Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Glencore    GLEN   JE00B4T3BW64

GLENCORE

(GLEN)
  Report  
Real-time Quote. Real-time CHI-X - 10/14 07:26:58 am
232.2 GBp   -2.23%
10/10Zambia says owes major mining firms $215 million in tax refunds
RE
10/10GLENCORE : Threshold crossings
CO
10/09MINERS' NEW WORRY : Other People's Pollution
DJ
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

Congo army evicts illegal miners from Glencore project, sparks protests

share with twitter share with LinkedIn share with facebook
share via e-mail
0
07/04/2019 | 12:11pm EDT
FILE PHOTO: The logo commodities trader Glencore is pictured in Baar

DAKAR (Reuters) - Congolese security forces evicted thousands of illegal miners from a copper and cobalt mine run by Glencore on Thursday, sparking angry protests outside the governor's office and looting of shops, local activists said.

The move by the police and army came one week after a landslide at the Kamoto Copper Company (KCC) concession, majority-owned by a Glencore subsidiary, killed 43 people, prompting a government pledge to swiftly remove the miners.

Glencore said in a statement that Democratic Republic of Congo's army had been deployed to an area around KCC. It said the company had insisted soldiers exercise restraint and respect human rights.

Speaking to reporters in the southeastern city of Kolwezi, where KCC is located, General Philemon Yav said the army's intervention was required to defend Congo's economic interests and support the police, who have at times been overwhelmed by the thousands of illegal miners present in some mines.

"By all means, we are going to kick them out of our strategic mines so they don't harm our economy," Yav said.

The army said 20,000 miners were evicted from KCC. Glencore estimates about 2,000 illegal miners enter the mine every day.

Earlier this week, the miners defied an army deadline to leave the mine. Activists said they feared the standoff would lead to violent clashes and human rights abuses.

Emmanuel Umpula, the director of watchdog group African Resources Watch, and Mike Lameki, a civil society activist in Kolwezi, said security forces opened fire to disperse the protesters, who were demanding a new concession to exploit.

It was unclear whether they had fired live rounds or rubber bullets, or if there were any injuries. Lameki said about 20 miners were arrested.

PILLAGING

After being dispersed from the governor's office in the morning, Lameki said, the miners headed to the neighbourhood of Kasulo.

"On the way, they met up with friends who had come from other parts of town," he said. "Then they started pillaging."

Richard Muyej, the governor of Lualaba province where Kolwezi is located, promised to provide the miners alternative concessions, but they are sceptical that those areas will be big enough or contain ore of high enough quality to support them.

Rights activists have criticised the expulsion, saying it did not address factors such as poverty and unemployment, that push people to brave dangerous conditions in mines.

Last week, the army evicted thousands of miners from China Molybdenum nearby Tenke Fungurume mine.

General John Numbi, who led the operation, said the soldiers did not fire a single shot. African Resources Watch said they did and cited local villagers as saying three people died from gunshot wounds.

Last Thursday's accident at KCC briefly sent Glencore's shares tumbling 7%, underscoring foreign investors' exposure to illegal mining activity on their properties.

The Lualaba government estimates that 170,000 informal miners operate in the province. They burrow deep underground with rudimentary tools, leading to frequent accidents.

Congo produces more than half the world's cobalt, a key component in electric car and other electronic batteries, but is one of the world's least developed countries, afflicted by corruption and conflict.

(Reporting by Aaron Ross; Editing by Janet Lawrence and Emelia Sithole-Matarise)

By Aaron Ross

Stocks mentioned in the article
ChangeLast1st jan.
CHINA MOLYBDENUM 0.83% 3.65 End-of-day quote.-3.72%
GLENCORE -2.32% 232.123 Delayed Quote.-18.48%
GOLD 0.32% 1489.19 Delayed Quote.16.52%
LME COPPER CASH 0.68% 5698.5 End-of-day quote.-2.41%
SILVER 0.74% 17.612 Delayed Quote.13.26%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on GLENCORE
10/10Zambia says owes major mining firms $215 million in tax refunds
RE
10/10GLENCORE : Threshold crossings
CO
10/09MINERS' NEW WORRY : Other People's Pollution
DJ
10/09GLENCORE : Security operations
CO
10/09GLENCORE : Notices
CO
10/08RONGSHENG PETROCHEMICAL : China grants rare crude import licenses to Glencore's ..
RE
10/08GLENCORE : Notices
CO
10/07Correction to Glencore, GEM Article
DJ
10/07GLENCORE : China's GEM Co. Ltd and Glencore extend their long-term strategic cob..
PU
10/07Glencore Enters Five-Year Deal to Supply GEM Co. With Cobalt Hydroxide
DJ
More news
Financials (USD)
Sales 2019 213 B
EBIT 2019 4 428 M
Net income 2019 1 327 M
Debt 2019 32 569 M
Yield 2019 5,73%
P/E ratio 2019 24,6x
P/E ratio 2020 11,7x
EV / Sales2019 0,34x
EV / Sales2020 0,32x
Capitalization 40 014 M
Chart GLENCORE
Duration : Period :
Glencore Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends GLENCORE
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 3,44  $
Last Close Price 3,00  $
Spread / Highest target 102%
Spread / Average Target 14,5%
Spread / Lowest Target -54,6%
EPS Revisions
Managers
NameTitle
Ivan Glasenberg Chief Executive Officer & Executive Director
Anthony Bryan Hayward Non-Executive Chairman
Steven F. Kalmin Chief Financial Officer
Peter Roland Coates Non-Executive Director
Leonhard Heinrich Fischer Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
GLENCORE-18.48%40 144
CHINA SHENHUA ENERGY COMPANY LIMITED-7.92%50 873
COAL INDIA-23.34%16 425
SHAANXI COAL INDUSTRY COMPANY LIMITED18.55%12 514
CHINA COAL ENERGY COMPANY LIMITED4.19%8 173
YANZHOU COAL MINING COMPANY LIMITED27.26%6 538