{"id":1040656,"date":"2018-09-25T09:50:48","date_gmt":"2018-09-25T09:50:48","guid":{"rendered":"http:\/\/juniorminingnews.com\/?p=1040656"},"modified":"2018-09-25T09:50:48","modified_gmt":"2018-09-25T09:50:48","slug":"glencore-to-double-size-of-1b-share-buyback-program-2","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1040656","title":{"rendered":"Glencore to double size of $1B share buyback program"},"content":{"rendered":"

By Cecilia Jamasmie<\/a><\/span> <\/p>\n

Miner and commodities trader Glencore (LON:GLEN) is increasing the size of its buyback program<\/a> announced in July by purchasing another $1 billion of stock from now until the end of February 2019.<\/p>\n

The Swiss company had announced plans<\/a> to buy back as much as $1 billion of its shares after the US government investigation into bribery and corruption sent the stock down more than 15 percent since the start 2018<\/a>.<\/p>\n

Before that, it had faced challenges linked to its business in the Congo<\/a>, where it operates giant copper and cobalt mines.<\/p>\n

Moves follows a growing number of world’s top miners returning more money to investors this year.<\/q><\/p>\n

The second buyback this year is a sign that the company’s management will \u201cwork to address any discount in the valuation, including the potential for further buybacks,\u201d RBC Capital Markets said in a note. \u201cAt $9 billion of net debt at the half year, and the high free cash yield, the company continues to have more firepower for buybacks.\u201d<\/p>\n

Giving back<\/strong><\/h3>\n

Glencore’s move falls in line with what an increasing number of top miners have been doing lately, that is, handing money back to shareholders. The trend follows a recovery from the commodity rout of 2015-16 and increasing pressure from investors to not buy assets that may never deliver returns.<\/p>\n

Less than a week ago, world’s second largest miner Rio Tinto (ASX, LON:RIO) unveiled a $3.2 billion share buyback<\/a> following an asset-sale spree. Previously, BHP paid out a record dividend and promised it would give its shareholders most of the $10.5 billion<\/a> it obtained from the sale of its US shale oil and gas assets.<\/p>\n

Glencore said it has almost completed its first buyback, acquiring $940 million of its own stock after the shares fell to a 14-month low in September as part of a wider commodity sell off.<\/p>\n

The firm’s shares rose as much as 3.5 percent on Tuesday to 341.70 pence on the news by 1:35 p.m. London time.<\/p>\n

The post Glencore to double size of $1B share buyback program<\/a> appeared first on MINING.com<\/a>.<\/p>\n

…read more<\/a> <\/p>\n

From:: Infomine<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Cecilia Jamasmie Miner and commodities trader Glencore (LON:GLEN) is increasing the size of its buyback program announced in July by purchasing another $1 billion of stock from now until the end of February 2019. The Swiss company had announced plans to buy back as much as $1 billion of its shares after the US […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[360],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1040656"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1040656"}],"version-history":[{"count":0,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1040656\/revisions"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1040656"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1040656"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1040656"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}