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4-Traders Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  Glencore PLC    0805   JE00B4T3BW64

GLENCORE PLC (0805)
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Colombian Coal Workers Strike at Glencore Mine; Production Halted

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07/19/2012 | 04:38pm CEST

BOGOTA--Colombian coal workers for the local unit of Glencore International PLC (GLNCY, GLEN.LN) went on strike Thursday, demanding better salaries, health plans and labor contracts, the company and a labor leader confirmed.

Output at the Glencore complex, which produced about one million metric tons of coal in May, has been completely halted as of Thursday morning, Alfredo Tovar, a Sintramienergetica union leader, said by telephone.

"Nothing's being produced, everything is down," he said.

Colombia is the world's fourth-largest coal exporter, and production is dominated by Glencore and other coal powerhouses such as BHP Billiton Ltd. (BHP, BHP.AU) and Anglo American PLC (AAUKY, AAL.LN).

Mr. Tovar said all the nonmanagement workers have joined the strike, which he said includes some 1,000 direct employees and 3,000 others who are employed as contractors or through other arrangements.

In November, Glencore suffered a week-long strike at its Las Calenturitas coal mine in northern Colombia. The strike, however, didn't have any major impact on the mine's coal output.

While strikes in Colombia can last 60 days, at which point the law requires binding arbitration to take place, the union is willing to sit down to talk with management as soon as it wants, Mr. Tovar said.

A company official confirmed the strike had begun, and said it was preparing to send a statement regarding the matter.

The mines operated by Glencore's local unit, Prodeco, have a total production capacity of 14.5 million metric tons of coal, which the company plans to expand to 20 million metric tons by 2013.

Write to Dan Molinski at [email protected]

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stocks mentioned in the article
ChangeLast1st jan.
ANGLO AMERICAN -0.46% 1819.4 Delayed Quote.23.29%
BHP BILLITON LIMITED 0.09% 33.91 End-of-day quote.14.00%
BHP BILLITON PLC -0.79% 1728.6 Delayed Quote.16.23%
GLENCORE -1.53% 377.05 Delayed Quote.-2.47%
GLENCORE PLC 0.00% 41.7 End-of-day quote.2.84%
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Financials ($)
Sales 2018 235 B
EBIT 2018 11 296 M
Net income 2018 7 364 M
Debt 2018 21 491 M
Yield 2018 4,29%
P/E ratio 2018 10,19
P/E ratio 2019 11,34
EV / Sales 2018 0,41x
EV / Sales 2019 0,40x
Capitalization 74 218 M
Chart GLENCORE PLC
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Glencore PLC Technical Analysis Chart | 0805 | JE00B4T3BW64 | 4-Traders
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 6,15 $
Spread / Average Target 20%
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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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