{"id":1166213,"date":"2020-02-18T07:45:31","date_gmt":"2020-02-18T13:45:31","guid":{"rendered":"https:\/\/www.mining.com\/?p=1014172"},"modified":"2020-02-18T07:45:31","modified_gmt":"2020-02-18T13:45:31","slug":"more-heads-to-roll-at-glencore-this-year","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1166213","title":{"rendered":"More heads to roll at Glencore this year"},"content":{"rendered":"<p>Mining and commodities trader Glencore<br \/>\n(LON: GLEN) is planning more management changes this year as it makes the<br \/>\ntransition towards a new, younger generation of leaders.<\/p>\n<div class='d-flex justify-content-center d-xs-block d-sm-block d-md-none'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>The Swiss giant has faced the brunt of a growing investor concern about climate change due to its heavy presence in the thermal coal market (it\u2019s the world\u2019s largest supplier&nbsp;of the fossil fuel). That, together with multiple <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.mining.com\/glencore-cftc-investigation-possible-violations\/\" >corruption<\/a> and <a href=\"https:\/\/www.mining.com\/glencore-shares-hammered-as-us-requests-documents-in-corruption-probe\/\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">bribery investigations<\/a>, as well as a steep decline in the kind of coal it produces, has taken Glencore to speed up planned changes at the top.<\/p>\n<p>&nbsp;\u201cThere will be a few senior changes coming,\u201d chief executive Ivan Glasenberg&nbsp;said <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/edge.media-server.com\/mmc\/p\/jajmqzbc\" >in a call conference<\/a> on Tuesday, after delivering annual results, without giving further details. \u201cAs I have said, once the new generation is in place and ready to move on, it will also be time for me to move on.\u201d<\/p>\n<p>In its nearly 50-year life as a<br \/>\ncompany, Glencore has had just three chief executives, including its founder<br \/>\nMarc Rich.<\/p>\n<p>Glasenberg, the company&#8217;s second-biggest shareholder with a 9% stake, according to Refinitiv Eikon data,&nbsp;said in 2018 that <a href=\"https:\/\/www.mining.com\/glencore-boss-ivan-glasenberg-retire-3-5-years-report\/\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">he would step down in three to five years<\/a>. At the time, he added the firm had begun training a small group of front runners&nbsp;to take over the post.<\/p>\n<p>Since then, Glencore <a href=\"https:\/\/www.mining.com\/web\/glencores-executive-departures-hasten-oil-chief-leaves\/3210\/\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">has appointed some new division heads<\/a> to cover marketing and assets for coal, ferroalloys, copper and oil.<\/p>\n<p>Glasenberg\u2019s comments come as the company <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.glencore.com\/media-and-insights\/news\/preliminary-results-2019\" >reported its first annual net loss since 2015<\/a> as it took a $2.8 billion impairment charge to reflect the closure of its <a href=\"https:\/\/www.mining.com\/glencore-warns-of-350m-hit-on-copper-unit-poor-results-cobalt-prices-rout\/\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">African copper business<\/a>. The company\u2019s results were also hit by falling low cobalt prices, the expiry of licenses at its Chad oil operations and low demand for coal from Europe.<\/p>\n<p>Adjusted earnings before interest, tax, depreciation and amortization fell 26% to $11.6 billion in the year to December due to weak prices for Glencore\u2019s key commodities including copper, thermal coal and zinc.<\/p>\n<p>Results, however, still exceeded market forecasts by about $400 million. Revenue was $215 billion, down from $220 billion, while net debt increased to $17.6 billion, from $14.7 billion a year earlier.<\/p>\n<h2><strong>Tackling Scope 3 emissions<\/strong><\/h2>\n<p>Glencore also highlighted its progress towards <a href=\"https:\/\/www.glencore.com\/media-and-insights\/news\/glencores-commitment-to-the-transition-to-a-low-carbon-economy\">reducing its so-called Scope 3 emissions<\/a>, those generated by its products when consumed. It anticipates that they will drop by 30% in the next 15 years, mainly as a result of its Colombian and South African coal mines running out of ore. <\/p>\n<p>The forecast, based on current mine plans rather than a fixed target, did not indicate how much coal output would be axed to meet such goal.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.mining.com\/wp-content\/uploads\/2020\/02\/scope3emissionsreductions-1024x676.jpg\" alt=\"\" class=\"wp-image-1014173\" srcset=\"https:\/\/www.mining.com\/wp-content\/uploads\/2020\/02\/scope3emissionsreductions-1024x676.jpg 1024w, https:\/\/www.mining.com\/wp-content\/uploads\/2020\/02\/scope3emissionsreductions-300x198.jpg 300w, https:\/\/www.mining.com\/wp-content\/uploads\/2020\/02\/scope3emissionsreductions-768x507.jpg 768w, https:\/\/www.mining.com\/wp-content\/uploads\/2020\/02\/scope3emissionsreductions.jpg 1296w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>ThNews come as the Swiss miner and commodities trader reported its first annual net loss since 2015.<\/p>\n","protected":false},"author":8,"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 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