Cimbria Bulk Equipment A/SCleveland Cascades LtdPort of Vancouver USATMS Tanker Conference 2020Port of StocktonTelestack
  • Cleveland Cascades Ltd
  • Vigan
  • The Wolfson Centre for Bulk Solids Handling Technology
  • TOC Events
  • Telestack
  • TMS Ship Finance & Trade Conference 2020

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

Oyu Tolgoi mine confirms project schedule

(Posted on 06/07/20)

Oyu Tolgoi LLC has completed an updated feasibility study (OTFS20) and is in the process of submitting... Read more


Rusal publishes sustainability report

(Posted on 06/07/20)

RUSAL, a leading global aluminium producer, has published its annual Sustainability Report on the Hong... Read more


Cargill joins decarbonising research centre

(Posted on 30/06/20)

Cargill has joined leading players across the global maritime industry to launch the Maersk Mc-Kinney... Read more


Oyu Tolgoi mine power agreement

(Posted on 30/06/20)

Rio Tinto, Turquoise Hill and the Government of Mongolia have reached an agreement on the preferred... Read more


ADM to expand corn processing complex

(Posted on 25/06/20)

To help meet continuing high demand for hand sanitizer, ADM has announced it is significantly increasing... Read more


Support for U.S. Grains Act

(Posted on 25/06/20)

The National Grain and Feed Association (NGFA) in the USA and North American Export Grain Association... Read more


Rio Tinto announces board-led heritage review

(Posted on 19/06/20)

Rio Tinto has launched a board-led review of its heritage management processes within Iron Ore following... Read more


WCA responds to India coal auctions

(Posted on 19/06/20)

Statement from Michelle Manook, World Coal Association Chief Executive:“The World Coal Association... Read more


Rusal launches new foundry complex

(Posted on 18/06/20)

RUSAL, a leading global aluminium producer, has announced the commissioning of a new foundry complex... Read more


World steel demand to shrink 6.4%

(Posted on 15/06/20)

The World Steel Association (worldsteel) has released its Short Range Outlook (SRO) for 2020 and 2021... Read more


TMS Ship Finance & Trade Conference 2020The Wolfson Centre for Bulk Solids Handling Technology TMS Awards 2020TBA GroupTMS Webinar Series COVID-19: A Leadership Perspective - ‘Scanning the Financial Horizons’Sailors Society
  • Port of Vancouver USA
  • TBA Group
  • TMS Tanker Conference 2020
  • Cimbria Bulk Equipment A/S

Subscribe to our newsletter

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