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    GLEN   JE00B4T3BW64

GLENCORE PLC

(GLEN)
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Real-time Estimate Cboe Europe  -  07:11 2022-12-08 am EST
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Glencore reviews lead operations at Italian plant due to high power prices -source

09/29/2022 | 06:48am EST
FILE PHOTO: The logo of global miner and commodities trader Glencore at the company's headquarters in Baar, Switzerland

LONDON (Reuters) - Commodity group Glencore is reviewing the sustainability of lead operations at its Portovesme plant in Italy due to high power prices, an industry source with knowledge of the situation said on Thursday.

The company is delaying maintenance operations that were planned in coming months due to the review, the source added.

Surging power prices after Russia's invasion of Ukraine, especially in Europe, have forced shutdowns and suspension of many smelters, mostly energy-intensive aluminium and zinc.

Glencore put zinc sulphide operations at the Portovesme plant on care and maintenance in November 2021, but continued production of zinc recycling and lead.

The zinc recycling activities, where waste from steel mills is processed, is not under threat because it does not have high power requirements, the source added.

Glencore is looking at other possible uses of the lead plant, including using it for recycling batteries from electric vehicles, the source said.

This year the lead operations generated income from customers tied to annual contracts, but that is uncertain for next year, the source said.

The Italian government has been seeking to shield companies from surging energy prices, but the source said so far that was not enough to make the lead operations sustainable.

In the first half of the year, Glencore produced 159,000 tonnes of lead at three operations including Portovesme, according to its latest production report, which does not provide the output for each location.

(Reporting by Eric Onstad; editing by Jason Neely)

By Eric Onstad


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
GLENCORE PLC 1.38% 547.4 Delayed Quote.44.10%
S&P GSCI ALUMINUM INDEX 0.17% 157.3372 Real-time Quote.-11.12%
S&P GSCI ZINC INDEX 0.94% 253.6617 Real-time Quote.-12.04%
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Financials (USD)
Sales 2022 267 B - -
Net income 2022 21 008 M - -
Net Debt 2022 23 008 M - -
P/E ratio 2022 4,12x
Yield 2022 8,44%
Capitalization 86 927 M 86 927 M -
EV / Sales 2022 0,41x
EV / Sales 2023 0,43x
Nbr of Employees 135 000
Free-Float 81,0%
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Mean consensus BUY
Number of Analysts 18
Last Close Price 6,58 $
Average target price 7,52 $
Spread / Average Target 14,4%
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Managers and Directors
Gary Nagle Chief Executive Officer & Director
Steven F. Kalmin General Manager-Finance
Kalidas V. Madhavpeddi Chairman
Patrice E. Merrin Independent Non-Executive Director
Martin James Gilbert Senior Independent Non-Executive Director
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