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    Menno Gerard Cornelis Sanderse

    Research Analyst at Morgan Stanley

    Menno Gerard Cornelis Sanderse's questions to Glencore plc/ADR (GLNCY) leadership

    Menno Gerard Cornelis Sanderse's questions to Glencore plc/ADR (GLNCY) leadership • Q2 2017

    Question

    Menno Sanderse inquired about Glencore's strategic interest in deploying capital into iron ore and aluminum, given their respective positions in the commodity cycle. He also requested more information on the previously announced accounting review at Katanga related to the capitalization of certain inventories.

    Answer

    CEO Ivan Glasenberg stated that while iron ore is an early-cycle commodity, Glencore would consider an asset if it met the company's IRR criteria based on internal price forecasts. For aluminum, he noted Glencore already has significant exposure via its stakes in Rusal and Century Aluminum. CFO Steven Kalmin addressed the Katanga inquiry by stating that any potential adjustment from the review is not expected to materially impact Glencore's consolidated financial position.

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    Menno Gerard Cornelis Sanderse's questions to BHP Group (BHP) leadership

    Menno Gerard Cornelis Sanderse's questions to BHP Group (BHP) leadership • H1 2017

    Question

    Menno Sanderse requested more detail on the company's statement about 'enormous potential ahead' and asked for an update on the Jansen potash project, including how industry consolidation might affect its attractiveness.

    Answer

    CEO Andrew Mackenzie clarified that the 'potential' refers to bottom-up productivity gains from their simplified operating model, rather than a change in their macroeconomic outlook. Regarding Jansen, he reported that shaft construction is progressing well, past the most difficult geological zones, and that the company is evaluating the impact of market consolidation while continuing to engineer the most capital-efficient development plan.

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