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

GLENCORE

(GLEN)
  Report  
Delayed Quote. Delayed London Stock Exchange - 12/06 11:37:07 am
220.15 GBp   +1.50%
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Glencore : Canadian unit to close 'uneconomic' Brunswick Lead Smelter

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11/13/2019 | 10:16am EST
FILE PHOTO: The logo commodities trader Glencore is pictured in Baar

British diversified miner Glencore Plc Canadian unit said on Wednesday it would permanently close down the Brunswick Lead Smelter in New Brunswick that employs about 420 people.

The unit said the smelter, which started in 1966, had been 'uneconomic' since the Brunswick mine closed six years ago.

"We have thoroughly assessed all our options and come to the unavoidable conclusion that the smelter is simply not sustainable, regardless of the recent labour dispute," said Chris Eskdale, Canadian unit's head of zinc and lead assets.

Earlier on Wednesday, the United Steelworkers (USW) union claimed that over half of the smelter's employees, fighting to improve health and safety standards, were locked out since April 24. (https://bit.ly/33LQYML)

The union said New Brunswick workers will be picketing at three Glencore operations in Montreal on Wednesday.

Glencore Canada said it intends to provide pension, severance and outplacement support services to all employees as part of closure settlements to be agreed on.

It also intends to seek potential relocation opportunities for the smelter workers at its other mining and metallurgical operations, and retain a few to work on site monitoring, water treatment and closure projects in the months ahead.

(Reporting by Arunima Kumar in Bengaluru; Editing by Sriraj Kalluvila and Shinjini Ganguli)

Stocks mentioned in the article
ChangeLast1st jan.
GLENCORE 1.50% 220.15 Delayed Quote.-24.44%
LME ZINC CASH -0.07% 2255 End-of-day quote.-8.41%
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Financials (USD)
Sales 2019 213 B
EBIT 2019 4 359 M
Net income 2019 1 453 M
Debt 2019 32 854 M
Yield 2019 6,16%
P/E ratio 2019 25,4x
P/E ratio 2020 11,5x
EV / Sales2019 0,33x
EV / Sales2020 0,32x
Capitalization 38 145 M
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Technical analysis trends GLENCORE
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 3,65  $
Last Close Price 2,89  $
Spread / Highest target 122%
Spread / Average Target 26,2%
Spread / Lowest Target -52,9%
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
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