AWU calls for smelter strategy amid growing crises
National secretary Paul Farrow said the AWU would welcome a smelting strategy under Labor's Future Made in Australia policy, with equity or long-term loans on the table for business being forced to weather global markets being distorted by China and others.
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The Advertiser
a day ago
- The Advertiser
Glencore scraps plan for New York listing, flags cuts
Mining giant Glencore has scrapped proposals to move its main stock market listing away from London, but flagged job cuts as part of efforts to slash costs by about $US1 billion ($A1.5 billion). The Swiss company, one of Australia's largest coal producers with mines across NSW and Queensland, revealed earlier this year that it was considering switching its primary listing to New York. Glencore said on unveiling half-year results that moving its primary listing away from London would not deliver better value to shareholders in a welcome reprieve for the London Stock Market. CEO Gary Nagle said the company had extensively researched a move to the major exchanges around the world. "A move in our primary listing ... would not be value accretive for Glencore at this stage, having done that thorough analysis, and therefore we keep it on a watching brief, but will remain listed in London for the moment," he said. In a blow to its 150,000 workers globally, Glencore said it was targeting cost cuts of about $US1 billion by the end of 2026, of which more than half will be completed by the end of the year. It said savings would come from cutting its workforce as it streamlines its operations across "energy, consumables, contractors, maintenance and administrative functions". The cost-cutting drive came as Glencore posted a 14 per cent drop in underlying earnings to $US5.43 billion. Net losses nearly trebled to $US655 million from $US233 million a year ago. Glencore's shares have fallen 26 per cent in the last year, prompting analysts to suggest the miner might get a boost by a relisting in New York. However, Nagle said the decline was due at least in part to lower coal prices. with AAP and Reuters Mining giant Glencore has scrapped proposals to move its main stock market listing away from London, but flagged job cuts as part of efforts to slash costs by about $US1 billion ($A1.5 billion). The Swiss company, one of Australia's largest coal producers with mines across NSW and Queensland, revealed earlier this year that it was considering switching its primary listing to New York. Glencore said on unveiling half-year results that moving its primary listing away from London would not deliver better value to shareholders in a welcome reprieve for the London Stock Market. CEO Gary Nagle said the company had extensively researched a move to the major exchanges around the world. "A move in our primary listing ... would not be value accretive for Glencore at this stage, having done that thorough analysis, and therefore we keep it on a watching brief, but will remain listed in London for the moment," he said. In a blow to its 150,000 workers globally, Glencore said it was targeting cost cuts of about $US1 billion by the end of 2026, of which more than half will be completed by the end of the year. It said savings would come from cutting its workforce as it streamlines its operations across "energy, consumables, contractors, maintenance and administrative functions". The cost-cutting drive came as Glencore posted a 14 per cent drop in underlying earnings to $US5.43 billion. Net losses nearly trebled to $US655 million from $US233 million a year ago. Glencore's shares have fallen 26 per cent in the last year, prompting analysts to suggest the miner might get a boost by a relisting in New York. However, Nagle said the decline was due at least in part to lower coal prices. with AAP and Reuters Mining giant Glencore has scrapped proposals to move its main stock market listing away from London, but flagged job cuts as part of efforts to slash costs by about $US1 billion ($A1.5 billion). The Swiss company, one of Australia's largest coal producers with mines across NSW and Queensland, revealed earlier this year that it was considering switching its primary listing to New York. Glencore said on unveiling half-year results that moving its primary listing away from London would not deliver better value to shareholders in a welcome reprieve for the London Stock Market. CEO Gary Nagle said the company had extensively researched a move to the major exchanges around the world. "A move in our primary listing ... would not be value accretive for Glencore at this stage, having done that thorough analysis, and therefore we keep it on a watching brief, but will remain listed in London for the moment," he said. In a blow to its 150,000 workers globally, Glencore said it was targeting cost cuts of about $US1 billion by the end of 2026, of which more than half will be completed by the end of the year. It said savings would come from cutting its workforce as it streamlines its operations across "energy, consumables, contractors, maintenance and administrative functions". The cost-cutting drive came as Glencore posted a 14 per cent drop in underlying earnings to $US5.43 billion. Net losses nearly trebled to $US655 million from $US233 million a year ago. Glencore's shares have fallen 26 per cent in the last year, prompting analysts to suggest the miner might get a boost by a relisting in New York. However, Nagle said the decline was due at least in part to lower coal prices. with AAP and Reuters Mining giant Glencore has scrapped proposals to move its main stock market listing away from London, but flagged job cuts as part of efforts to slash costs by about $US1 billion ($A1.5 billion). The Swiss company, one of Australia's largest coal producers with mines across NSW and Queensland, revealed earlier this year that it was considering switching its primary listing to New York. Glencore said on unveiling half-year results that moving its primary listing away from London would not deliver better value to shareholders in a welcome reprieve for the London Stock Market. CEO Gary Nagle said the company had extensively researched a move to the major exchanges around the world. "A move in our primary listing ... would not be value accretive for Glencore at this stage, having done that thorough analysis, and therefore we keep it on a watching brief, but will remain listed in London for the moment," he said. In a blow to its 150,000 workers globally, Glencore said it was targeting cost cuts of about $US1 billion by the end of 2026, of which more than half will be completed by the end of the year. It said savings would come from cutting its workforce as it streamlines its operations across "energy, consumables, contractors, maintenance and administrative functions". The cost-cutting drive came as Glencore posted a 14 per cent drop in underlying earnings to $US5.43 billion. Net losses nearly trebled to $US655 million from $US233 million a year ago. Glencore's shares have fallen 26 per cent in the last year, prompting analysts to suggest the miner might get a boost by a relisting in New York. However, Nagle said the decline was due at least in part to lower coal prices. with AAP and Reuters
Perth Now
a day ago
- Perth Now
Glencore scraps plan for New York listing, flags cuts
Mining giant Glencore has scrapped proposals to move its main stock market listing away from London, but flagged job cuts as part of efforts to slash costs by about $US1 billion ($A1.5 billion). The Swiss company, one of Australia's largest coal producers with mines across NSW and Queensland, revealed earlier this year that it was considering switching its primary listing to New York. Glencore said on unveiling half-year results that moving its primary listing away from London would not deliver better value to shareholders in a welcome reprieve for the London Stock Market. CEO Gary Nagle said the company had extensively researched a move to the major exchanges around the world. "A move in our primary listing ... would not be value accretive for Glencore at this stage, having done that thorough analysis, and therefore we keep it on a watching brief, but will remain listed in London for the moment," he said. In a blow to its 150,000 workers globally, Glencore said it was targeting cost cuts of about $US1 billion by the end of 2026, of which more than half will be completed by the end of the year. It said savings would come from cutting its workforce as it streamlines its operations across "energy, consumables, contractors, maintenance and administrative functions". The cost-cutting drive came as Glencore posted a 14 per cent drop in underlying earnings to $US5.43 billion. Net losses nearly trebled to $US655 million from $US233 million a year ago. Glencore's shares have fallen 26 per cent in the last year, prompting analysts to suggest the miner might get a boost by a relisting in New York. However, Nagle said the decline was due at least in part to lower coal prices. with AAP and Reuters
Sydney Morning Herald
2 days ago
- Sydney Morning Herald
Resources department paid $187k to industry figure for 25 days' work
Queensland's Resources Department paid $187,500 to industry figure Ian Davies for up to 25 days of 'strategic analysis' of the state's north-west mineral region and talks with Swiss mining giant Glencore. Director-general Graham Fraine confirmed the arrangement at a parliamentary estimates hearing, but would not be drawn on whether he knew of a donation to the LNP in Davies' name. Davies left his role leading major east-coast gas producer Senex Energy, part owned by Gina Rinehart's Hancock Prospecting, in January after almost 15 years. For more than seven years until February, he held board roles – including as chair – with the peak Australian Energy Producers group, and since August has been on the board of Adelaide-based Amplitude Energy, where he will take up the chair position in November. Responding to questions from Labor resources spokesperson Linus Power, Fraine said the north-west was a key focus of the government, both for negotiations with Glencore around its Mount Isa operations, and future development of the mineral-rich region. 'Davies was engaged as a result of conversations that I had, both between myself and the minister [Dale Last] about people who are well qualified and well engaged in the mining industry in this state and would be of benefit for the work that we needed,' Fraine said. He added this related to 'the work that we are looking at doing in Mount Isa' and confirmed Davies was engaged on a contract basis for 'up to 25 days' for the sum of $187,500. Power then asked whether Fraine was aware of a $2000 donation made to the LNP in Davies' name last August, but was not provided an answer. Comment has been sought from Davies through Amplitude.
