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    GLEN   JE00B4T3BW64

GLENCORE PLC

(GLEN)
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Delayed Quote. Delayed London Stock Exchange - 09/21 11:35:13 am
312 GBX   -0.89%
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Exclusive: Bandits steal truckloads of copper worth millions in southern Africa - sources

07/27/2021 | 11:43am EDT
FILE PHOTO: Workers at Tenke Fungurume, a copper mine in the southern Congolese province of Katanga, check bundles of copper cathode sheets ready to be loaded and sent out to buyers

LONDON/JOHANNESBURG (Reuters) - Crime gangs have stolen dozens of truckloads of copper owned by miners and traders including Glencore, Trafigura and Traxys this year as they were heading to ports in southern Africa, three sources with direct knowledge of the matter said.

Record high copper prices have triggered an increase in hijackings in recent months in Botswana, the Democratic Republic of Congo, South Africa, Tanzania and Zambia, said the sources who declined to be named due to the sensitivity of the matter.

The South African Police Service told Reuters that the matter was being investigated, but declined to give further details.

Glencore declined to comment. Trafigura said it did not comment on security issues. Traxys did not respond to requests for comment.

Copper mined in Zambia and Congo, which accounts for about 10% of global supplies estimated at 24 million tonnes, is transported to ports across southern Africa.

A total of 66 trucks carrying copper were robbed between January and May this year, and 60% of the hijackings occurred in South Africa, one of the sources said.

With the average truck carrying between 32 and 34 tonnes of copper cathode, the thefts would amount to roughly $21 million worth of copper at current prices.

More trucks were stolen in June and July, according to the source, who did not provide figures for those months but said one truckload of the copper stolen on July 9 was worth $470,000.

Organised crime gangs melt down copper to remove serial numbers and other marks of ownership, and then resell it locally or transport it by truck to be sold in neighbouring countries, two sources said.

Copper prices hit an all-time high above $10,700 a tonne in May thanks to a rebound in global demand, including in top consumer China, as manufacturing activity ramped up and economies reopened after COVID-19 lockdowns.

Currently at around $9,700, prices of the metals used widely in the power and construction industries have climbed more than 50% over the past 12 months.

(Reporting by Zandi Shabalala and Helen Reid; Editing by Pratima Desai and Pravin Char)

By Zandi Shabalala and Helen Reid


ę Reuters 2021
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Financials (USD)
Sales 2021 207 B - -
Net income 2021 5 801 M - -
Net Debt 2021 29 320 M - -
P/E ratio 2021 8,95x
Yield 2021 4,92%
Capitalization 56 230 M 56 158 M -
EV / Sales 2021 0,41x
EV / Sales 2022 0,37x
Nbr of Employees 135 000
Free-Float 75,1%
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Number of Analysts 20
Last Close Price 4,30 $
Average target price 5,44 $
Spread / Average Target 26,6%
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Managers and Directors
Gary Nagle Chief Executive Officer
Steven F. Kalmin Chief Financial Officer
Kalidas V. Madhavpeddi Chairman
Patrice E. Merrin Independent Non-Executive Director
Martin James Gilbert Senior Independent Director
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