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Glencore - COVID-19 update

Emilie Stevens, Equity Analyst | 14 April 2020 | A A A
Glencore - COVID-19 update

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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.

Glencore plc Ord USD0.01

Sell: 471.85 | Buy: 472.00 | Change -2.20 (-0.46%)
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Glencore says most of its operations have not seen any material impact from COVID-19 disruption.

However, since last reporting on 26 March, new government guidance in Canada, South Africa, Colombia and Peru has impacted certain assets.

The shares remained broadly flat on the news.

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COVID-19 update

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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Unless otherwise stated estimates, including prospective yields, are a consensus of analyst forecasts provided by Thomson Reuters. These estimates are not a reliable indicator of future performance. Yields are variable and not guaranteed. Investments rise and fall in value so investors could make a loss.

This article is not advice or a recommendation to buy, sell or hold any investment. No view is given on the present or future value or price of any investment, and investors should form their own view on any proposed investment. This article has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is considered a marketing communication. Non-independent research is not subject to FCA rules prohibiting dealing ahead of research, however HL has put controls in place (including dealing restrictions, physical and information barriers) to manage potential conflicts of interest presented by such dealing. Please see our full non-independent research for more information.

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