Quellen zufolge plant Glencore, Kanadas größten Kupfermetallbetrieb aus Kostengründen zu schließen
https://www.theglobeandmail.com/business/article-glencore-plans-to-shut-canadas-largest-copper-metal-operation-over/
Quellen zufolge plant Glencore, Kanadas größten Kupfermetallbetrieb aus Kostengründen zu schließen
https://www.theglobeandmail.com/business/article-glencore-plans-to-shut-canadas-largest-copper-metal-operation-over/
5 Kommentare
I expect this is just a cash grab.
If you can’t run it, and follow environmental regulations, nationalize it. These businesses are too important, especially with the US being Nationalistic.
Not good, but I don’t have much sympathy for them. They’ve run out of money in the midst of a global copper shortage, which is exactly when they should be making more
The company’s blaming red tape in their press release, but in reality it seems like they’ve been releasing illegally high amounts of arsenic into the air, and don’t have the money to fit out their smelters to prevent it
>[Glencore] is planning to close its Horne smelter, Canada’s largest copper metal-producing operation, **due to environmental issues and the millions of dollars needed to upgrade the facility**, two sources with knowledge of the matter said.
>Glencore’s plans to close Horne and CCR are not related to the case, but to the costs of making the operation environmentally safe, according to the two sources.
In other words: „We can only hit our profit targets if you let us keep poisoning you“.
Fuck ‚em. If they can’t manage to run it safely, they should be required to sell it at fair value to a better operator who can.
Am I having a stroke or is this article screwing with me?
>Glencore is planning to close its Horne smelter, Canada’s largest copper metal-producing operation, due to environmental issues and the millions of dollars needed to upgrade the facility, **two sources [unnamed] with knowledge of the matter said**.
**“Glencore is not currently considering the closure of the Horne smelter or CCR,”** a Glencore spokesperson said in response to a Reuters request for comment.
Isn’t this essentially reporting rumors as fact? Is this some type of market manipulation piece (wouldn’t be the first or thousandth time that was done in order to manipulate stocks for people who have millions in Options).
Either way there’s obviously a lot more happening than just costs required for environmental upgrades.
Glencore’s adjusted EBITDA for 2023 was **$17.1 billion…** They can obviously afford $200-$300 million in upgrade costs when you spread that over a period of 10 or more years.
In this day and age where projects costs are commonly refered to in billions, 200 million doesnt seem like much. Expect to see more Canadian concentrates to be shipped overseas for processing in places that dont give a damn about their people or environment.