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Glencore Xstrata

GLENLN is one of the largest mining companies in the world with leading global positions in a number of key markets, including copper, zinc, nickel, coal, and cobalt. In addition, GLENLN is a major supplier/trader of metals, energy, and agricultural products. GLENLN's operations are divided into three main business segments: Metals & Minerals (36% of 2017 sales), Energy Products (58%), and Agricultural Products (6%). Each segment comprises both marketing and industrial activities, with total marketing activities contributing 22% of 2017 EBITDA and industrial activities contributing the remaining 78%. The current company was formed in 2013 through a merger of Glencore International, then one of the world's largest commodities trading companies, and Xstrata plc, a major global producer of coal, copper, nickel and zinc. (10 Sep 2018)

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Transcript 2018 Euro IG Confrnce: European Basics

Transcript: 11 Dec 2018, 9:03 PM ET - In this article, we transcribe our presentation on European Basics from CreditSights' recent European Investment Grade / Crossover Conference

GLENLN: Bunge CEO Exit May Reopen M&A Talks

Worth Watching: 10 Dec 2018, 2:03 PM ET - GLENLN (Baa2/BBB+): According to a report on Bloomberg, Bunge's CEO Soren Schroder is on his way out after activists, D.E. Shaw & Co. and Continental Grain Co., won two board seats. Bunge's board had been running a strategic review, and market rep ..

Glencore: Katanga Cobalt Sales Suspended

Worth Watching: 07 Nov 2018, 11:28 AM ET - Glencore (Baa2/BBB+) suspended sales of cobalt produced from its Kamoto mine in the DRC after detecting low levels of radioactivity in supplies. To note, the Kamoto mine is an operating subsidiary that is 75% owned by Katanga Mining Ltd, which in ..

Glencore: 3Q18 Production, Guidance Largely Intact

Worth Watching: 28 Oct 2018, 9:06 AM ET - Glencore (Baa2/BBB) posted 3Q18 production results that are in-line with expectations across the metal & minerals and energy products segments. FY18 production guidance remains largely unchanged with some ranges narrowed as we approach the end of ..

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.

Glencore 1H18: Increasing Shareholder Rewards

Earnings Note: 08 Aug 2018, 10:24 PM ET - Glencore is taming down its M&A rhetoric and increasing shareholder rewards with a preference for buybacks. 

Glencore: 2Q18 Production, Guidance Unchanged

Worth Watching: 31 Jul 2018, 5:21 PM ET - Glencore (Baa2/BBB) posted 2Q18 production results that are in-line with expectations across the metal & minerals, energy products, and oil asset segments. FY18 production guidance remains unchanged with production weighted more toward the seco ..

AALLN: Buys Glencore's 39% in Mototolo Venture

Worth Watching: 23 Jul 2018, 10:43 PM ET - AALLN (Baa3/BBB-) has agreed to purchase Glencore's 39% stake in the Mototolo joint venture, increasing AALLN's ownership to 89% with Kagiso Tiso Holdings owning the remaining 11%. AALLN will pay an initial R800 mn ($59 mn) plus additional conside ..

Glencore: $1.0 BN Share Buyback

Worth Watching: 09 Jul 2018, 12:29 PM ET - Glencore (Baa2/BBB+) plans to repurchase up to $1.0 bn of shares by YE18. The first tranche of £350 mn may be executed by August 7th, the day before GLENLN's 1H18 results. The announcement comes on the heels of GLENLN getting subpoenaed by the DOJ ..

Glencore: DOJ Subpoena for Corruption Probe

Worth Watching: 03 Jul 2018, 9:29 PM ET - Glencore (Baa2/BBB+) received a subpoena from the U.S. Department of Justice to hand over documents since 2007 relating to compliance with the Foreign Corrupt Practices Act and U.S money laundering statutes for the company's operations in Nigeria, ..

Glencore: Resumes Payments to Gertler in Euros

Worth Watching: 15 Jun 2018, 4:07 PM ET - Glencore (Baa2/BBB+) is working diligently to resolve the outstanding issues that could potentially impact its ability to operate in the DRC. On the heels of the $5.6 bn write-down of inter-company debt at Kamoto Copper Co (see: GLENLN: Resolves D ..

Mining: Cost Rises on New Congo Mining Bill

Worth Watching: 13 Jun 2018, 3:33 PM ET - Mining: The DRC is set to roll out a new mining legislation that will include higher taxes and royalties for miners that operate in the region, after having approved the final part of the bill last Friday.  Miners are now liable to pay 50% on su ..

GLENLN: Resolves Dispute over Congo Cobalt Op

Worth Watching: 12 Jun 2018, 9:54 PM ET - GLENLN (Baa2/BBB+) agreed to write off $5.6 bn of inter-company debt at Kamoto Copper Co (KCC) in order to end a dispute with Gecamines, the Congo state-owned mining company. The deal also includes a one-time payment of $150 mn to Gecamines and w ..

Italy Assessing the Risks: Part 2 - Non-Financials

Sector Analysis: 31 May 2018, 10:24 PM ET - In the second part of our series on the impact of Italian political uncertainty on the country's investment grade and high yield credits we take a look at non-financial corporates.

Brazil Truckers' Strike: Basic Industries View

Sector Analysis: 31 May 2018, 5:08 AM ET - We take a look at the Brazilian truckers' strike which has crippled the local economy over the last 1.5 weeks and assess the potential impact on the Metals & Mining and Paper & Packaging sectors. 

Glencore: S&P Upgrades to BBB+

Worth Watching: 29 May 2018, 12:09 PM ET - Glencore (Baa2/BBB+): S&P raised its credit rating on GLENLN by one notch to BBB+. The ratings upgrade reflects the greater financial prudence and resilience that GLENLN has demonstrated. The company aims to keep its reported net debt between $10- ..

Glencore: UK Bribery Investigation Over Congo

Worth Watching: 18 May 2018, 12:46 PM ET - Glencore (Baa2/BBB): According to Bloomberg, the UK's Serious Fraud Office is preparing to open a formal bribery investigation into GLENLN over its ties to Israeli billionaire Dan Gertler in the DRC. GLENLN's operations in the DRC include the Kata ..

Glencore: 1Q18 Production, Guidance Unchanged

Worth Watching: 03 May 2018, 1:14 PM ET - Glencore (Baa2/BBB) posted 1Q18 production results that are in-line with expectations across the metal & minerals, energy products, and oil asset segments. FY18 production guidance remains unchanged with production weighted more toward the second ..

BHP: F3Q18 Production Results, IO Disappoints

Worth Watching: 19 Apr 2018, 11:36 PM ET - BHP (A3/A) posted mixed F3Q18 production results for the quarter that ended on March 31, 2018. WAIO iron ore production of 67 Mt on 100% basis came in below analyst estimates of 69 Mt. Iron ore production was up 8% YoY due to record production at ..

Basic Industries: 1Q18 In Review and a Look Ahead

Sector Analysis: 17 Apr 2018, 4:12 AM ET - We review the performance of the Basic Industries sector  YTD, comparing themes in our outlook with actual developments. We also talk about unexpected developments, and what we think will shape the balance of the year. 

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