TIDMGLEN
RNS Number : 0585H
Glencore PLC
20 March 2020
Glencore plc
Baar, Switzerland
20 March 2020
Update on COVID-19
Glencore operates more than 200 sites and offices in over 35
countries. The scale and diversity of our operations means that the
impact of COVID-19 varies by location. Accordingly, we continue to
assess the risks and adapt our plans and actions in consultation
with our local stakeholders.
We have introduced a number of additional precautionary measures
across our offices and industrial assets. These include:
-- Asking anyone who works for us to stay at home if they feel
unwell and to seek medical advice and self-quarantine if they have
symptoms consistent with those of COVID-19.
-- Implementation of enhanced hygiene and cleaning measures.
-- Restrictions on all non-essential travel.
-- Flexible working, including rotational and remote working, where necessary and possible.
-- A Health Advisory channel for our people to seek advice and support.
Ivan Glasenberg, CEO, Glencore, commented:
"We continue to closely monitor and respond to events
surrounding the COVID-19 pandemic. Our first priority is the health
and wellbeing of all of our people and the broader community.
"We have formulated our response in partnership with our expert
medical advisors, taking into account advice from governments
across the countries where we operate, and global bodies such as
the World Health Organisation.
"Through our business continuity planning, we aim to minimise
disruption so we can continue to source and deliver the products
that our customers need."
Industrial and Marketing update
To date, there have been no material disruptions at our
operating assets or within our supply chain and our marketing
business is delivering annualised EBIT performance within our
through the cycle long-term guidance range of $2.2bn to $3.2bn p.a.
In light of various restrictions being imposed by Governments in
different countries, we have to date seen some impact on certain
smaller operations.
Glencore also continues to review its industrial operations to
ensure that they are appropriately positioned to support the
Group's overall performance during these uncertain times.
Liquidity and funding
Glencore had $10bn in available committed undrawn credit
facilities and cash at the end of 2019. This liquidity has
increased since the start of the year due to lower working capital
funding requirements, in line with lower commodity prices. In
addition, the significant weakening of our key producer currencies
against the USD and lower oil prices and interest rates have
provided substantial cash offsets to the fall in commodity
prices.
We have received strong support from our banking partners in the
annual refinancing of our Revolving Credit Facilities (RCF) and
expect to announce their completion in the next few weeks. The
shorter-term facility has a one-year extension, exercisable at
Glencore's discretion. The RCF has no financial covenants, rating
triggers, material adverse change clauses or external factor
clauses.
We recognise that the situation is evolving rapidly and we will
continue to provide updates as appropriate. We thank our employees,
contractors, customers, suppliers and other stakeholders for their
support during this challenging time.
For further information please contact:
Investors
Martin Fewings t: +41 41 m: +41 79 737 martin.fewings@glencore.com
709 2880 5642
Maartje Collignon t: +41 41 m: +41 79 197 maartje.collignon@glencore.com
709 3269 4202
Media
Charles Watenphul t: +41 41 m: +41 79 904 charles.watenphul@glencore.com
709 24 62 33 20
www.glencore.com
Glencore LEI: 2138002658CPO9NBH955
Notes for Editors
Glencore is one of the world's largest global diversified
natural resource companies and a major producer and marketer of
more than 60 commodities. The Group's operations comprise around
150 mining and metallurgical sites and oil production assets.
With a strong footprint in over 35 countries in both established
and emerging regions for natural resources, Glencore's industrial
activities are supported by its global marketing network.
Glencore's customers are industrial consumers, such as those in
the automotive, steel, power generation, battery manufacturing and
oil sectors. We also provide financing, logistics and other
services to producers and consumers of commodities. Glencore's
companies employ around 160,000 people, including contractors.
Glencore is proud to be a member of the Voluntary Principles on
Security and Human Rights and the International Council on Mining
and Metals. We are an active participant in the Extractive
Industries Transparency Initiative.
www.facebook.com/Glencore
www.flickr.com/photos/glencore
www.instagram.com/glencoreplc
www.linkedin.com/company/8518
www.slideshare.net/glencore
www.twitter.com/glencore
www.youtube.com/glencorevideos
Disclaimer
The companies in which Glencore plc directly and indirectly has
an interest are separate and distinct legal entities. In this
document, "Glencore", "Glencore group" and "Group" are used for
convenience only where references are made to Glencore plc and its
subsidiaries in general. These collective expressions are used for
ease of reference only and do not imply any other relationship
between the companies. Likewise, the words "we", "us" and "our" are
also used to refer collectively to members of the Group or to those
who work for them. These expressions are also used where no useful
purpose is served by identifying the particular company or
companies.
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END
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