Glencore share price steady as Australian rainfall fails to damage operations

on Jan 7, 2015
Updated: Oct 21, 2019
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iNVEZZ.com, Wednesday, January 7: Glencore (LON:GLEN) has seen little impact on its operations from heavy rains in Australia’s Mount Isa, where the commodities giant mines and processes base metals. The region has received an abnormally high amount of rain since the start of this year, with up to 125 millimeters (4.9 inches) recorded near Glencore’s George Fisher zinc mine.

The FTSE 100-listed miner told Reuters in an emailed statement today that lead smelting was briefly interrupted this morning but was set to resume later during the day, with no impact on production volumes. “Operations at Mount Isa Mines are largely unaffected by the recent rainfall, with no damage to plant or equipment,” Glencore stated.
In a separate development today, Reuters reported that Glencore had made the lowest offer of $279.75 a tonne in a tender to sell 50,000 tonnes of wheat to Bangladesh. According to an official from the state grains buyer, the only other participant in the tender, opened late on Tuesday, was Olam International, which offered $309 a tonne, including freight, insurance and other expenses.

Glencore also made the lowest offer of $280.87 a tonne in another Bangladesh tender that opened late last month. This was, however, the highest price in the tenders in the current fiscal year as uncertainty over Russian supply has supported global wheat prices.

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Glencore’s share price has been stable throughout most of today’s trading session. After a small dip in the morning, the stock stood 0.46 percent higher at 285.40p as of 13:53 GMT. According to the Financial Times, as of 3 January 2015, the consensus forecast amongst 52 polled investment analysts covering Glencore has it that the company will outperform the market.
As of 14:39 GMT, Wednesday, 07 January, Glencore Xstrata PLC share price is 285.60p.

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