Glencore PLC

Glencore was selected as the partner for the newly established VaultCo to procure, on behalf of the US government, $500 million worth of reserves of critical minerals. The aim is to build a strategic minerals reserve to strengthen and ease pressure on US supply chains and to support domestic industry. Glencore shares rose on Wednesday as much as 1.01 percent to 5.51 GBP. » Mere på finanzen.net

Glencore has cut business ties with Radiant World, Sapphire Minmetals and affiliated firms after evidence was found of forged invoices, contracts and fabricated emails allegedly sent by Glencore employees. The group is now reviewing its historical transactions with the insolvency‑threatened iron‑ore trader. Claims by the named firms against Glencore are being described as unfounded and will be contested in court. Financial exposure, after provisions, is well below the previously cited threshold of $500 million. » Mere på finanzen.net

Mercuria, together with investment firm Heeney Capital, is in talks with the Venezuelan government about an agreement for the Venalum aluminum smelter that would govern operation of the smelting plant and access to the metal produced. Glencore is another bidder; no final agreement has been reached and the negotiations could fail. A successful deal would mark a significant push by leading commodity traders into Venezuela’s industrial sector. » Mere på de.investing.com