Glencore says organic growth, buy-backs preferred to M&A

17.05.24 12:10 Uhr

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GLENCORE CEO Gary Nagle said this week the Swiss headquartered miner preferred to invest capital in organic growth rather than buying new production.“You buy if you can’t build,” said Bank of America, summarising a discussion with Glencore’s boss at its investment conference in Miami this week over possible expansion into higher copper prices.“When [we] look at buy vs build – [the] best copper assets are the ones that [we] already own, so would rather allocate capital there,” the bank quoted Nagle as saying. Another option was to buy back shares, said Nagle. Glencore has bought 10% of its own stock in the last two. years.According to a Reuters report earlier this month, Glencore appointed an adviser ahead of a possible bid for Anglo American. But a rival to BHP’s all-share takeover proposal is yet to emerge. An offer for Anglo may yet emerge from a third party such as Glencore, analysts have said in recent reports.Analysts also said BHP may yet return with an improved third proposal for Anglo ahead of the May 22 ‘put up or shut up’ deadline imposed by the London Stock Exchange. Anglo rebuffed BHP’s second all-share offer of 0.8132 BHP share per Anglo share, worth about £27 per share on May 14, and outlined restructuring plans of its own.Analysts think a £30 to £31 per share offer could materialise for Anglo. “We believe a scrip deal between 0.85 to 0.9x BHP for AAL (Anglo) represents fair value with potential for both investors to be happy with a merged outcome,” said Macquarie in a note titled ‘BHP Group: No dice’.Nagle told the BoA conference the mining industry had been poor with capital spending on projects but his firm’s projects were low capital intensive “… so that becomes more compelling as prices go up”.Nagle also said he didn’t want to commission new copper production into a market that “wasn’t ready”. Of projects considered ‘shovel ready’ Glencore’s Mutanda mine in the Democratic Republic of Congo was among the most likely.An expansion at Mutanda could be turned on tomorrow, said Nagle. However, the mine also produced cobalt which the market didn’t currently need more of. Other projects such as its $1.5bn Coroccohuayco project, which is part of its Antapaccay mine in Peru could “come to the market quite quickly,” said Nagle. Studies were progressing, he said, adding the group was “not losing time on these, but not pressing the go ahead”.Asked about recent speculation Glencore shareholders preferred the group to retain its enlarged coal portfolio, following the takeover of Teck’s mines, Nagle repeated previous comments that it would be sensitive to shareholder preferences.“If they want to spin coal then will spin. Once [we] close [the] Teck deal [we] will immediately consult with shareholders. If majority say yes – then will immediately take to vote and then have 12-18 months of more back-end planning to do.“If majority say no, then immediately [we] will say no to the spin and carry on.”The post Glencore boss says organic growth preferable to M&A appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com

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DatumRatingAnalyst
05.06.2024Glencore BuyDeutsche Bank AG
02.05.2024Glencore BuyGoldman Sachs Group Inc.
30.04.2024Glencore Equal WeightBarclays Capital
16.04.2024Glencore Equal WeightBarclays Capital
15.03.2024Glencore OutperformRBC Capital Markets
DatumRatingAnalyst
05.06.2024Glencore BuyDeutsche Bank AG
02.05.2024Glencore BuyGoldman Sachs Group Inc.
15.03.2024Glencore OutperformRBC Capital Markets
13.03.2024Glencore BuyDeutsche Bank AG
23.02.2024Glencore BuyGoldman Sachs Group Inc.
DatumRatingAnalyst
30.04.2024Glencore Equal WeightBarclays Capital
16.04.2024Glencore Equal WeightBarclays Capital
27.02.2024Glencore Equal WeightBarclays Capital
22.02.2024Glencore HoldDeutsche Bank AG
21.02.2024Glencore Equal WeightBarclays Capital
DatumRatingAnalyst
30.04.2020Glencore UnderweightJP Morgan Chase & Co.
25.10.2019Glencore UnderweightJP Morgan Chase & Co.
03.10.2019Glencore UnderweightJP Morgan Chase & Co.
12.09.2019Glencore UnderweightJP Morgan Chase & Co.
28.08.2019Glencore UnderweightJP Morgan Chase & Co.

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