London | Reuters –– Commodities trader and miner Glencore reported an 18 per cent rise in full-year profit on Thursday, buoyed by a rebound in raw materials prices, and said it was well-placed financially for small acquisitions or a special dividend payout. Analysts said the results beat expectations, driving the share price nearly two per […] Read more
Glencore ready for deals and dividends after profit boost
Viterra results offset Glencore’s improved year-end
Commodity giant Glencore’s efforts to ratchet down its debts paid off in fiscal 2016 — though “challenges” weighed on the ledger for its Viterra grain handling arm. Swiss-based Glencore on Thursday released preliminary results for 2016, booking net income attributable to equity holders of $1.379 billion on $152.948 billion in revenues, up from an $8.114 […] Read more
Viterra plans new eastern Alberta elevator
Glencore’s Prairie grain handling arm Viterra plans to stake a new claim in the northeastern Alberta market with a new high-throughput elevator at Vegreville. The company announced Monday it has picked up the necessary regulatory approvals and expects to start construction along Canadian National Railway (CN) track this spring. The elevator is expected to have […] Read more
Glencore sees renewables not cost competitive until mid-century
London | Reuters — Renewable energy will not be cost competitive with fossil fuels until 2050, Glencore said on Tuesday, much later than energy organizations forecast and supporting the mining and trading giant’s case for continued investment in coal. Glencore, whose non-mining holdings include Canadian grain handler Viterra, has said coal is still an investment […] Read more
Viterra plans new elevator in eastern Saskatchewan
Glencore’s Prairie grain handling arm Viterra plans to boost its throughput capacity in east-central Saskatchewan with a new elevator at Wadena. Wadena, served by both Canadian National and Canadian Pacific Railways (CN, CP), already has a smaller Viterra elevator on each line. The two former Saskatchewan Wheat Pool elevators have capacity for 5,020 and 4,000 […] Read more
Saskatchewan farmers to launch ag retail chain
A Saskatchewan family farm and seed retailing operation is set to become the home base for a new chain of crop input and seed retail stores. Brad Hanmer, who farms and operates Hanmer Seeds at Govan, Sask., about 100 km north of Regina, on Wednesday announced the launch of SynergyAG, which plans to open four […] Read more
Canadian canola exporters book sales to China
Winnipeg | Reuters — Canadian exporters are making small sales of canola to China under Beijing’s stricter terms, an industry group and three sources said, possibly undermining Ottawa’s hardline negotiating stance with the world’s top market for the oilseed. The dispute over the new shipping standard, which industry groups in the world’s biggest canola exporter […] Read more
Viterra books lower first-half revenues for Glencore
“Average” crops and lower prices on the Prairies in the first half of 2016 led to results “substantially below” those in the year-earlier period for Viterra’s Canadian operations. Viterra’s owner, Swiss commodity mining/marketing firm Glencore, on Wednesday reported a nine per cent drop in revenues across its global agricultural products business, from $10.74 billion in […] Read more
B.C. pension funds to get piece of Glencore ag unit
The investment firm for British Columbia’s public-sector pension funds is set to buy just under 10 per cent of the agricultural arm of commodities firm Glencore. Swiss-based Glencore announced Thursday it has a “definitive” deal to sell 9.99 per cent of its “Glencore Agri” business for US$624.9 million cash to the B.C. Investment Management Corp. […] Read more
Glencore in talks to sell further stake in ag unit
London | Reuters — Commodity trader and miner Glencore is in talks to sell a further 9.9 per cent stake in its agricultural unit, negotiating with bidders that missed out on the 40 per cent sold to the Canada Pension Plan Investment Board (CPPIB), two sources with knowledge of the matter said. Glencore, whose ag […] Read more
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