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Glencore - COVID-19 update
Emilie Stevens, Equity Analyst | 14 April 2020 |
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No recommendation
No news or research item is a personal recommendation to deal. All investments can fall as well as rise in value so you could get back less than you invest.
In Canada, Glencore is now looking at restarting nickel and zinc operations before 4 May. While the Canadian lockdown has been extended, Mining is now recognised an essential activity by the government.
Colombian and South African lockdowns have been extended, so the group's mining operations remain closed for now. In Peru, the Antamania copper and zinc mine of which Glencore owns a 33.75% share, will see operations halted for 2 weeks.
Glencore plans to announce further production details, including Q1 results and guidance for 2020, on 30 April.
Previous COVID-19 update (31/03/20)
In light of disruption caused by COVID-19 Glencore announced it would defer the decision on whether to pay its $0.20 per share dividend until the third quarter of 2020.
Glencore reported having access to $10.1bn in committed available funding. The group confirmed it had refinanced its revolving credit facilities and the funds had no specific financial obligations attached, known as covenants, it must meet to satisfy the terms set by its lenders.
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