Glencore PLC

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. » Altro su 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. » Altro su de.investing.com

Orion Minerals has outlined a concrete plan to bring Prieska into production as its flagship project within about 12 months after financing is closed and to optimise Okiep as a second growth option. The company has signed an advance payment and offtake agreement with Glencore for $250 million in three tranches over 10 years; Glencore receives the marketing rights for bulk, copper and zinc concentrates. At full capacity Prieska is expected to process 2.4 million t of ore per year and to deliver around 22,000 t of copper and 65,000 t of zinc in concentrate annually; implementation remains dependent on final financing and construction. Orion also highlights an exploration portfolio of about 3,500 km² and its selection for the BHP Xplor program as the only mining company from the EMEA region. » Altro su de.investing.com