viewGlencore PLC

Glencore mothballs operations in a number of countries

The miner and trader repeated that the crisis has not yet had a material impact on its larger operations.

Glencore PLC - Glencore puts a number of operation on care and maintenance
Several smaller operations are now on care and maintenance

Glencore PLC (LON:GLEN) has mothballed a number of smaller operations due to the coronavirus crisis.

Businesses that are now in care and maintenance are the Raglan and Matagami operations in Quebec: the Badila and Mangara oil fields in Chad; the Prodeco coal operation in Colombia and all operations in South Africa where there is a universal 21-day shutdown.

There was no change to change to its guidance, however, and the miner and trader repeated that the crisis has not yet had a material impact on its larger operations.

Last week, Glencore said underlying profit (EBIT) for the current year was expected to be within its long-term guidance range of US$2.2-3.2bn

The Switzerland -based group added that US$10bn in available committed undrawn credit facilities and cash at the end of 2019 had increased since the start of the year.

“In addition, the significant weakening of our key producer currencies against the USD and lower oil prices and interest rates have provided substantial cash offsets to the fall in commodity prices.”

Quick facts: Glencore PLC

Price: 124 GBX

Market: LSE
Market Cap: £16.52 billion

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...



Power Metal Resources 'pushing ahead with key projects' and in strong...

Power Metal Resources Plc's (LON:POW) Paul Johnson tells Proactive London's Andrew Scott they're in an advantageous financial position to deal with the current uncertainty around the coronavirus outbreak. He says they're conducting business diligently, safeguarding existing business...

1 day, 12 hours ago

2 min read