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    Danielle Chigumira

    Research Analyst at Credit Suisse

    Danielle Chigumira's questions to Glencore plc/ADR (GLNCY) leadership

    Danielle Chigumira's questions to Glencore plc/ADR (GLNCY) leadership • H1 2023

    Question

    Danielle Chigumira from Credit Suisse questioned the purpose of the $2 billion reserved for M&A, seeking clarity on its potential return to shareholders. She also asked for expectations on non-RMI working capital for the second half and whether the marketing EBIT guidance has effectively been raised to a new $3-4 billion range.

    Answer

    CFO Steven Kalmin explained that the $2 billion M&A reservation is specifically for the potential Teck transaction and will be returned to shareholders if the deal does not proceed. He confirmed that significant non-RMI working capital releases are not expected in H2. On marketing guidance, Kalmin stated they are not ready to formally raise the range and will reassess in 2024.

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    Danielle Chigumira's questions to Glencore plc/ADR (GLNCY) leadership • FY 2022

    Question

    Danielle Chigumira asked about Glencore's definition of 'critical minerals' and its investment strategy in the space. She also inquired about the market outlook for cobalt hydroxide, the reasons for its recent price weakness, and the payability assumptions used in cost guidance.

    Answer

    CEO Gary Nagle clarified that their focus is on bulk critical minerals like copper and cobalt, not niche markets like rare earths where they cannot add significant value. He attributed short-term cobalt weakness to soft consumer electronics demand and new supply, but affirmed a strong long-term outlook from EV growth. CFO Steven Kalmin specified that cost guidance was based on a realized hydroxide price of ~$12/lb.

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    Danielle Chigumira's questions to Glencore plc/ADR (GLNCY) leadership • Q2 2022

    Question

    Danielle Chigumira from Credit Suisse inquired about the trend in energy trading in early H2, the strategy for the recycling portfolio post-Li-Cycle, and the actions being taken to improve safety performance.

    Answer

    CEO Gary Nagle described early H2 energy trading as "more normalized" and stated that while the company will assess further recycling opportunities, no large capital deployments are planned. Head of Industrial Assets Peter Freyberg detailed the ongoing "safe work" campaigns, noting that despite the fatalities, a record number of sites have been fatality-free for over a year.

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