Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
  1. Homepage
  2. Equities
  3. United Kingdom
  4. London Stock Exchange
  5. Glencore plc
  6. News
  7. Summary
    GLEN   JE00B4T3BW64


SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Glencore in talks with carmakers and battery makers about nickel, CEO says

10/16/2020 | 07:53am EDT
FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar

JOHANNESBURG (Reuters) - Glencore CEO Ivan Glasenberg said on Friday that the company is talking with carmakers and battery makers about nickel - a key component in electric vehicle batteries which Tesla CEO Elon Musk has asked miners to produce more of.

"A lot of the automobile guys and the battery guys are talking to us about nickel," Glasenberg said, speaking during the Financial Times Mining Summit. Glencore this year signed an agreement with Tesla to supply it with cobalt from the Congo.

Glencore produced 121,000 tonnes of nickel in 2019 and sold 181,000 tonnes through its marketing business. Glencore owns nickel mines in Australia, Canada and New Caledonia and a nickel refinery in Norway.

The miner already supplies German carmaker BMW with cobalt metal from its Murrin Murrin nickel-cobalt mine in Australia.

Glasenberg also said Glencore is running down its coal mines and won't replace them, as part of its efforts to cut "Scope 3" emissions - indirect emissions which mining companies are under increasing pressure to address.

Glasenberg said Glencore's Scope 1 and 2 emissions together represent just 10% of its Scope 3 emissions - an indication of how important these indirect emissions are, particularly for miners of thermal coal which is then burned to generate electricity.

Glencore has committed to a 30% reduction in Scope 3 emissions by 2035.

Glasenberg said the company will make an announcement on its Scope 3 emissions on Dec. 4. "We are looking at how the market looks. We are reviewing all our coal operations," he said.

He said his focus was on running down existing coal mines, rather than spinning them off. "I don't see how spinning off coal mines will help us reduce Scope 3 emissions," Glasenberg told the summit.

Anglo American is planning to spin off its South African coal operations.

(Reporting by Helen Reid and Tanisha Heiberg; editing by Jason Neely and Emelia Sithole-Matarise)

By Helen Reid and Tanisha Heiberg

ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ANGLO AMERICAN PLC -1.37% 2957.5 Delayed Quote.23.70%
BMW AG -1.23% 93.24 Delayed Quote.30.71%
GLENCORE PLC -1.65% 315.6 Delayed Quote.37.77%
GOLD 0.02% 1857.7 Delayed Quote.-1.64%
NICKEL MINES LIMITED -4.15% 1.04 End-of-day quote.-5.88%
SILVER 0.18% 27.735 Delayed Quote.5.76%
TESLA, INC. -0.23% 598.1199 Delayed Quote.-15.07%
All news about GLENCORE PLC
06/15GLENCOREá : Major traders see oil staying above $70/ barrel, $100 not impossible
06/15Glencore head of oil says he sees rising oil prices in coming months as a re..
06/15Glencore head of oil says capex cuts will put oil markets in opec+ hands
06/15Glencore head of oil says he sees refining margins remain under pressure in ..
06/15Glencore head of oil says he sees lng as a big growth business for glencore
06/15Glencore head of oil says he sees volatility in energy market, not super-cyc..
06/15Glencore head of oil says return of iranian oil to markets already priced in
06/15Glencore head of oil says expects opec+ increasing output gradually to 40 mi..
06/14Materials Shares Fall in Subdued Trading -- Materials Roundup
06/14EMEA MORNING BRIEFINGá : Stocks to Gain as -2-
More news
Financials (USD)
Sales 2021 209 B - -
Net income 2021 6 426 M - -
Net Debt 2021 30 331 M - -
P/E ratio 2021 9,13x
Yield 2021 3,76%
Capitalization 59 856 M 59 897 M -
EV / Sales 2021 0,43x
EV / Sales 2022 0,39x
Nbr of Employees 87 822
Free-Float 75,6%
Duration : Period :
Glencore plc Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends GLENCORE PLC
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 5,15 $
Last Close Price 4,52 $
Spread / Highest target 50,0%
Spread / Average Target 14,0%
Spread / Lowest Target -5,52%
EPS Revisions
Managers and Directors
Ivan Glasenberg Chief Executive Officer & Executive Director
Gary Nagle Chief Executive Officer-Elect
Steven F. Kalmin Chief Financial Officer
Anthony Bryan Hayward Independent Non-Executive Chairman
Patrice E. Merrin Independent Non-Executive Director
Sector and Competitors