We seek to make our grievance mechanisms available to the community members impacted by our operations. Directors’ Report Odin Metals Limited 4 2019 Annual Report to Shareholders Sturgeon Lake Project (100%) The Sturgeon Lake Project is an Earn-in Option Agreement with Glencore Canada Corporation, located 250km NW of the mining town of Thunder Bay, Ontario. We aim for continuous monitoring and reporting of community initiatives and complaints. The Group’s credit ratings are currently Baa1 (positive outlook) from Moody’s and BBB+ (stable outlook) from Standard & Poor’s. Discover our business through our interactive reports and publications. Online … Further information is available at: glencore.com/sustainability/climate-change, 11. Our purpose  is to responsibly source the commodities that advance everyday life. While the selected files are being downloaded, we want to draw your attention to the reports on the sustainable development of the company. Catastrophic events that take place in the natural resource sector can have disastrous impacts on workers, communities, the environment and corporate reputation, as well as a substantial financial cost. 2019 Half-Year Report . Health and safety. This identification and assessment follows the same processes as for principal risks. The Board’s fundamental duties as to management are: The Board also assesses and approves our overall risk appetite, monitors our risk exposure and sets the Group-wide financial limits, which are reviewed on an ongoing basis. 2019 annual reporting 2019 annual reporting; 2020 Investor update 2020 Investor update; Media. Ongoing scrutiny by governments and tax authorities has increased potential tax exposures for the Group, with some tax authorities taking a tougher approach to engaging with the Group, which has in some cases led to litigation. However, a number of other investors may make various commitments in the future, which would cause them to reduce or divest their holdings in Glencore securities. We conduct routine third party penetration tests to independently confirm the security of our IT systems and we seek to enhance monitoring of our Operational Technology (OT) platforms. These provide in part some differing descriptions of our principal risks. We determine how significant the potential impacts are (both positive and negative) and act accordingly, Properly select and apply accounting policies, Present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information, Provide additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity’s financial position and financial performance, Make an assessment of the Company’s ability to continue as a going concern. Health and safety Health and safety. English English français REPORTS & PUBLICATIONS. For details on reclassi˜ cations please refer to page 32. We operate in countries with less developed political and regulatory regimes. Glencore plc (“Glencore” or the “Company”) has today: The Annual Report will shortly be available for inspection on the National Storage Mechanism: www.morningstar.co.uk/uk/NSM. Managing risks to the safety and health of our people is essential for their long-term wellbeing. The impact of any monetary fines, penalties, redress or other restitution requirements, and the reputational damage that could be associated with them as a result of proceedings that are decided adversely to the Group, could be material. VITERRA … We monitor catastrophic risks, in particular, across our portfolio and operate emergency response programmes. Visitor induction Visitor induction. Sign in / Register; Search for a company or officer … As a diversified sourcing, marketing and distribution company conducting complex transactions globally, we are particularly exposed to the risks of fraud, corruption, sanctions breaches and other unlawful activities both internally and externally. There has been a significant increase in litigation (including class action), in which climate change and its impacts are a contributing or key consideration, including administrative law cases, tortious cases and claims brought by investors. Our diversity, in terms of geographical locations, working conditions, organisational cultures and workforce, means that we need to take a local approach to transforming attitudes towards catastrophic hazard management, including safety and health practices as well as resolving environmental challenges. Please refer to pages 16-23 for further details. Two of these galleries caved in, resulting in thirty fatalities. Outside of the inherent risk of commodity prices on unmined reserves/resources, flat price exposure on extracted or trading related positions is usually hedged, when possible. Furthermore, in certain countries title to land and rights and permits in respect of resources are not always clear or may be challenged. These include, those arising from (1) interruptions in production, litigation and imposition of penalties and sanctions and (2) having licences and permits withdrawn or suspended while being forced to undertake extensive remedial clean-up action or to pay for government- ordered remedial clean-up actions. We look at risk appetite from the context of severity of the consequences should the risk materialise, factors influencing the risk and the Company’s ability to mitigate it. Our purpose is to responsibly source the commodities that advance everyday life. In 2019, we also published our Payments to Governments report. Developments - This year we continued to see material examples of operating challenges, particularly at our identified transition assets. Additionally, governments have sought additional sources of revenue by increasing rates of taxation, royalties or resource rent taxes or may increase sustainability obligations. Additionally, we seek to ensure this risk is … We are one of the major producers of key metals (including copper, cobalt and nickel) that are currently essential for electric vehicles and the transition to a low carbon economy, although technological change may over time reduce their requirement. Our operations have a significant effect on our workforce, and surrounding communities and on society as a whole. We remain cognisant that access to credit is vital and that market conditions could deteriorate rapidly. Copper Refineries Pty Ltd Copper Refineries Pty Ltd. Glencore Port Operations Glencore Port Operations. We are an active participant in the Extractive Industries Transparency Initiative. There have been no guarantees provided or received for any related party receivables or payables. Annual Report 2019. Our risk management framework sets out to identify and manage risk in a way that is supportive of our strategic objectives, while protecting our future financial security and flexibility. Community relations and human rights. Air quality in Mt Isa Air quality in Mt Isa. Sanofi’s financial reports, CSR and shareholder publications include annual reports, integrated reports and publications dedicated to individual shareholders. Although, the risk of a large scale spreading of the virus remains uncertain in 2020, near term weakness is a reality, and it could have additional longer-term material adverse effects on commodity markets. Considerable ongoing investment continues in the Group’s SafeWork health and safety programme. We are comfortably on track to exceed our target. One of the key factors in our success is a good and trustworthy relationship with our people and developing a direct engagement with them. Katanga Mining Announces Limited Resumption of Cobalt Exports. Our sites span seven provinces and we employ around 7,650 people. Risk management is one of the core responsibilities of the Board and its Committees, and it is central to the decision-making process. Highlights. Company law requires the Directors to prepare financial statements for the Company for each financial year. Glencore’s publicly stated objective, as part of its overall financial policy package, is to seek and maintain strong Baa/BBB credit ratings from Moody’s and Standard & Poor’s respectively. Developments - The Group’s Net debt has increased from $14.7 billion at 31 December 2018 to $17.6 billion at 31 December 2019, including the c.$1.3 billion net impact of the new IFRS leasing standard. A depreciation in the value of the US dollar against one or more of these currencies will result in an increase in the cost base of the relevant operations in US dollar terms. We uphold and respect the human rights of our people and our local communities. Whilst not a new risk, the security of long interconnected commodity supply chains is an area of increasing concern that we monitor closely to reduce the impact on the Group. This underpins our approach towards social, environmental, safety and compliance indicators, providing clear guidance on the standards we expect all our operations to achieve. From time to time, the Group may hedge a portion of its currency exposures and requirements in an attempt to limit any adverse effect of exchange rate fluctuations. In December 2019, the Group was notified that the United Kingdom Serious Fraud Office had opened an investigation into suspicions of bribery in the conduct of business of the Group. 1Half-Year Report 2019 . GLENCORE AGRICULTURE UK LTD. - Free company information from Companies House including registered office address, filing history, accounts, annual return, officers, charges, business activity . Glencore plc, together with its affiliates (“Glencore”) has agreed to accept the Rights Offering proceeds of CDN$7,678,388,000 or the equivalent in Common Shares issued from treasury under the Rights Offering to repay US$5.8 billion of debt owed to Glencore (based on a five day average CDN$/US$ exchange rate as of November 15, 2019, which is 1.32386). Developments - Our IT security monitoring platforms frequently detect attempts to breach our networks and systems. Although it is our policy to identify and, where appropriate and practical, actively manage risk, our policies and procedures may not adequately identify, monitor and quantify all risks. The consequences of adverse community reaction or allegations of human rights incidents could also have a material adverse impact on the cost, profitability, ability to finance or even the viability of an operation and the safety and security of our workforce and assets. A transition to a low-carbon economy and its associated public policy and regulatory developments may lead to: Climate change may increase physical risks to our assets and related infrastructure, largely driven from extreme weather events and water related risks such as flooding or water scarcity. We have, since 2016, reduced our bond portfolio significantly, although in a given year (including in 2019) we may issue more than we repay, depending on cost of funding. Among our most important producer currencies, against the US dollar, the Australian dollar depreciated by 7% (average 2019 versus average 2018), the South African rand by 9%, the Kazakhstan tenge by 11% and the Canadian dollar by 2%. Failure to obtain or renew a necessary permit or the occurrence of other disputes could mean that we would be unable to proceed with the development or continued operation of an asset and/or impede our ability to develop new industrial properties. The unrest has resulted in protests and blockades, leading to operational shutdowns and putting our workforce at risk of injury. Sustainability . April 15, 2019. Glencore Agriculture donates to regional clubs 4 June 2020. We are continuing to invest in a range of emission reduction projects. We review the potential energy cost impacts on our operating costs, Physical impacts: changes in weather patterns: floods; droughts; and storm frequency as well as storm surge have the potential to impact on ports and critical infrastructure and on local communities. While we adjust our minimum internal liquidity threshold from time to time in response to changes in market conditions, this minimum internal liquidity target may be breached due to circumstances we are unable to control, such as general market disruptions, sharp movements in commodity prices or an operational problem that affects our suppliers, customers or ourselves. The enforceable undertaking requires the submission of an annual report from December 2018 to December 2022. We work with local authorities, local community representatives and other partners, such as NGOs, to help to overcome major public health issues in the regions where we work, such as HIV/AIDS, malaria and tuberculosis. New or improved energy production or technologies can also reduce the demand for some commodities such as coal. To date, the Norwegian sovereign fund is the only previous large investor that can no longer invest in Glencore shares due to the absolute size of our thermal coal production levels, rather than coal’s relative contribution. We have started a programme to evaluate the cybersecurity posture of third parties that hold materially sensitive information about Glencore. Both Colombian coal operations were under margin pressure this year due to substantially lower API2 coal prices (a proxy for the European market), but also increased risk around obtaining certain additional mining/environmental licences and related approvals. The cost of cooperating with investigations and/or defending proceedings can be substantial. During 2019, none of these events resulted in a material breach of our IT environment nor resulted in a material business impact. Government policy decisions can be very important, e.g. Annual Report 2018 Glencore plc Annual Report 2018. The creation of a new role – Head of Industrial Assets together with supporting central team – one of the objectives of which, is to ensure an efficient and consistent approach to managing Industrial Assets. The order in which these risks and uncertainties appear does not necessarily reflect the likelihood of their occurrence or the relative magnitude of their potential material adverse effect on our business. Risk appetite - Low. To understand better and plan for the effects of climate change on our business, we have a framework for identifying, understanding, quantifying and, ultimately, managing climate-related challenges and opportunities facing our portfolio: Last year, following engagement with investor signatories of the Climate Action 100+ initiative, we furthered our commitment to a low-carbon economy, amongst others by limiting our coal production broadly to approximately 150 million tonnes. Directors of Glencore India Private Limited are … Risk appetite - Low. In the normal course of business, Glencore enters into various arm’s length transactions with related parties, including fixed price commitments to sell and to purchase commodities, forward sale and purchase contracts, agency agreements and management service agreements. As a significant producer, marketer and consumer of energy products, energy is a key output, input, cost and revenue driver for our business, and a material source of our greenhouse gas emissions. A cybersecurity breach, incident or failure of Glencore’s IT systems could disrupt our businesses, put employees at risk, result in the disclosure of confidential information, damage our reputation and create significant financial and legal exposure for the Group. The European coal market has seen reduced demand affecting our Colombian coal production in particular, also impacted by the low competing gas prices, which resulted in impairments in the year. We are working with all stakeholders at our mine sites to operate for as long as it is economically viable to do so, and to prepare long-term plans that provide for a gradual transition to the end of mine life. Supply and demand volumes can also be impacted by technological developments, e.g. The Group maintains programmes which seek to ensure that we comply with the laws and external requirements applicable to our operations and products, and has invested significant resources in enhancing these compliance programmes in recent years. We recognise that the increasing convergence of IT and Operational Technology (OT) networks will create new risks and demand additional management time and focus. We also continue to be an active member of the Extractive Industries Transparency Initiative (EITI). Mitigating factors - The inverse FX correlation usually provides a partial natural FX hedge for the industrial business. Katanga’s metallurgical plant received sufficient continuous high-voltage power to deliver on its ramp-up on schedule, though we are not complacent and continue to monitor the situation. At Glencore, our people are at the heart of everything we do. Also, the realisation of these risks could require significant additional capital and operating expenditures. In addition, existing labour agreements may not prevent a strike or work stoppage. Our employees and contractors are fundamental to our success. Our net funding at 31 December 2019 was $34.4 billion (31 December 2018: $32.1 billion). Our failure to access funds (liquidity) would severely limit our ability to engage in desired activities. Many developed countries are pledging to stop using fossil fuels (specifically coal) in power generation. submitted a copy of the Annual Report to the UK National Storage Mechanism in accordance with LR 9.6.1 R. a description of principal risks and uncertainties; a note on related party transactions; and. We have implemented a Group compliance programme that includes a range of policies, standards, procedures, guidelines, training and awareness, monitoring and investigations. Its focus continues to be on the Group’s catastrophic hazards. Through our sustainability programme, we seek to manage these vital relationships by adhering to the principles of open dialogue and cooperation. Where desirable and possible, credit exposure is covered through credit mitigation products. Corporate Sponsor: Sudbury Integrated Nickel Operations, a Glencore Company . Glencore India Private Limited's Annual General Meeting (AGM) was last held on 28 June 2019 and as per records from Ministry of Corporate Affairs (MCA), its balance sheet was last filed on 31 December 2018. Risk appetite - Low. The Group also continues to actively engage with governmental authorities in light of upcoming changes and developments in legislation and enforcement policies. Risk description and potential impact - We are exposed to extensive laws, including those relating to bribery and corruption, sanctions, taxation, anti-trust, financial markets regulation, environmental protection, use of hazardous substances, product safety and dangerous goods regulations, development of natural resources, licences over resources, exploration, production and post-closure reclamation, employment of labour and occupational health and safety standards. This financial policy facilitates access to funds, even in periods of market volatility. We source, store, blend and deliver physical commodities reliably, efficiently and responsibly anywhere in the world. We also depend on third parties in long supply chains that are exposed to the same cyber risks but which are largely outside our control. This attraction and retention of highly qualified and skilled personnel can be challenging, especially, but not only, in locations experiencing political or civil unrest, or in which employees may be exposed to other hazardous conditions. Comments/impacts to the Group - Our diversity, in terms of geographical locations, working conditions, organisational cultures and … Developments - In 2019, the Group wrote down the value of its Colombian coal assets by c.$1.0 billion (see note 6 and 10). This statement relates to and is extracted from page 123 of the Annual Report. 2019 Annual Report We are one of the world’s largest natural resource companies. For example, the considerable verification work undertaken and enhanced monitoring of tailings storage facilities is assisting in greater visibility and control of these risks, and we continue to undertake work to improve the safety and stability of these facilities. Governmental and other authorities have commenced, and may in the future commence, investigations against the Group (including those listed under “Developments”) in relation to alleged non-compliance with these laws, and/or may bring proceedings against the Group in relation to alleged non-compliance. Mitigating factors - We continue to maintain focus on cost discipline and achieving greater operational efficiency. 3. In doing so, we engage with local communities to demonstrate our operations’ contribution to socio-economic development and seek to ensure that appropriate measures are taken to prevent or mitigate possible adverse impacts on the community. There is full commitment from senior management and the Board to improve our performance. the Directors' Responsibilities Statement. Covantis initiative … The Group transacts business in locations where it is exposed to a risk of overt or effective expropriation or nationalisation. Our activities depend on technology for industrial production, efficient operations, environmental management, health and safety, communications, transaction processing and risk management. Risk description and potential impact - FX changes are usual but are often difficult to predict. This risk is more prevalent in certain commodities, such as steel, coal and oil. Katanga Mining announces change in CEO position. Mitigating factors - See map on pages 4-5 which sets out our global operational footprint. The dependence of the Group (especially our industrial business) on commodity prices, supply and demand of commodities, make this the Group’s foremost risk. The four-year plan considers Glencore’s adjusted EBITDA, capital expenditure, funds from operations (FFO) and net debt, and the key financial ratios of net debt to adjusted EBITDA and FFO to net debt over the forecast years and incorporates stress tests to simulate the potential impacts of exposure to the Group’s principal risks and uncertainties. In addition, the Group may be the subject of legal claims brought by private parties in connection with alleged non-compliance with these laws, including class action suits in connection with governmental and other investigations and proceedings, and lawsuits based upon damage resulting from operations. The commentary on the risks in this section should be read in conjunction with the explanatory text under Understanding the information on risks which is set out on page 76. IR News; Presentation; Factbook; Webcast; 11 December 2019. They may take action contrary to the Group’s interests or be unable or unwilling to fulfil their obligations. The financial statements are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board and International Financial Reporting Standards as adopted for use in the European Union (together “IFRS”). We seek to mitigate the risk of breaching applicable laws and external requirements through our risk management framework which is described on page 101. Company profile page for Glencore AG including stock price, company news, press releases, executives, board members, and contact information Glencore Agriculture to rebrand to Viterra. Environmental Social and Governance (ESG), {{labelSearchNav.label_load_more_results}}, glencore.com/sustainability/climate-change, glencore.com/media-and-insights/updates-regarding-illegal-mining-at-KCC, glencore.com/sustainability/community-and-human-rights, published its Annual Report for the year ended 31 December 2019 (“Annual Report”) on its website www.glencore.com as required by DTR 6.3.5 R (3); and. Supply, demand and prices of commodities. Glencore Agriculture’s Net debt/EBITDA ratio stands at a high 9.3x. Trafigura Locations. We have sought to provide examples of specific risks. Where we may cause adverse impacts on our stakeholders, we seek to apply relevant international standards to understand, control and mitigate the impact. Our Cyber Defence Centre is responsible for day-to-day monitoring of cyber vulnerabilities across the world and driving remediation of threats. Specific credit risk policy rules apply to open account risk with an established threshold for referral of credit positions by departments to central management. We also provide financing, logistics and other services to producers and consumers of commodities. Sign in / Register; Search for a company or officer Search. Risk appetite - High. We publish security standards and educate our employees in order to raise awareness of cybersecurity threats. The Group’s industrial assets are diversified across various countries. The Group continues to make extensive use of credit enhancement tools, seeking letters of credit, insurance cover, discounting and other means of reducing credit risk with counterparts. It is our policy to ensure we proactively engage with local communities to maintain our social licence to operate. There were no other long-term benefits or share-based payments to key management personnel (2018: $Nil). In December 2018, global investors collectively representing $11.5tn have set out their requirements to investee power companies to set out transition plans consistent with the goal of the Paris Agreement. Since many risks are connected, our analysis should be read against all risks to which it may be relevant. We believe that the probability and severity of impact for this category of risk has increased, including the ongoing pressure for divestment from, and or reducing support for, coal and the broader hydrocarbon industry. Further information is available on our website at: glencore.com/sustainability/community-and-human-rights. submitted a copy of the Annual Report to the UK National Storage Mechanism in accordance with LR 9.6.1 R. Equipment rebuilds and maintenance were required at Katanga (cobalt dryers and electrowinning) and Mopani (smelter refurbishment) in order to support their higher production ramp-up profiles as the benefits of our multi-year investments in both projects are expected to flow through in due course. In addition, more information on our risks is available in the relevant sections of our website. Our principal risks and uncertainties are highly dynamic and our assessment and our responses to them are critical to our future business and prospects. This supports our identification, understanding and monitoring of emissions, the setting of targets and reporting of projections. We fulfil our purpose and deliver on our strategy in a manner that reflects our values of safety, integrity, responsibility, openness, simplicity and entrepreneurialism. Glencore and Peabody began planning the new venture in 2012, with key milestones including: signing a Memorandum of Understanding (MOU) and public announcement of the joint venture in November 2014 submitting United Wambo Open Cut Coal Mine Project - SSD 7142 Preliminary Environmental Assessment (PEA) to the Department of Planning and Environment (DPE) on 30 June 2015 Environmental Social and Governance (ESG), {{labelSearchNav.label_load_more_results}}. Mr Coates was a past non-executive chairman of Santos Limited, Sphere Minerals Limited and Minara Resources Ltd, and a past chairman of the Minerals Council of Australia, NSW Minerals Council and Australian Coal Association. Mitigating factors - Diversification of our funding sources (bank borrowings, bonds and trade finance, further diversified by currency, interest rate and maturity). 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