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Chad creditors to meet this week; IMF calls on Glencore to ‘step forward’

Chad creditors to meet this week; IMF calls on Glencore to ‘step forward’

ANDREA SHALAL CHAD'S official creditor committee will meet this week amid growing pressure from the International Monetary Fund and others for progress on the country's request for debt restructuring, two sources briefed on the matter said. IMF Managing Director Kristalina Georgieva told Reuters the key issue was coming to an agreement with Chad's main private creditor Glencore on the country's debt restructuring needs, given a jump this year in the price of oil, a key revenue generator for it. Chad in January 2021 become the first country to request a restructuring of its $3 billion external debt under the Common…
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Ex-Eskom CEO’s brutal attack on Ramaphosa

Ex-Eskom CEO’s brutal attack on Ramaphosa

AFRICA MIRROR REPORTER  BRIAN Molefe, a former CEO of South African power utility Eskom has launched an unprecedented attack on the country’s President Cyril Ramaphosa, accusing him of being used as a pawn by a coal mining company. Molefe, in his testimony before the Zondo Commission into State Capture, also laid into Public Enterprises Minister Pravin Gordhan, describing him “smooth-talking and dictatorial”. On Ramaphosa, he said the president, a former secretary-general of the ANC and the National Union of Mineworkers, was used by coal mining company Glencore to milk billions out of Eskom.  Molefe said Glencore, which bought Optimum coal…
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Glencore scraps $2.6 billion dividend after first-half loss

Glencore scraps $2.6 billion dividend after first-half loss

ZANDI SHABALALA and JULIA PAYNE GLENCORE became the first major mining company to scrap its dividend, saying on Thursday the economic outlook was too uncertain because of the coronavirus pandemic and that it would prioritise cutting debt instead. The mining and commodities trading company said its net debt jumped 12% in the first six months of the year to $19.7 billion and that it was booking a $3.2 billion charge, mainly due to the broader economic fallout on its businesses from the pandemic. While its trading division's record $2 billion first-half operating profit helped boost overall adjusted earnings, the hefty…
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Glencore boss Glasenberg to step down, Gary Nagle named new CEO

Glencore boss Glasenberg to step down, Gary Nagle named new CEO

ZANDI SHABALALA and HELEN REID Glencore boss Ivan Glasenberg is to step down next year and Gary Nagle, head of coal assets at the mining and trading group, will become the new CEO. Ivan Glasenberg Glasenberg's departure will mark a shift to a new, younger leadership for the business, which, along with other mining companies, has faced increasing pressure from investors to cut carbon emissions. Glasenberg, 63, has been chief executive since 2002 and investors have been expecting a succession plan after several senior members of management retired in the last few years. He said his goal during his 18-year…
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