Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Glencore    GLEN   JE00B4T3BW64

GLENCORE (GLEN)
Mes dernières consult.
Most popular
  Report  
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsofficial PublicationsSector newsTweets
OFFRE ETE Zonebourse : Jusqu'à 6 mois offerts sur tous les portefeuilles

Glencore : Congo’s Kabila to sign new mining code soon after meeting with miners

share with twitter share with LinkedIn share with facebook
share via e-mail
0
03/09/2018 | 01:51am CEST

Congo’s Kabila to sign new mining code soon after meeting with miners

NAN-FÉ-3 Code Kinshasa, March 8, 2018 (Reuters/NAN) Democratic Republic of Congo President Joseph Kabila will soon sign into law a new mining-code that is vigorously opposed by industry, according to the government and mining companies,the Media reports on Thursday.

The announcement followed a nearly six-hour meeting on Wednesday between Kabila and mining executives in Kinshasa about the new code.

The new code will raise taxes and remove a stability clause in the current law protecting miners from changes to the fiscal and customs regime for 10 years.

“The president of the republic assured the miners … that their concerns will be taken into account through a constructive dialogue with the government after the promulgation of the new mining law,” the statement said.

Glencore, Randgold, Ivanhoe and China Molybdenum all operate mines in Congo, Africa’s top copper producer,.

They have said the changes in the code adopted by parliament in January would scare off new investment and violate existing agreements.

Mines Minster Martin Kabwelulu told reporters after the meeting that the companies’ concerns would be treated on a “case-by-case basis”.

“After the promulgation of the code, we are going to wait for the mining companies … to send us their concerns,” Kabwelulu said.

“We are going to re-examine those concerns, first with (government) experts … and with the mining companies’ experts.”

Participants in the meeting included Glencore CEO Ivan Glasenberg, Randgold CEO Mark Bristow and China Molybdenum executive chairman Steele Li.

Randgold, which operates the giant Kibali gold mine in northeastern Congo, said last month that it would challenge the new code through international-arbitration if it was not referred back to the mines ministry for further consultation with industry.

The government has disputed the companies’ claims that the new code will make them unprofitable.

It said that the revision is needed to boost meager public revenues in a country with an annual budget of only about five billion dollars.

Under one provision in the proposed code, royalties on cobalt, a vital component in electric car batteries, could increase fivefold to 10 per cent.

The law will also introduce a windfall profits tax.

Congo is the world’s biggest source of cobalt. Its output jumped 15.5 per cent last year to 73,940 tonnes.(Reuters/NAN) UDO/TÁ Edited by Udochukwu Ifionu/Tajudeen Atitebi

(c) 2018 News Agency of Nigeria Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

Stocks mentioned in the article
ChangeLast1st jan.
CHINA MOLYBDENUM 1.46% 6.24 End-of-day quote.0.00%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on GLENCORE
12:34aGLENCORE : About 10 killed in Zambia copper mine dump collapse
AQ
06/19Want to Invest in Lithium and Cobalt? Good Prices Are Hard to Find -- Update
DJ
06/19Want to Invest in Lithium and Cobalt? Good Luck Finding Prices
DJ
06/19GLENCORE : Markets slide as Trump threatens China with $200bn of new tariffs - b..
AQ
06/16GLENCORE : Must Not Pay Millions to Sanctioned Individual
AQ
06/15Glencore to Resume Payments to Sanctioned Billionaire Gertler -- 4th Update
DJ
06/15Glencore to Resume Payments to Sanctioned Billionaire Gertler -- 3nd Update
DJ
06/15Glencore to Resume Payments to Israeli Billionaire Gertler Despite U.S. Sanct..
DJ
06/15Glencore to Resume Payments to Israeli Billionaire Gertler Despite U.S. Sanct..
DJ
06/15GLENCORE : settles with Gertler over Congo royalties
RE
More news
News from SeekingAlpha
06/18REUTERS : Vitol-led group in talks to buy Nigeria assets from Petrobras 
06/18Comparison Of The 2nd Tier Of Major Miners (11 To 20) 
06/15The Message Of The Cobalt-Nickel Ratio 
06/15Glencore to resume payments to Gertler, settling legal dispute 
06/14FT : Congo ambassador confident of reaching deal with mining companies 
Financials ($)
Sales 2018 237 B
EBIT 2018 11 505 M
Net income 2018 7 203 M
Debt 2018 21 485 M
Yield 2018 4,45%
P/E ratio 2018 10,10
P/E ratio 2019 11,19
EV / Sales 2018 0,40x
EV / Sales 2019 0,39x
Capitalization 72 690 M
Chart GLENCORE
Duration : Period :
Glencore Technical Analysis Chart | GLEN | JE00B4T3BW64 | 4-Traders
Technical analysis trends GLENCORE
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 6,11 $
Spread / Average Target 25%
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
Sector and Competitors
1st jan.Capitalization (M$)
GLENCORE-4.69%72 690
CHINA SHENHUA ENERGY COMPANY LIMITED-8.55%63 086
COAL INDIA5.80%25 017
SHAANXI COAL INDUSTRY CO LTD9.19%13 820
YANZHOU COAL MINING CO LTD-3.51%9 596
CHINA COAL ENERGY COMPANY-12.06%8 945