completed a transaction to form a joint venture that will... Read more


ViganTBA GroupCimbriaVan AalstPort of South LouisianaCoaltrans Asia 2023
  • TOC Africa 2023
  • Port of Stockton
  • Van Aalst

Subscribe to our newsletter

Keep up to date with the latest global news in bulk cargo handling and shipping