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

GLENCORE (GLEN)
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Glencore : Former South Africa mines minister says Eskom tried to influence him

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05/16/2017 | 09:23am CET

Former South African mines minister Ngoako Ramatlhodi said on Tuesday, without giving evidence, that power utility Eskom's CEO and chairman asked him in 2015 to suspend Glencore's mining licences to put pressure on the commodities firm to sell a coal mine.

Khulani Qoma, a spokesman for Eskom board's, denied the allegation, saying it was "devoid of logic".

Glencore in 2015 placed its Optimum coal mine under protection from creditors and later sold it to South Africa's Tegeta Exploration and Resources, a firm controlled by the Gupta brothers, who deny allegations they wield excessive influence over President Jacob Zuma.

"They (Eskom's CEO and chairman) insisted that I must suspend all the Glencore mining licences," Ramatlhodi told local media, adding he declined to give in to the pressure.

(Reporting by TJ Strydom; Editing by James Macharia and Mark Potter)

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Financials ($)
Sales 2017 206 B
EBIT 2017 8 345 M
Net income 2017 5 361 M
Debt 2017 21 551 M
Yield 2017 2,38%
P/E ratio 2017 13,74
P/E ratio 2018 12,70
EV / Sales 2017 0,44x
EV / Sales 2018 0,41x
Capitalization 69 262 M
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Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 5,30 $
Spread / Average Target 9,5%
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Managers
NameTitle
Ivan Glasenberg Chief Executive Officer & Executive Director
Anthony Bryan Hayward Independent 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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