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glencore agriculture limited annual report 2019

Report Name Date ; Annual Report 2019: 05/03/2020 : Preliminary Results 2019: 18/02/2020: download pdf: Full Year 2019 Production Report: 04/02/2020 : Third Quarter 2019 Production Report : 25/10/2019 : 2019 Half-Year Results: 07/08/2019 : 2019 Half-Year Production Report: 31/07/2019 : First Quarter 2019 Production Report: 30/04/2019 . 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. They also expect explicit time lines and commitments for the rapid elimination of coal use by utilities in EU and OECD countries by 2030. 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. 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. Glencore Agriculture to rebrand to Viterra. Many employees, especially at the Group’s industrial activities, are represented by labour unions under various collective labour agreements. Our employees and contractors are fundamental to our success. We seek to make our grievance mechanisms available to the community members impacted by our operations. 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. 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. During 2019, none of these events resulted in a material breach of our IT environment nor resulted in a material business impact. 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. In addition, some of our industrial activities are located in countries where corruption is more commonly seen; and some of our counterparties have in the past, and may in the future, become the targets of economic sanctions. Regreening Program 2019 Annual Report 2019 Partners Regreening Program City of Greater Sudbury Collège Boréal Conservation Sudbury Sudbury earthdancers KGHM Laurentian University Rainbow Routes Sudbury INO, a Glencore Company tentree Tree Canada Vale . Conversion of resources to reserves and, eventually, reserves to production is an ongoing process that takes into account technical and operational factors, economics of the particular commodities concerned and the impact on the communities in which we operate. Our operations are often located close to communities with limited healthcare. 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. Also, the realisation of these risks could require significant additional capital and operating expenditures. 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. The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website. Developments – During the year, the Group has become subject to further investigations by certain authorities: 1. This risk is more prevalent in certain commodities, such as steel, coal and oil. We seek to mitigate the risk of breaching applicable laws and external requirements through our risk management framework which is described on page 101. This investment reflects the fact that the Group has a low risk appetite when considering entering into transactions or business activities that present compliance risk. In support of this, Glencore targets a maximum 2x Net debt/Adjusted EBITDA ratio through the cycle, augmented by an upper Net debt cap of ~$16 billion, excluding marketing related lease liabilities (c.$0.6 billion as at 31 December 2019). “We’ve been interested in the initiative from the very early days and we’re excited now to […] In 2019, sales and purchases with associates and joint ventures amounted to $3,727 million (2018: $1,690 million) and $4,923 million (2018: $4,211 million) respectively. This detailed total government contributions in 2018 of over $5.7 billion. 1-{{ itemSite.length }} {{labelSearchNav.label_results}}. With a strong footprint in over 35 countries in both established and emerging regions for natural resources, Glencore's industrial activities are supported by a global network of more than 30 marketing offices. 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. Adjusted EBITDA declined 32% to $5.6 billion. GLENCORE AGRICULTURE UK LTD. - Free company information from Companies House including registered office address, filing history, accounts, annual return, officers, charges, business activity . 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. Through strong relationships with stakeholders we endeavour to secure and maintain our licences to operate. However, it should be noted that the credit ratings agencies make certain adjustments, including a discount to the value of our Readily Marketable Inventory, such that their calculated net debt is higher. A number of operations have adopted structured programmes to analyse their costs, identify marginal savings and implement these. In addition, note 26 details our financial and capital risk management approach. Where possible foreign exchange (FX) exposure to non-operating FX risks is hedged. 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 unrest has resulted in protests and blockades, leading to operational shutdowns and putting our workforce at risk of injury. 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. This includes countries where we have assets such as Australia, Canada, Chile and South Africa, as well as our customer markets such as China, India and Europe. The transaction also involves a payment from Orsted to Glencore. Developments - Our IT security monitoring platforms frequently detect attempts to breach our networks and systems. All transactions between Glencore and its subsidiaries are eliminated on consolidation along with any unrealised profits and losses between its subsidiaries, associates and joint ventures. The suspension or loss of our permits or licences to operate could have a material adverse effect on the Group and could also preclude Glencore from participating in bids and tenders for future business and projects, therefore affecting the Group’s long-term viability. Risk appetite - High. 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. While the selected files are being downloaded, we want to draw your attention to the reports on the sustainable development of the company. Given the volatility of commodity prices over the past year and historically, we continue to focus on the partially controllable element of the margin equation – production and costs. The major contributor to the increase in Net debt in 2019, to a level over the $16 billion target cap, was the adoption of the new lease accounting standard on 1 January 2019, which resulted in approximately $1.3 billion of lease liabilities being recognised as at 31 December 2019, which previously would have been accounted for as operating leases. Risk management is one of the core responsibilities of the Board and its Committees, and it is central to the decision-making process. Glencore Agriculture to rebrand to Viterra. The following has been extracted from page 220 of the Annual Report. Our operations have a significant effect on our workforce, and surrounding communities and on society as a whole. Our approach towards risk management is determined by our ongoing understanding of the risks that we are exposed to, our risk appetite and how these risks change over time. Developments - The Group is alert to counterparty performance risk, especially when prepayments have been entered into and the price of the relevant commodity has fallen. Counterparty credit and performance. This requires the faithful representation of the effects of transactions, other events and conditions in accordance with the definitions and recognition criteria for assets, liabilities, income and expenses set out in the International Accounting Standards Board’s “Framework for the preparation and presentation of financial statements”. Our operations around the world can have direct and indirect impacts on the environment. Considerable ongoing investment continues in the Group’s SafeWork health and safety programme. We have started a programme to evaluate the cybersecurity posture of third parties that hold materially sensitive information about Glencore. ZUG, SWITZERLAND, April 15, 2019 – Katanga Mining Limited (TSX: KAT) ("Katanga" or the "Company") today announces that its 75%-owned DRC subsidiary Kamoto Copper Company (“KCC”) has resumed the export and sale of a limited quantity of cobalt that complies with both international and local Democratic … 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. English English français REPORTS & PUBLICATIONS. Home; Investors; Reports and publications; Reports & publications. We believe that our principal risks, our assessment of their possible negative effect and the scale of impact have remained the same, except for climate change related risks. This process is supported by the Audit, HSEC and ECC Committees, whose roles include evaluating and monitoring the risks inherent in their respective areas as described on pages 101-108. 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). 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. Additionally, we seek to ensure this risk is minimised through scale of operations and diversity of product. Copper Refineries Pty Ltd Copper Refineries Pty Ltd. Glencore Port Operations Glencore Port Operations. We strive to comply with our own health, safety and environmental policies and relevant external laws and requirements. We recognise the contribution our business activities make to the national and local economies in which we operate. Risk description and potential impact - We are committed to ensuring the safety and wellbeing of our people and the communities and environment around us. Where we operate. We consider policy and financial consequences for our business and operations, Market impacts: potential impacts on existing commodity markets through new or increased opportunities for our products from emerging technologies and policy changes. FY19 Full-Year Results . As a result, we are exposed to a wide range of political, economic, regulatory, social and tax environments. Managing risks to the safety and health of our people is essential for their long-term wellbeing. These include those risks which would threaten the business model, future performance, reputation, solvency or liquidity of the Group, A reference to a note is a note to the 2019 financial statements, A reference to the sustainability report is our 2019 sustainability report to be published in April 2020, a significant increase in commodity prices resulting in suppliers being unwilling to honour their contractual commitments to sell commodities at pre-agreed prices, a significant reduction in commodity prices resulting in customers being unwilling or unable to honour their contractual commitments to purchase commodities at pre-agreed prices, suppliers subject to prepayment may find themselves unable to honour their contractual obligations due to financial distress or other reasons, the imposition of new regulations, and climate change related policies adverse to our interests in fossil fuels by actual or potential investors, customers and banks, potentially impacting Glencore’s reputation, access to capital and financial performance, increased costs for energy and for other resources, which may impact the productivity of our assets and associated costs the imposition of levies related to greenhouse gas emissions, increased costs for monitoring and reporting related to our carbon footprint, reduced demand for our fossil fuel products, impacts on the development or maintenance of our assets due to restrictions in operating permits, licences or similar authorisations, losing of coal assets and consequent loss of investment, Government policy: we take an active and constructive role in public policy development of carbon and energy issues and seek to ensure that there is a balanced debate with regard to the ongoing use of fossil fuels, Lobbying activities: we acknowledge IIGCC Investor Expectations on Corporate Climate Lobbying and recognise the importance of ensuring our membership in relevant trade associations does not undermine our support for the Paris Agreement and the Paris Goals, Energy costs: projected price changes within our operating regions may affect our assets’ operating cost sensitivities. Health and safety. Glencore PLC 31 July 2019 Glencore Plc NEWS RELEASE Baar, 31 July 2019 2019 Half-Year Production Report Highlights -- Own sourced... 22/11/2019 15:26:18 Cookie Policy +44 (0) 203 8794 460 Free Membership Login 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. In this section, we have sought to update our explanations, reflecting our current outlook. Risk appetite - Low. Risk description and potential impact - Cyber risks for firms have increased significantly in recent years owing in part to the proliferation of new digital technologies, increasing degree of connectivity and a material increase in monetisation of cybercrime. MMMM D, YYYY. The Group’s industrial assets are diversified across various countries. Risk description and potential impact - Community relations, in particular in developing countries such as Colombia, Zambia, DRC and Peru, are important for the Group’s local operations. Our business involves producing and consuming fossil fuels along with processing minerals, all of which inevitably entails emitting a level of greenhouse gases. Non-performance by suppliers, customers and hedging counterparties may occur and cause losses in a range of situations, such as: Open account risk is taken but this is generally guided by the Group-wide Credit Risk Policy for higher levels of credit risk exposure, with an established threshold for referral of credit decisions by department heads to CFO/CEO, relating to unsecured amounts in excess of $75 million with BBB or lower rated counterparts, which occurs from time to time, in relation to various key strategic relationships. The resulting net debt balance will be subject to targeted management to reduce to levels back within the target cap. We review risk registers and conduct risk assessments at our assets for projected impacts, Stakeholder perceptions: negative perception may result in impacts to permit approvals, divestiture or cost of finance and affect our operating policy environments. 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. 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. Many developed countries are pledging to stop using fossil fuels (specifically coal) in power generation. Risk appetite - High. We also provide financing, logistics and other services to producers and consumers of commodities. (more…) Key figures - Glencore Agriculture B.V. Activities - Glencore Agriculture B.V. Producer Distributor Service provider. New or improved energy production or technologies can also reduce the demand for some commodities such as coal. (more…) Glencore Agriculture bids farewell to AgriBusiness 6 May 2020 They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Outstanding balances at period end are unsecured and settlement occurs in cash (see notes 11, 13 and 24). One of the key factors in our success is a good and trustworthy relationship with our people and developing a direct engagement with them. 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. 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