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Activist investor Tribeca Investment Partners has called on Glencore to shift its primary listing from London to Sydney and abandon a plan to spin off its profitable coal business, theTribeca wrote to the Swiss commodity giant’s board this week with a list of proposals, including moving its listing to the Australian Securities Exchange to boost its share price, which it said had lagged behind its rivals, according to the report.
The Australian hedge fund also recommended increasing dividends by discontinuing share buybacks and divesting a minority stake in Glencore’s lucrative trading division via an initial public offering instead of spinning off its coal business, theLast year, after a Glencore-led consortium agreed to buy Canadian miner Teck Resources’ steelmaking coal unit in one of biggest deals in the sector in years, it paved the way for an eventual spin-off of its own coal business.
Glencore CEO Gary Nagle said in February that when they announced the deal, their intention was to spin out the unit, but it was always subject to what shareholders wanted. “We will consult with our shareholders, and it’s the decision of the shareholders ultimately to do that,” he had said then.Net bullion imports, which peaked at nearly $5 billion a year ago, declined for a fifth month to reach $936 million in January.UK university training centre aims to fuse AI into metals industry
New £18 million Centre for Doctoral Training in Digital Transformation of Metals Industry has been funded by the Engineering and Physical Sciences Research Council.Researchers at Michigan State University analyzed soil microbes near a mine fire that has been burning for more than 60 years.
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