撰 文 / 周 洲 设 计 / 琚 佳 来 源 / 彭博社，路透社，金融时报，mining.com等 一场10年前的矿业并购案，现在又浮上水面。 2014年，全球最大的大宗商品交易商瑞士嘉能可公司 (Glencore Plc) 提出与全球第二大矿业巨头力 拓集团 (Rio Tinto Group) 合并，但力拓在几天后就拒绝了。 最近的传闻是，2024年下半年，两家公司花了几个月的时间进行谈判。 这表明，在大型并购热潮席卷全球采矿业之际，形势发生了变化。 2014 年，当嘉能可发出要约之后，力拓马上就坚决拒绝了一项原本有望成为全球矿业史上最大的 交易，由此引发了长达数月的公开争执，也暴露了两家公司巨大的文化差异。嘉能可彼时的CEO伊 万·格拉森伯格（Ivan Glasenberg） 指责力拓误判了铁矿石市场，而力拓则批评嘉能可是短视者。 2024年，当嘉能可提出交易时，却遇到了截然不同的反应。 这一次，力拓愿意谈判。 据知情人士透露，这场从去年秋季开始的数月磋商，双方只有少部分高管参与，有力拓首席执行官 石道成 (Jakob Stausholm) 和嘉能可CEO加里·纳格尔 (Gary Nagle) ，一些知 ...

据知情人士透露，力拓和嘉能可最近举行了会谈。 财联社1月17日电，力拓股价在悉尼市场一度下跌1.8%，此前报道称这家全球第二大矿业巨头与嘉能可 就潜在合并事宜进行了初步磋商。 目前尚不清楚谈判是否仍在进行中。 ...

Financial Data and Key Metrics - Adjusted EBITDA for H1 2024 was $6.3 billion, with industrial EBITDA at $4.5 billion, down from the previous year due to lower coal prices and reduced realizations in cobalt and nickel [5][6] - Marketing EBIT was $1.5 billion, annualizing to $3 billion, which is at the top end of the guidance range of $2.2 to $3.2 billion [7] - Net debt decreased to $3.6 billion, with net funding reduced by $1.7 billion to $29.4 billion [15] - Free cash flow generation was strong, with $4 billion from operations and $2.9 billion in net CapEx cash flow [34] Business Line Performance - Coal earnings were significantly impacted by lower pricing, particularly in thermal coal, contributing to a $2.6 billion reduction in energy and steelmaking coal EBITDA [16] - Copper and zinc custom smelting businesses saw lower contributions due to historically low TCRCs, with copper down $180M and zinc down $107M [17] - Zinc production saw positive volume growth, particularly from the Zhairem ramp-up, while coal volumes were modestly negative due to infrastructure challenges [20] Market Performance - Newcastle coal prices have normalized but remain strong, with prices picking up post-H1 2024 [5] - Cobalt and nickel markets are oversupplied, leading to lower realizations and netbacks, with nickel prices down 28% [19] - Copper prices were up period-on-period, but cobalt and zinc prices were down, impacting overall earnings [19] Strategic Direction and Industry Competition - The company decided to retain its coal and carbon steel materials business, citing shareholder support and ESG considerations [8] - Significant investments are being made in copper projects, particularly in Argentina, with plans to bring an additional 1 million tonnes of copper to market as needed [9][47] - The acquisition of EVR adds a Tier 1, low-cost, high-quality asset, contributing to growth in copper equivalents and steelmaking coal [11][47] Management Commentary on Operating Environment and Future Outlook - Management highlighted the strong performance of the marketing business, particularly in metals, despite energy price normalization [7] - The company remains committed to its climate action transition plan, with over 90% shareholder support [8] - Management expressed confidence in the copper market's long-term demand, driven by decarbonization and infrastructure needs [77][78] Other Important Information - The company reported three fatalities in H1 2024 and is doubling down on safety efforts [10] - The resolution of government investigations and the completion of one year with independent compliance monitors were noted as positive developments [10] - The company is spending $400 million on copper development projects in Argentina and North America, with additional CapEx expected for EVR integration [42][43] Q&A Session Summary Question: Marketing EBIT Guidance and EVR Integration - The company expects marketing synergies from EVR integration, with potential upside to the $2.2 to $3.2 billion guidance range [55][56] Question: Net Debt Target and Capital Returns - The $10 billion net debt target remains firm, with potential for upward revision as copper units and cash flow capacity increase [57][58] Question: M&A vs Capital Returns - The company remains open to M&A but will prioritize capital discipline and shareholder returns, including buybacks and dividends [61][62] Question: Viterra Disposal and Equity Treatment - The equity portion of the Viterra disposal may be treated differently, with potential for offsetting against acquisitions or distributions [63][64] Question: Marketing CapEx and Leases - Marketing CapEx in H1 2024 was $600 million, primarily related to leases [65] Question: Argentina Projects and Battery Metals Theme - The company is optimistic about Argentina's political and economic stability, with significant investments in MARA and El Pachon copper projects [71][72] - The battery metals theme remains under pressure, but the company sees long-term demand for copper, cobalt, and nickel, despite current oversupply [74][75][76] Question: South African Thermal Coal Assets - Logistical constraints in South Africa are improving, with Transnet performance showing green shoots [81] Question: MARA and El Pachon Syndication - The company is unlikely to syndicate MARA but remains open to partnerships for El Pachon [83][84] Question: EVR Capitalization and Production Outlook - EVR assets are sufficiently capitalized, with ongoing investments in waste stripping and new mining areas [95][96] Question: Operational Performance and Koniambo Care and Maintenance - Operational performance in H1 2024 was impacted by abnormal events, but recovery is expected in H2, particularly in Africa and Kazakhstan [99][100] - Koniambo care and maintenance expenses are expected to decrease, with ongoing costs in the low double digits [101] Question: Copper Market Tightness and Price Outlook - Copper supply remains constrained, with demand in China holding up, particularly in grid spending and renewables [104][105] Question: Primary Listing and Smelting Business - The company remains committed to its London listing but will continually assess the best exchange for its shareholders [109][110] - The custom smelting business may face challenges if low TC/RCs persist, with potential for smelter shutdowns [108]

2024 Half-year results Glencore Energising today Advancing tomorrow Important notice This material does not purport to contain all of the information you may wish to consider. This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any securities. Cautionary statement regarding forward-looking information Certain descriptions in this document are oriented towards future events and therefore contains statements ...

Glencore PLC (OTCPK:GLCNF) Q4 2023 Earnings Conference Call February 21, 2024 5:00 AM ET Company Participants Gary Nagle - CEO & Director Steven Kalmin - CFO Martin Fewings - Head, IR & Communications Conference Call Participants Myles Allsop - UBS Liam Fitzpatrick - Deutsche Bank Jason Fairclough - Bank of America Merrill Lynch Anthony Robson - Global Mining Research Robert Brackett - Sanford C. Bernstein & Co. Dominic O'Kane - JPMorgan Chase & Co. Srivathsan Manoharan - RBC Capital Markets Matthew Greene ...

Glencore plc (OTCPK:GLCNF) Q2 2023 Results Conference Call August 8, 2023 3:00 AM ET Company Participants Martin Fewings - Head of Investor Relations Gary Nagle - Chief Executive Officer Steven Kalmin - Chief Financial Officer Peter Freyberg - Head of Industrial Assets Conference Call Participants Liam Fitzpatrick - Deutsche Bank Jason Fairclough - Bank of America Danielle Chigumira - Credit Suisse Alain Gabriel - Morgan Stanley Alon Olsha - Bloomberg Intelligence Myles Allsop - UBS Chris LaFemina - Jefferi ...

GLENCORE 2022 Preliminary Results 15 February 2023 IMPORTANT NOTICE CONCERNING THIS DOCUMENT INCLUDING FORWARD LOOKING STATEMENTS This document contains statements that are, or may be deemed to be, "forward-looking statements" which are prospective in nature. Such statements may include, but are not limited to, statements in respect of trends in commodity prices and currency exchange rates; demand for commodities; reserves and resources and production forecasts; expectations, plans, strategies and objective ...

Glencore plc (OTCPK:GLCNF) Q4 2022 Earnings Conference Call February 15, 2023 3:30 AM ET Company Participants Martin Fewings - Investor Relations Gary Nagle - Chief Executive Officer Steven Kalmin - Chief Financial Officer Peter Freyberg - Head, Assets Conference Call Participants Myles Allsop - UBS Liam Fitzpatrick - Deutsche Bank Jason Fairclough - Bank of America Alain Gabriel - Morgan Stanley Sylvain Brunet - BNP Paribas Exane Ian Rossouw - Barclays Danielle Chigumira - Credit Suisse Ephrem Ravi - Citi ...

GLENCORE 2022 Half-year results 4 August 2022 IMPORTANT NOTICE CONCERNING THIS DOCUMENT INCLUDING FORWARD LOOKING STATEMENTS This document contains statements that are, or may be deemed to be, "forward looking statements" which are prospective in nature. These forward looking statements may be identified by the use of forward looking terminology, or the negative thereof such as "outlook", "plans", "expects" or "does not expect", "is expected", "continues", "assumes", "is subject to", "budget", "scheduled", ...

Glencore plc (OTCPK:GLCNF) Q2 2022 Earnings Conference Call August 4, 2022 3:00 AM ET Company Participants Martin Fewings - Head, Investor Relations Gary Nagle - Chief Executive Officer Steven Kalmin - Chief Financial Officer Peter Freyberg - Head, Industrial Assets Conference Call Participants Alain Gabriel - Morgan Stanley Liam Fitzpatrick - Deutsche Bank Ian Rossouw - Barclays Jason Fairclough - BofA Dominic OÂ'Kane - JPMorgan Danielle Chigumira - Credit Suisse Myles Allsop - UBS Sylvain Brunet - Exane P ...