and Glencore’s global coal businesses until his retirement in December 2007. At Antapaccay, we have engaged external human rights experts to undertake an independent human rights review to build an understanding of stakeholder perceptions and concerns about the operation. While we adjust our minimum internal liquidity threshold from time to time in response to changes in market conditions, this minimum internal liquidity target may be breached due to circumstances we are unable to control, such as general market disruptions, sharp movements in commodity prices or an operational problem that affects our suppliers, customers or ourselves. See also the Sustainability review on page 34 and the HSEC Committee report on page 106. This priority is reflected in the principles of our sustainability programme and related guidance, which require regular, open, fair and respectful communication, zero tolerance for human rights violations, fair remuneration and, above all, a safe working environment, as outlined on our website at: glencore.com/careers/our-culture and in the Our people section on page 30. Environmental, safety and health regulations may result in increased costs or, in the event of non-compliance or incidents causing injury or death or other damage at or to our facilities or surrounding areas, may result in significant losses. The financial statements are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board and International Financial Reporting Standards as adopted for use in the European Union (together “IFRS”). Mitigating factors - We seek to diversify our counterparties. Together these constitute the material required by DTR 6.3.5 to be communicated to the media in unedited full text through a Regulatory Information Service. Risk description and potential impact - Community relations, in particular in developing countries such as Colombia, Zambia, DRC and Peru, are important for the Group’s local operations. It provides detailed information on ESG indicators. We also seek to apply the Voluntary Principles on Security and Human Rights in regions where there is a high risk to human rights. Adjusted EBITDA declined 32% to $5.6 billion. Given the volatility of commodity prices over the past year and historically, we continue to focus on the partially controllable element of the margin equation – production and costs. We strive to comply with our own health, safety and environmental policies and relevant external laws and requirements. Environment. Geneva, Wednesday 4th December 2019 The founding members (ADM, Bunge, Cargill, COFCO International, Louis Dreyfus Company and Glencore Agriculture) of the industry-wide initiative to modernize global trade operations have announced its new project name: Covantis. The terms attaching to any permit or licence to operate may be onerous and obtaining these and other approvals, which may be revoked, can be particularly difficult. Our marketing operations are large in scale, which may make fraudulent, corrupt or other unlawful transactions difficult to detect. We regret that we recorded 17 fatalities at our operations in 2019 (2018: 13). The remuneration of Directors and other members of key management personnel recognised in the consolidated statement of income including salaries and other current employee benefits amounted to $18 million (2018: $16 million). Although Glencore invests heavily to monitor, maintain and regularly upgrade its systems, processes and networks, absolute security is not possible. Discover our business through our interactive reports and publications. In addition, we undertook to ensure that our material capital expenditure and investments align with the Paris Goals, and to report publicly on how this is achieved. We operate in countries with less developed political and regulatory regimes. We recognise the contribution a healthy community makes towards the robustness of our production processes. “We’ve been interested in the initiative from the very early days and we’re excited now to join as a full partner,” … Company profile page for Glencore AG including stock price, company news, press releases, executives, board members, and contact information Sign in / Register; Search for a company or officer Search. Our business involves producing and consuming fossil fuels along with processing minerals, all of which inevitably entails emitting a level of greenhouse gases. In December 2018, global investors collectively representing $11.5tn have set out their requirements to investee power companies to set out transition plans consistent with the goal of the Paris Agreement. Through our sustainability programme, we seek to manage these vital relationships by adhering to the principles of open dialogue and cooperation. This resulted in downward revision to future production and revenue estimates in our life of mine models. Local health services might be in the early stages of development, or local authorities may not have the resources to cope with the scale of need. Katanga Mining Announces Limited Resumption of Cobalt Exports. Our purpose is to responsibly source the commodities that advance everyday life. Our internal, cross-function and multi-commodity working group, led by our Chairman, co-ordinates our understanding and planning for the effects of climate change on our business, as well as the steps we have put in place to meet our Group-wide carbon emission intensity reduction target of 5% on 2016 levels by 2020. Community relations and human rights. Environmental Social and Governance (ESG), {{labelSearchNav.label_load_more_results}}, glencore.com/sustainability/climate-change, glencore.com/media-and-insights/updates-regarding-illegal-mining-at-KCC, glencore.com/sustainability/community-and-human-rights, published its Annual Report for the year ended 31 December 2019 (“Annual Report”) on its website www.glencore.com as required by DTR 6.3.5 R (3); and. Although the Group has various structures in place which seek to protect its position where it does not exercise control, these other shareholders may have interests or goals that are inconsistent with ours. The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website. Major decisions by governments can also lead to lower growth of some countries or regions, such as U.S./China trade decisions and Brexit. The Group's operations comprise around 150 mining and metallurgical sites and oil production assets. Infrastructure availability remains a key risk, though this has been mitigated by certain long-term measures taken. Where we may cause adverse impacts on our stakeholders, we seek to apply relevant international standards to understand, control and mitigate the impact. Risk appetite - High. Since many risks are connected, our analysis should be read against all risks to which it may be relevant. The order in which these risks and uncertainties appear does not necessarily reflect the likelihood of their occurrence or the relative magnitude of their potential material adverse effect on our business. This statement relates to and is extracted from page 123 of the Annual Report. Our activities depend on technology for industrial production, efficient operations, environmental management, health and safety, communications, transaction processing and risk management. The largest of these exposures are to the currencies listed on page 56. This report documents the implementation of the undertaking from November 2017 to … ZUG, SWITZERLAND, April 17, 2019 – Katanga Mining Limited (TSX: KAT) ("Katanga" or the "Company") today announces the resignation of Mr. Danny Callow as Chief Executive Officer of the Company.. Developments - We remain focused on the significant risks facing our industry arising from operational catastrophes such as the examples of mining dam collapses in Brazil in the last five years. Risk appetite - Low. Additionally, we seek to ensure this risk is minimised through scale of operations and diversity of product. There is full commitment from senior management and the Board to improve our performance. We are continuing to invest in a range of emission reduction projects. The TUIGroup applied IFRS15 and IFRS9 retrospectively from 1 October 2018. Liability may also arise from the actions of any previous or subsequent owners or operators of the property, by any past or present owners of adjacent properties, or by third parties. Confirmation statement. Our commitment to complying with or exceeding the health, safety and environmental laws, regulations and best practice guidelines applicable to our operations and products through our sustainability framework. This investment reflects the fact that the Group has a low risk appetite when considering entering into transactions or business activities that present compliance risk. The four-year plan considers Glencore’s adjusted EBITDA, capital expenditure, funds from operations (FFO) and net debt, and the key financial ratios of net debt to adjusted EBITDA and FFO to net debt over the forecast years and incorporates stress tests to simulate the potential impacts of exposure to the Group’s principal risks and uncertainties. Glencore PLC 31 July 2019 Glencore Plc NEWS RELEASE Baar, 31 July 2019 2019 Half-Year Production Report Highlights -- Own sourced... 22/11/2019 15:26:18 Cookie Policy +44 (0) 203 8794 460 Free Membership Login Glencore and Peabody began planning the new venture in 2012, with key milestones including: signing a Memorandum of Understanding (MOU) and public announcement of the joint venture in November 2014 submitting United Wambo Open Cut Coal Mine Project - SSD 7142 Preliminary Environmental Assessment (PEA) to the Department of Planning and Environment (DPE) on 30 June 2015 in reducing the demand for coal or increasing its pricing (via carbon taxes) – see Climate change risk on page 87. Our sites span seven provinces and we employ around 7,650 people. The Board has established an Ethics, Compliance and Culture Committee, which focuses on monitoring ethics and compliance, and seeking to ensure that business practices are aligned with the Group’s culture, see page 105. The Group also continues to actively engage with governmental authorities in light of upcoming changes and developments in legislation and enforcement policies. Directors’ Report Odin Metals Limited 4 2019 Annual Report to Shareholders Sturgeon Lake Project (100%) The Sturgeon Lake Project is an Earn-in Option Agreement with Glencore Canada Corporation, located 250km NW of the mining town of Thunder Bay, Ontario. A depreciation in the value of the US dollar against one or more of these currencies will result in an increase in the cost base of the relevant operations in US dollar terms. Risk description and potential impact - We are committed to ensuring the safety and wellbeing of our people and the communities and environment around us. Developments – We have faced community unrest at a number of our operations, most notably in South Africa, largely driven by lack of economic opportunities and poverty. Mitigating factors - Diversification of our funding sources (bank borrowings, bonds and trade finance, further diversified by currency, interest rate and maturity). The transaction involves Glencore taking over a number of contracts, including the right to use 3bcm of annual LNG regasification capacity at the Gate terminal in Rotterdam until 2031 as well as a number of LNG supply contracts. net income attributable to equity holders, total recordable injury frequency rate (2018: 3.18). As of 2015, it ranked tenth in the Fortune Global 500 list of the world's largest companies. Risk description and potential impact - Liquidity risk is the risk that we are unable to meet our payment obligations when due, or are unable, on an ongoing basis, to borrow funds in the market at an acceptable price to fund our commitments. Mitigating factors - We seek to ensure compliance through our commitment to complying with or exceeding the laws and regulations applicable to our operations and products and through monitoring of legislative requirements, engagement with government and regulators, and compliance with the terms of permits and licences. We monitor the credit quality of our physical and hedge counterparties and seek to reduce the risk of customer default or non-performance by requiring credit support from creditworthy financial institutions. Baar, 7 August 2019 2019 Half-Year Report. Katanga’s metallurgical plant received sufficient continuous high-voltage power to deliver on its ramp-up on schedule, though we are not complacent and continue to monitor the situation. While the selected files are being downloaded, we want to draw your attention to the reports on the sustainable development of the company. Cost control and reduction remains a significant area of management focus, noting that in the context of mineral resources, absolute costs will tend to increase over time as incremental resources are likely further from the processing plant and/or deeper, and dilution factors may be higher. Governmental and other authorities have commenced, and may in the future commence, investigations against the Group (including those listed under “Developments”) in relation to alleged non-compliance with these laws, and/or may bring proceedings against the Group in relation to alleged non-compliance. This financial policy facilitates access to funds, even in periods of market volatility. In addition, note 26 details our financial and capital risk management approach. They also believe that the review period of four years is appropriate having regard to the Group’s business model, strategy, principal risks and uncertainties, and viability. Many employees, especially at the Group’s industrial activities, are represented by labour unions under various collective labour agreements. Further information is available at: glencore.com/sustainability/climate-change, 11. Any successful claims brought against the Group could result in material damages being awarded against the Group, the cessation of operations, compensation and remedial and/or preventative orders. Our operations around the world can have direct and indirect impacts on the environment. As a result, the continued success of our existing operations and our future projects are in part dependent on broad support and a healthy relationship with the communities surrounding our operations as well as our ability to promote diversified and resilient local economies. Identifying, quantifying and managing risk is complex and challenging. We have optimised our bond debt maturity profile to no more than c. $3 billion of bonds maturing per annum. A number of governments have already introduced, or are contemplating the introduction of regulatory responses to greenhouse gas emissions to support the achievement of the goals of the Paris Agreement and the transition to a low-carbon economy. Corporate Sponsor: Sudbury Integrated Nickel Operations, a Glencore Company . Mitigating factors - Through our focused climate change programme, we strive to ensure emissions and climate change issues are identified, understood and monitored in order to meet international best practice standards, ensure regulatory compliance and meet the commitments we have made in support of the goals of the Paris Agreement. However, there can be no assurance that such policies, standards, procedures and controls will adequately protect the Group against fraud, corruption, sanctions breaches or other unlawful activities. This process is supported by the Audit, HSEC and ECC Committees, whose roles include evaluating and monitoring the risks inherent in their respective areas as described on pages 101-108. Near term confidence in stability of global demand (and thus indirectly FX rates for relevant producer countries) hinges on many factors, particularly those that relate to the prospects of global economic growth, such as the U.S./China trade tensions, political/ economic stability in the Middle East and the impact of the coronavirus disruption. Regreening Program 2019 Annual Report 2019 Partners Regreening Program City of Greater Sudbury Collège Boréal Conservation Sudbury Sudbury earthdancers KGHM Laurentian University Rainbow Routes Sudbury INO, a Glencore Company tentree Tree Canada Vale . Based on the results of the related analysis, the Directors have a reasonable expectation that the Group will be able to continue in operation and meet its liabilities as they fall due over the four-year period of this assessment. Some of the Group’s interests in industrial assets do not constitute controlling stakes. This may cause production to be reduced or to cease and may further result in personal injury or death, third party damage or loss or require greater infrastructure spending. Furthermore, in certain countries title to land and rights and permits in respect of resources are not always clear or may be challenged. Major hazard facilities Major hazard facilities. Developments - In 2019, the Group wrote down the value of its Colombian coal assets by c.$1.0 billion (see note 6 and 10). In addition, some of our industrial activities are located in countries where corruption is more commonly seen; and some of our counterparties have in the past, and may in the future, become the targets of economic sanctions. As a result of these factors, some market participants and analysts have a more bearish view (some strongly so) in relation to coal and oil. Developments - The Group is alert to counterparty performance risk, especially when prepayments have been entered into and the price of the relevant commodity has fallen. Risk description and potential impact - The revenue and earnings of substantial parts of our industrial asset activities and, to a lesser extent, our marketing activities, are dependent upon prevailing commodity prices. We have increased in recent years our focus on, and resources dedicated to, the Group compliance programme, including through increasing the number of dedicated compliance professionals, enhancing our compliance policies and procedures and controls and strengthening the Group’s Raising Concerns programme and investigations function. Through the reporting function within the programme, our Board and senior management receive regular updates and have a detailed oversight on how our business is performing across all of the sustainability indicators. Where desirable and possible, credit exposure is covered through credit mitigation products. Although we seek to improve our policies and their implementation over time, we continue to experience shortcomings, which result in health and safety and environmental issues. Source: Glencore plc (2015), Annual Report 2015, p. 171; Glencore plc (2017), Annual Report 2017, p. 79; Glencore (2018), Annual Report 2018, p. 54 and 91. We are working towards creating a workplace without fatalities, injuries or occupational diseases through establishing a positive safety culture. These provide in part some differing descriptions of our principal risks. As a significant producer, marketer and consumer of energy products, energy is a key output, input, cost and revenue driver for our business, and a material source of our greenhouse gas emissions. Developments – During the year, the Group has become subject to further investigations by certain authorities: 1. Non-performance by suppliers, customers and hedging counterparties may occur and cause losses in a range of situations, such as: Open account risk is taken but this is generally guided by the Group-wide Credit Risk Policy for higher levels of credit risk exposure, with an established threshold for referral of credit decisions by department heads to CFO/CEO, relating to unsecured amounts in excess of $75 million with BBB or lower rated counterparts, which occurs from time to time, in relation to various key strategic relationships. (more…) Glencore Agriculture bids farewell to AgriBusiness 6 May 2020 Mitigating factors - We continue to maintain focus on cost discipline and achieving greater operational efficiency. submitted a copy of the Annual Report to the UK National Storage Mechanism in accordance with LR 9.6.1 R. These include those risks which would threaten the business model, future performance, reputation, solvency or liquidity of the Group, A reference to a note is a note to the 2019 financial statements, A reference to the sustainability report is our 2019 sustainability report to be published in April 2020, a significant increase in commodity prices resulting in suppliers being unwilling to honour their contractual commitments to sell commodities at pre-agreed prices, a significant reduction in commodity prices resulting in customers being unwilling or unable to honour their contractual commitments to purchase commodities at pre-agreed prices, suppliers subject to prepayment may find themselves unable to honour their contractual obligations due to financial distress or other reasons, the imposition of new regulations, and climate change related policies adverse to our interests in fossil fuels by actual or potential investors, customers and banks, potentially impacting Glencore’s reputation, access to capital and financial performance, increased costs for energy and for other resources, which may impact the productivity of our assets and associated costs the imposition of levies related to greenhouse gas emissions, increased costs for monitoring and reporting related to our carbon footprint, reduced demand for our fossil fuel products, impacts on the development or maintenance of our assets due to restrictions in operating permits, licences or similar authorisations, losing of coal assets and consequent loss of investment, Government policy: we take an active and constructive role in public policy development of carbon and energy issues and seek to ensure that there is a balanced debate with regard to the ongoing use of fossil fuels, Lobbying activities: we acknowledge IIGCC Investor Expectations on Corporate Climate Lobbying and recognise the importance of ensuring our membership in relevant trade associations does not undermine our support for the Paris Agreement and the Paris Goals, Energy costs: projected price changes within our operating regions may affect our assets’ operating cost sensitivities. 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