Mining round-up: Glencore to donate $2million to Philippines typhoon recovery efforts

on Nov 18, 2013
Updated: Oct 21, 2019
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iNVEZZ.com, Monday, November 18: Switzerland-based commodities giant Glencore Xstrata (LON:GLEN) has pledged to donate $2 million in aid to support the Typhoon Haiyan relief effort in the Philippines.

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Mining.com has quoted Glencore CEO, Ivan Glasenberg as saying: “Typhoon Haiyan and its aftermath have had a devastating effect on communities in the Philippines. We have a long standing relationship with the Philippines and its people and hope that this donation will help all those involved with the relief effort in assisting local communities to recover from this catastrophic event. Our thoughts are with our employees, their families and all the communities that have been impacted by the typhoon.”

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The donation will be distributed by the Pasar Foundation, which is affiliated to Glencore’s Philippine copper operations of the same name. Glencore owns 78.2 percent of the Pasar project located off the coast of the Leyte Islands, with the remaining 21.8 percent owned by local investors. The mining company has suffered “heavy structural damage” at the copper smelter and refinery, after typhoon Haiyan, one of the most powerful storms ever recorded, battered the Philippines earlier this month, leaving an estimated 10,000 people dead (Mining round-up: Glencore suffers heavy typhoon damage at Philippines copper smelter).

Ex-Glencore oil trader cannot sue company for shares, UK court rules
In a separate development, Bloomberg reported on Friday that the UK High Court of Justice ruled that former Glencore trader Andrew Kearns, who was fired over an alleged alcohol problem, cannot sue the company to recover a share award worth about $1 million.
Judge Richard Seymour said he was “troubled” by Kearns’s lawsuit because it did not state a valid legal claim. The former oil trader is still suing for wrongful dismissal, which would result in a smaller amount in damages.

**As of 10:11 UTC, buy Glencore shares at 325.40p.**
**As of 10:11 UTC, sell Glencore shares at 325.25p.**
***Goldcorp, Barrick consider Marigold mine sale***
Canadian gold miners Goldcorp (TSE:G) and Barrick Gold (TSE:ABX) are looking to sell their jointly owned Marigold mine in Nevada, Reuters has reported, citing inside sources.
According to the news item published today, Goldcorp, which owns a two-thirds stake in the project, has retained BMO Capital Markets. Barrick, which owns the remainder, has separately engaged RBC Capital Markets to explore a possible sale of the high-cost mine, the sources have revealed. On Friday, Bloomberg reported that BMO is running the site’s sale which is expected to fetch at least $200 million.

Marigold produced just under 40,000 ounces of gold in the third quarter. In its quarterly report Goldcorp said the mine’s all-in sustaining costs were a steep $1,476 per ounce.
**As of Friday, November 15, buy Goldcorp shares at C$25.49.**
**As of Friday, November 15, sell Goldcorp shares at C$25.40.**
**As of Friday, November 15, buy Barrick Gold shares at C$ 18.94**
**As of Friday, November 15, sell Barrick Gold shares at C$18.88.**
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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