Mining round-up: Glencore suffers heavy typhoon damage at Philippines copper smelter

on Nov 12, 2013
Updated: Oct 21, 2019
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iNVEZZ.com, Tuesday, November 12: Commodities giant Glencore Xstrata (LON:GLEN) has suffered “heavy structural damage” at its Pasar copper smelter and refinery in the Philippines, after one of the most powerful storms ever recorded, typhoon Haiyan, battered the country and left an estimated 10,000 people dead.

Glencore Xstrata began to shut down the copper smelter on Thursday, a day before the supertyphoon, known locally as Yolanda, hit the country. A company spokesman said in a statement yesterday: “Initial assessments confirm that Pasar has sustained heavy structural damage to its operations.” He added that Glencore had estimated that a return to normal operations could take at least four to six weeks.

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Pasar is 78-percent owned by the Switzerland-based mining giant, while the remaining 22 percent is owned by local investors. Copper production at Pasar, which has a copper cathode production capacity of 215,000 metric tonnes a year, fell 40 percent in 2012 due to a fire that halted production for about six months.
Trade these shares now through Hargreaves Lansdown from £5.95 per deal.

The Glencore share price has fallen as much as 0.9 percent today.
**As of 13:56 UTC, buy Glencore shares at 328.05p.**
**As of 13:56 UTC, sell Glencore shares at 327.95p.**
**Vale sells stake in Norsk Hydro**
Vale (NYSE:VALE), the world’s second-largest mining company and biggest iron ore exporter, said in a statement today that it has sold 90 percent of its holding, or 407 million shares, in Norwegian aluminium producer Norsk Hydro (LON:NHY) at a price of 25 crowns ($4.08) per share, yielding proceeds of $1.66 billion.

As reported by Vale, there is an overallotment option for the deal. If the overallotment option is used in full, the Brazilian miner will dispose of its entire 22 percent stake in Norsk Hydro. If the option is not exercised, Vale will retain the equivalent of two percent of Hydro’s share capital and voting rights. Vale, which is Hydro’s second biggest shareholder, after the Norwegian government with 34 percent of the aluminium maker, has agreed not to sell any more shares within six months of the deal’s completion.

The Vale share price closed unchanged in yesterday’s New York session, and declined as much as 1.25 percent in pre-market trading today. London-listed shares in Norsk Hydro have plunged by over four percent in afternoon trading today.
**As of Monday, November 11, buy Vale shares at $ 15.78.**
**As of Monday, November 11, sell Vale shares at $15.76.**
**As of 13:59 UTC, buy Norsk Hydro shares at NOK 26.50.**
**As of 13:59 UTC, sell Norsk Hydro shares at NOK 24.24.**
Trade these shares now through Hargreaves Lansdown from £5.95 per deal.
Prices can go up and down meaning you can get back less than you invest. This is not advice. Dealing services provided by Hargreaves Lansdown.

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