UPDATE: Glencore notes shareholder discontent at general meeting

(Alliance News) - Glencore PLC on Thursday reported some shareholder disapproval at its annual ...

Alliance News 29 April, 2021 | 4:45PM
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(Alliance News) - Glencore PLC on Thursday reported some shareholder disapproval at its annual general meeting.

Around 20% of shareholders were against the approval of the rules of the Glencore incentive plan, while 25% of shareholders voted against the directors remuneration policy, as set out in the 2020 annual report.

"The company liaised extensively with its largest shareholders in developing the remuneration package and is grateful for their support. We will continue to consult with shareholders regarding their concerns and will consider their feedback as we implement our new remuneration policy," Glencore said.

Also on Thursday, the Anglo-Swiss miner reported mostly lower production in the first quarter of 2021, saying this reflected Covid-safe working practices.

Coal production of 24.5 million tonnes was 23% lower than a year before, mainly reflecting the halt to mining at Prodeco, located in Colombia, and various changes in the Australian portfolio.

Entitlement interest oil production of 1.1 million barrels of oil equivalent was 41% lower than in the first quarter of 2020, reflecting the Chad oil fields being placed on care-and-maintenance in April 2020.

Zinc production of 282,600 tonnes was 4% lower in the first quarter year-on-year, mainly relating to lower grades at Maleevsky mine in Kazakhstan and mine sequencing at Kidd, located in Canada. Nickel production of 25,200 tonnes was 11% lower than the year prior, mostly due to maintenance at Koniambo in New Caledonia.

More positively, ferrochrome production of 399,000 tonnes was up 3%, reflecting the impact of the South African national lockdown on the comparison period, this having commenced in late March 2020.

Glencore reported copper production of 301,200 tonnes, 3% higher than a year ago, mainly thanks to productivity improvements and mine plan sequencing at South American operations including Collahuasi, Antamina and Antapaccay.

"The group's overall production was broadly in line with our expectations for the first quarter," said Chief Executive Ivan Glasenberg. "Full year production guidance has been maintained for our key commodities."

Glencore shares were trading 0.7% higher in London on Thursday at 304.91 pence each, while in Johannesburg, the stock was down 1.1% at ZAR60.18.

By Evelina Grecenko, evelinagrecenko@alliancenews.com; Greg Roxburgh, gregroxburgh@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Glencore PLC 305.60 GBX -3.61

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