Glencore

Ticker GLEN

Today's data summary

Market closed
% change
+0.88%
Price Pence
256.55
Change
+2.25
As of 02:10 23 Sep 2019
Market cap. Pound sterling
34,649.35 million
As of 02:10 23 Sep 2019

Latest updates

Congolese army arrive at Glencore mine following deaths

Kamoto Copper Company operations
Kamoto Copper Company

Glencore says the Democratic Republic of Congo's army been deployed to its copper and cobalt mine following the recent deaths of more than 40 illegal miners.

Miners have been working at the mine in the south east of the country without permission.

A number of people were killed last week following the collapse of a structure overlooking the extraction site.

Glencore said that the Kamoto Copper Company, in which it owns a majority stake, has "communicated its expectations to the Armed Forces of the Democratic Republic of the Congo to exercise restraint and operate in accordance with Voluntary Principles on Security and Human Rights and international human rights standards.

"This includes the principles relating to the use of proportionate force and provision of medical aid."

Glencore shares rise

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Glencore was one of the biggest fallers in the FTSE yesterday on this news but the shares are now up 4% at 275p.

Alex replaces billionaire Alex at Glencore

Glencore sign
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The generational shift at the top of Glencore continues with the company announcing the retirement of Alex Beard, the long-serving head of its oil business.

The 52-year-old, who owns a 2.5% stake in Glencore worth an estimated £1bn, will retire from the firm on 30 June and be replaced by Alex Sanna.

Mr Sanna has been with Glencore since 2006 and has been a senior member of the Oil Products division.

DRC slowdown worries Glencore investors

Glencore
Glencore

Shares in Glencore are down almost 3% this morning, after the miner slashed its projections for copper production in the Democratic Republic of Congo.

"A full and comprehensive business review recently commenced, targeting efficiency and recovery improvements, better product quality realisations and significant cost reductions over the remainder of 2019 and into 2020," the company said of its DRC operations.

Glencore's overall copper production was also 7% lower than in the first quarter last year, mainly due to flooding in Queensland and safety issues in Zambia.

Glencore woes abound in trading update

Glencore sign
Getty Images

In case you missed it, the latest earnings results for Swiss commodity trading and mining firm Glencore reveal that the company is facing several obstacles right now.

For one, the miner has been pressured into cutting the amount of coal it produces, due to environmental concerns from the shareholders, including the Church of England, which owns a stake worth just under £10m in the company.

HM Revenue and Customs has also been on the prowl - Glencore admitted that it owes $680m in diverted profits and permanent establishment taxes for the period from 2008 to 2017, and that it had not provisioned for the amount.

As explained by the FT, HM Revenue and Customs uses the diverted profits tax to detect and prevent profit shifting by large corporations, while permanent establishment tax determines whether a company's UK offices are liable to be taxed.

Working in a coal mine

Canary
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Mitsubishi will raise A$750m (£427m) by flogging its stake in two Australian thermal coal mines.

The Japanese firm will sell its 31.4% stake in Clermont coal mine to a joint venture between Glencore and Sumitomo, while it plans to sell its 10% stake in Ulan coal mine to Glencore.

Through the deal, which is expected to be completed in 2019, the Glencore-Sumitomo joint venture's stake in the Clermont mine will rise to nearly 81.5 percent, Sumitomo said.

Miners send FTSE 100 lower

Anglo American mining site
Anglo American

The FTSE 100 index is now down 0.78% at 7,084.73 with mining stocks the biggest fallers on the blue chip index.

Anglo American is showing the biggest drop, down 4.6% at £16.69, followed by Glencore whose share price is down 4% at 305.15p.

Exhibitions and publishing group Informa is still the leading riser on Friday, up 2.6% at 710.2p after revealing strong revenue growth over the year to date.

The FTSE 250 is down 0.69% at 19,124.37. After strong gains on Thursday, Hikma Pharmaceuticals is the largest faller on the index, down 6.1% at £19,00.

Next and Glencore shares gain

Glencore mining operation
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Glencore plans to buy back more shares

Next has cemented its place at the top of the FTSE 100 risers today after lifting its full-year profit guidance.

Its share price is up 8.39% to £55.53.

Commodities and mining firm Glencore is also one the morning's largest gainers, up 2.5% to 338.27p after it said it will buy back $1bn of additional shares.

Educational publisher Pearson shares are the biggest faller, down 2.7% at 863.2p.

After a profit warning on Monday, Thomas Cook's shares recovered a little today - up 5.7% at 59.15p - to lead the FTSE 250 risers.

The wider FTSE 250 is largely flat at 20,491.24.

Good morning!

Welcome to Business Live.

Insurance groups Prudential and Hastings will both update investors today with their latest financials as will commodities giant Glencore.

Later on the US, fashion house Michael Kors and Virgin Media-owner Liberty Global will publish figures.

But the main focus today will stay on Elon Musk who says he is considering taking electric car maker Tesla private.

If it goes ahead, it would be the largest buyout of its kind.

As always. we'd love to hear from you. Email us at bizlivepage@bbc.co.uk