Operating and financial review. Glencore IPO Prospectus. – Accountant's report on historical. Glencore IPO Prospectus. – A copy of this Prospectus has been delivered to the Jersey registrar Xstrata at the time of its London IPO and the Cerrejón stake thereafter. This document comprises a base prospectus for the purposes of Article of the Prospectus Directive Following Glencore's initial public offering in May , employees continued to own a sizable to the PDF page.
|Language:||English, Spanish, Arabic|
|Distribution:||Free* [*Registration Required]|
Glencore IPO Prospectus - Ebook download as Text File .txt), PDF File .pdf) or read book online. before Glencore's pre-IPO prospectus was published, they have little excuse for failing to do so now, nor for ignoring the implications of what. The 1,page Glencore prospectus has finally been released (though it wasn't easy to track down). The figures confirm what was rumored.
In , a Colombian court was told by former paramilitaries that they stole the land so they could sell it to Glencore's subsidiary Prodeco, to start an open-cast coal mine; the court accepted their evidence and concluded that coal was the motive for the massacre.
Glencore disputed the court's ruling.
They found that, "From to , residents of the Cesar mining region of Colombia, from which European power utilities source most of their coal, have suffered greatly from paramilitary violence Prodeco mining companies have supported the paramilitary forces with finance, equipment and information. The mining companies deny any involvement, but those victims of human rights violations who stand up for their rights, are still being threatened.
The Swiss government had previously issued human rights guidelines for firms operating in the commodity sector, which is of strategic importance to both countries.
The visit was heavily criticized by Amnesty International and Swiss watchdog groups while the federal councilor defended his stance, pointing out the modernization of production facilities, improved health care and better training for young workers. Through Ale Glencore aimed to expand its fuel distribution network by forging agreements with unbranded gas stations.
For three years after taking over the mine it continued to allow the waste acid to flow into a river. The chief executive, Ivan Glasenberg, was interviewed for Panorama by John Sweeney and said 'It was impossible to remedy any way faster'  Glencore said the pollution started long before the company took over the refinery and that it has now ended.
These have since rebounded. CEO Ivan Glasenberg said the company does not profit from child labor , and the child miners went with artisanal mining by nearby residents that Glencore was trying to prevent. But Panorama tracked a shipment of copper from the mine to Groupe Bazano plant and from that plant to a Glencore smelter in Zambia.
According to Global Witness, Congo's government transferred a 75 per cent stake in Kansuki mine in secret and at vastly undervalued prices in July to a company in which Dan Gertler, who is a close friend of President Joseph Kabila , has an interest. Just a month later, in August , Glencore took half the shares of the company that acquired that 75 per cent stake, becoming the operator of the mine.
Glencore is financing the entire development of the Kansuki mine, thereby carrying the costs for the other partner companies, which are associated with Mr Gertler.
For , 18, tonnes are planned to be sold and 21, tonnes in They are waking up too late. In November of the same year, the export was halted due to uranium contamination at the Kamoto Project for which the company is taking remedial action with a planned 25 million USD ion-exchange refining plant.
According to company sources, Gertler will receive a royalty payment of about 25 million euros in Before Glencore, he worked for five years for BP in its crude oil department. Mr Kalmin was appointed to the Board on 14 March He is also currently a director of various companies within the Glencore Group.
Before joining Glencore, he worked for nine years at Horwath Chartered Accountants in Sydney, leaving the firm as a director. There's likely even more billionaires being minted here among Glencore's upper ranks, executives with holdings that fall in between Mr.
Beard's 4. Kalmin's holding was disclosed only because of his position as a director the company. Other potential billionaires include Steven Blumgart and Gary Fegel, the co-heads of the aluminum business as well as Christian Wolfensberger and Stuart Cutler, the co-heads of the ferroalloys, nickel and cobalt business, and Chris Mahoney, head of the agricultural products business.
As the credit crisis began to bite, metals prices tanked and risky companies around the world found it ever tougher to raise finance.
In June , Glencore and partner Dan Gertler, an Israeli mining magnate, paid million pounds for a quarter-stake in mining company Nikanor, which was seeking to revive derelict copper mines next to Katangas. That deal gave Glencore exclusive rights to sell all Nikanors output -- an offtake agreement. Offtake deals are common in risky projects like mining, where banks are reluctant to lend because of uncertainty about how they will be repaid. An offtake ensures a miner has customers before it starts digging, and provides a guaranteed source of raw materials to a trader, which can also act as security if the trader provides finance.
By investing in Nikanor, Glencore consolidated a powerful partnership: half of the stake it bought was on behalf of a trust linked to Gertler, an old Congo hand who industry sources say has close ties to government officials including President Joseph Kabila. Katangas mines were just months from producing copper and cobalt again.
After searching fruitlessly for a white knight -- a big miner willing to pay top dollar to fend off CAMEC -- Katanga turned to Glencore. The trading company was ready to oblige. Just one month later, Katanga and its neighbour Nikanor merged, giving Glencore 8. In June , with the global financial crisis deepening, Katanga Chief Executive Art Ditto resigned for personal reasons.
Glencore, exercising a clause from its earlier Nikanor download, appointed a caretaker chief executive. It was then that Katanga embarked on its increasingly desperate search for new funds. The Swiss trading firm subsequently sold on about a quarter of the loans to RP Capital, a hedge fund also linked to Gertler.
Most of that equity, too, went to Glencore. Now Glencore had a mining complex with the potential to be Africas biggest copper producer. To approve the arrangement, Katanga had used Toronto stock exchange rules that exempt companies in financial distress from a shareholder vote. That left most of Katangas minority shareholdings facing a virtual wipeout from the heavy dilution, a measure they voted through in a subsequent shareholders meeting. Everybody got taken down.
There were a couple of savvy guys who got out early, but most people got taken for a ride. Barker says Katanga had little choice but to accept Glencores terms since it was probably a couple of weeks away from bankruptcy.
The only person that was left was Glencore, Barker said.
They said well get involved, but well take our pound of flesh. This sort of deal -- with the right to convert debt into equity in the tail -- has proved pivotal to Glencore as it has built up its mining assets. If youre someone like Rio Tinto or Anglo American , often in these early-stage places you have no reason to be there, you havent got any assets there, he says.
But if youre Glencore, you source concentrate and product from these places, you have trading relationships. Theyre on the ground first, so they see these opportunities first. Glencore is constantly cutting similar deals, some of the biggest of which it already has in place with its Swiss neighbour and close affiliate Xstrata. In the space of two weeks recently, Glencore agreed offtake deals with London Mining for its Sierra Leone iron ore production and Mwana Africa for nickel output in Zimbabwe.
The deals often come with, or are followed by, a financing arrangement: U. PolyMet Mining Corp, for instance sealed an arrangement in January that involves Glencore downloading shares with the right to convert the companys debt into equity.
The earliest possible date for a launch would be April, after first-quarter results are compiled. Its inevitable that the timing will attract attention. Its almost guaranteed that when they decide to list, everyone will say theyre calling the top of metals market, says analyst Tom Gidley-Kitchin at Charles Stanley in London.
Like Goldman, people will ask, Why are they selling now? As one mining industry source puts it: We all know that Glencore never leaves any crumbs on the table. Like Goldman, which floated in , Glencore wants the permanent capital that comes with a listing. In a private partnership, payouts to departing partners shrink the capital base, but public companies equity remains intact even if the shares change hands at dizzying speeds.
New equity would also reassure the big credit rating agencies, which rate Glencore debt a notch or two above junk.