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

GLENCORE

(GLEN)
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Glencore Closes Two Mine Shafts at Zambian Unit

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08/09/2019 | 04:45am EDT

By Nicholas Bariyo

Glencore PLC (GLEN.LN) has closed down two shafts at its Mopani Copper Mines unit in Zambia to curb spiraling costs in a move that leaves hundreds of miners jobless, company and union officials said Friday.

A spokesman for the Zambian unit said that closedown would allow the company to channel funds toward the completion of other expansion projects at Zambia's third-largest copper and cobalt producer.

The development comes just days after the mining giant announced plans to close its largest copper-and-cobalt mine in neighboring Democratic Republic of Congo, amid falling commodity prices, as concerns grow over the health of the global economy and the trade friction between the U.S. and China.

"Mopani Copper Mines will now focus on our new essential capital projects" the spokesman said in a statement. "The closure of the two uneconomic shafts was always part of our plans"

Union officials said that closure would render more than 1,000 workers jobless, threatening to stir industrial unrest on Zambia's Copperbelt province. Mopani produces around 100,000 of metric tons of copper annually.

The layoffs may further fray strained relations between mining companies and Zambian authorities, as Africa's second copper and cobalt-producing nation grapples with soaring public debt.

In May, President Edgar Lungu threatened to revoke licenses of Vedanta Resources and Glencore after the companies announced plans to scale down operations and cut jobs, citing spiking costs. The government has since initiated proceedings to liquidate Vedanta's assets in the country. There was no immediate reaction from Zambia's ministry.

Economists at South Africa-based NKC African Economics expect Zambia's mining sector to contract by 2% this year following an expansion of 6.3% in 2018, amid a spat on new taxes.

Write to Nicholas Bariyo at nicholas.bariyo@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
GLENCORE 0.45% 255.6 Delayed Quote.-12.72%
GLENCORE PLC 0.86% 46.76 End-of-day quote.-10.30%
GOLD 0.33% 1504.238 Delayed Quote.16.29%
LME COPPER CASH 0.23% 5758.5 End-of-day quote.-1.38%
SILVER 0.53% 17.886 Delayed Quote.14.34%
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Financials (USD)
Sales 2019 217 B
EBIT 2019 4 872 M
Net income 2019 1 382 M
Debt 2019 33 399 M
Yield 2019 5,32%
P/E ratio 2019 22,7x
P/E ratio 2020 11,3x
EV / Sales2019 0,35x
EV / Sales2020 0,32x
Capitalization 42 609 M
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Technical analysis trends GLENCORE
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Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 3,56  $
Last Close Price 3,18  $
Spread / Highest target 90,8%
Spread / Average Target 11,8%
Spread / Lowest Target -57,1%
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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