$GLCNF

Glencore Canada began nickel ore production at its Onaping Depth Project, a $1.8B extension of the Craig Mine. The project, supported by Ontario Premier Doug Ford and other officials, aims to secure Canada's nickel supply and create jobs. Glencore expects the mine to operate until 2040, with emissions minimized through electric equipment and underground waste disposal.

Glencore's shares (LON:GLEN) rose 7.3% ahead of a 17-cent distribution review, ending Friday at 596.8 pence. The company reported an 86% jump in first-half adjusted EBITDA to $10.1 billion. Analysts' average target is 621 pence, just 4.0% above current levels. The ex-distribution trade is set for August 27, with payments on September 18.

Electra Battery Materials (ELBM) extended its cobalt purchase agreement with Glencore (GLEN) until 2031. The deal secures 10,000 tonnes of cobalt, valued at over US$500 million, for Electra's refinery. The partnership aims to strengthen North American cobalt supply chains for various industries.

Reuters reports Glencore plans a secondary listing on the ASX in October via CHESS Depositary Interests. Investors and analysts said copper growth may outweigh thermal coal concerns. CEO Gary Nagle targets S&P/ASX 200 inclusion within 12 months, requiring A$1.5bn market value; S&P/ASX 100 needs A$5.5bn. Briefings by JPMorgan, UBS and Barrenjoey drew interest.

Vast Resources plc said it entered a loan agreement with Glencore International AG for a US$10 million term loan facility. US$4 million is restricted to project expansion at Aprelevka and US$6 million to working capital and debt repayment. Funds are subject to reverse takeover and admission becoming effective. Loan interest is SOFR plus 5% margin, reducing to 3.75% after qualifying events, and Glencore receives 10,000,000 warrants exercisable at 7.5p.

Korea Eximbank said it will provide $1 billion in financing to Glencore to secure stable copper supply for Korean companies. Glencore will use the funds for general operations and supply copper during the loan period, according to the bank. The lender cited Glencore’s global mines and trading network as backup supply if disruptions occur.

Glencore has joined a bid to recapitalize Sherritt International, a Canadian miner with a 50% stake in Cuba’s Moa nickel-cobalt venture, which includes the Fort Saskatchewan refinery in Alberta. The Financial Times says US sanctions expanded in May, disrupting operations and exposing Sherritt to early repayment of a $57m loan. Glencore’s consortium proposes at least 55% equity via a US vehicle, competing with Gillon Capital.

Glencore CEO Gary Nagle said copper concentrate TC/RC benchmarks may shift toward spot-based pricing as volatility and spot trading grow, citing other benchmark collapses. Glencore expects its producer and marketer role to benefit. The company also plans a secondary ASX listing by Oct 2026 to expand copper exposure and target ASX 200/100 inclusion.

Glencore has joined a contest to recapitalize Sherritt International, a Canadian miner with a 50% stake in Cuba’s Moa nickel-cobalt venture, which includes the Fort Saskatchewan refinery in Alberta. After US widened Cuba sanctions in May, Sherritt withdrew, staff resigned, and it faces early repayment of a $57m loan. Glencore’s consortium proposes a US vehicle for at least 55% equity, while Gillon Capital also seeks 55% via warrants.

Guinea selected Glencore Plc as the offtaker for bauxite from state-owned Nimba Mining, following an international tender, according to Bloomberg and Mines and Geology Minister Bouna Sylla. Contract terms are still being finalized. Nimba Mining exported 4 Mt this year and expects 8-10 Mt by year-end, rising to 12 Mt in 2027.