Latest news with #GlencorePlc
Bloomberg
4 days ago
- Business
- Bloomberg
Glencore Buys Russian Copper on LME to Feed Tight Chinese Market
Glencore Plc has been buying Russian copper on the London Metal Exchange and plans to deliver it into China, in a trade that highlights a squeeze on supplies in the world's largest copper consumer. In the past three trading sessions there have been requests for delivery of about 15,000 tons of copper from LME warehouses in Rotterdam, according to exchange data, drawing down available exchange inventories to the lowest in a year. Glencore was the key trader behind those withdrawal requests and is making plans to deliver the metal, which is Russian in origin, to China, according to people familiar with the matter.
Bloomberg
20-05-2025
- Business
- Bloomberg
Commodity Trader ED&F Man Expands Into Cotton With Viterra Hires
Commodities trader ED&F Man Holdings Ltd. is expanding into the cotton market after hiring a team from Viterra, an agriculture company backed by Glencore Plc, according to people familiar with the matter. The London-based trader, best known for hauling sugar and coffee around the world, has tapped more than 10 traders from Viterra, said the people, who asked not to be named because the information isn't public. The new hires include Josh Taylor, global trading manager for cotton at Viterra, and Andrew Kelly, head of physical cotton trading at the company, the people said.
Bloomberg
01-05-2025
- Business
- Bloomberg
Li-Cycle Seeks Buyers After Potential Sale to Glencore Falters
A Canadian battery recycling startup is seeking buyers after a potential sale to Glencore Plc fell through. Li-Cycle Holdings Corp. said it needs additional financing to meet its obligations and repay its debt, according to a statement on Thursday.
Bloomberg
03-04-2025
- Business
- Bloomberg
Swiss Attorney General Who Busted Trafigura Wants US-Style Powers
Switzerland's top prosecutor has called on legislators to give him sweeping US-style powers and more investigators to dole out faster justice to errant companies. The recent convictions on bribery charges of former executives from top commodity-trading firms Trafigura and Gunvor, while notable, took years to prosecute 'and the protracted nature of such proceedings poses a major challenge,' the office of Swiss Attorney General Stefan Blaettler said in a statement Thursday. Criminal investigations into wrongdoing at Glencore Plc which resulted in a so-called summary penalty order still took more than four years to complete, it said.
Yahoo
26-03-2025
- Business
- Yahoo
Glencore Mine Spews More Methane Than It Reports, Study Finds
(Bloomberg) -- Glencore Plc's Hail Creek coal mine in Australia emits between three and eight times more methane than it reports, according to a new study, calling into question the accuracy of conventional approaches for measuring the potent greenhouse gas. They Built a Secret Apartment in a Mall. Now the Mall Is Dying. Why Did the Government Declare War on My Adorable Tiny Truck? Trump Slashed International Aid. Geneva Is Feeling the Impact. Chicago Transit Faces 'Doomsday Scenario,' Regional Agency Says How SUVs Are Making Traffic Worse The analysis, commissioned by the United Nations and published in ACS's journal Environmental Science & Technology Letters, was based on data from aircraft that flew over the site in 2022 and 2023 equipped with atmospheric sensors as well as a spectrometer pilots used to observe invisible plumes of the gas spewing from the mine. It's the most comprehensive research on coal mine methane emissions undertaken by the UN's monitoring body. 'The discrepancy between operator-reported emissions and our two aircraft-based estimates underscores the need for a comprehensive review of the bottom-up reporting methods currently applied at Hail Creek,' the more than 20 authors of the report wrote. Australia has established an expert panel on measuring fugitive methane emissions, which will examine methodologies such as the ones used in the study and advise the government on their potential use to improve the estimates, a spokesperson for the Department of Climate Change, Energy, the Environment and Water said. Glencore, the world's largest coal trader, cast doubt on the peer-reviewed study. The paper relied on 'extremely limited aerial surveys conducted over a period representing less than 1% of the mine's operating time within a two-year period,' the Switzerland-based company said in an email. 'This limited data was then used to extrapolate an annual emissions inventory for the mine. The use of such a small data sample lacks credibility.' The study also fails to assess upwind methane emissions and 'simplistically attributes any methane anomalies in the vicinity of the mine to the mine,' Glencore said. The implications of potentially under-reporting methane emissions from Australia's coal mines are significant both for the nation's own climate goals and because undocumented releases could reverberate through global energy supply chains. Australia exports more than half the world's seaborne metallurgical coal used in steelmaking and the Bowen Basin in Queensland, where Hail Creek is, provides a major share of that. 'Any steel producer in the world is likely getting chunks of their metallurgical coal supply chain from Australia and potentially from the Bowen Basin,' said Chris Wright, a climate strategy adviser for energy think tank Ember. 'If you don't get emissions monitoring right you would be affecting importers' ability to say what their emissions are.' Hail Creek was first identified as a methane hotspot in 2021 by researchers in the Netherlands studying satellite observations. They estimated the mine's releases exceeded its operator-reported Scope 1 emissions, which include methane and carbon dioxide, by more than 12 times, according to the UN-commissioned paper. Discrepancies between satellite and aircraft-based measurements may stem from multiple factors including the lower spatial resolution of the satellite, which could make it more difficult to distinguish plumes from other mining pits. All available atmospheric data-based estimates indicate higher emissions rates than would be reported through Australia's National Greenhouse and Energy Reporting Scheme or the nation's Safeguard Mechanism, according to the study. Results from the aerial survey show 'substantial alignment' with the gas content for Hail Creek's coal seams, which are approximately four times higher than a Bowen Basin-wide government emissions factor, the authors said, citing data from the Queensland Petroleum Exploration Database. Methane from coal mining accounted for about 5% of Australia's emissions in 2020, according to its latest submitted report to the UN. 'If a country should get this right, it should be Australia,' said Peter Rayner, science lead for Open Methane, a platform for detecting and measuring the country's emissions. 'We've got the technological capability to do this properly.' Business Schools Are Back Google Is Searching for an Answer to ChatGPT The Richest Americans Kept the Economy Booming. What Happens When They Stop Spending? A New 'China Shock' Is Destroying Jobs Around the World How TD Became America's Most Convenient Bank for Money Launderers ©2025 Bloomberg L.P.
