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Glencore Xstrata - Investor Day
Publié le 10 septembre 2013
10 September 2013
Baar, Switzerland
Investor Day
Today, Glencore Xstrata plc (�Glencore�) is hosting an investor day in
London which will provide a detailed update on the progress of the
integration, initial results of the portfolio review, synergies identified
and approach to capital allocation.
Highlights include:
� Integration completed within three months with no operational disruption;
� At least $2 billion of synergies estimated for 2014, materially exceeding
the initial merger guidance of $500 million;
- $450 million to come from marketing synergies as forecast, $175 million
from financing synergies and $1.4 billion through cost savings;
� Operational efficiency on-going through a comprehensive review of assets;
� Continue to focus on ensuring key projects are delivered in as best a
manner as possible;
� $3.5bn reduction in capital expenditure during 2013 to 2015 (excl. Las
Bambas from 2014) with full optionality being maintained;
� Sustaining capex expected at $4bn, the lower end of previous guidance of
$4-5bn;
� Defensive, diversified asset base with increasingly strong cost curve
positions; and
� Xstrata�s greenfield projects have been deprioritised with a material
reduction in scope and costs.
Glencore also intends to make an application to the Johannesburg Stock
Exchange for a secondary listing. Subject to obtaining the required
approvals, Glencore expects the listing to become effective during the
fourth quarter of 2013.
Africa is an important and growing market for the Group and South Africa
has a strong institutional investor base. The Group�s primary listing will
remain the London Stock Exchange.
Ivan Glasenberg, CEO, commented:
"We have successfully and rapidly completed the integration of Xstrata,
identifying at least $2bn of synergies by 2014. A significant portion of
the synergies are in overhead costs at head and regional offices. We are
only just starting to comprehensively look at the combined mining and
metallurgical operations.
"Glencore will have a diversified and defensive asset base with an
increasingly strong cost curve position. With our strong balance sheet and
cash flow, I am pleased to remind investors of our commitment to return
cash to shareholders.
"This is an interesting time for the sector, and an exciting one for
Glencore. There is sound demand for commodities, and we see positive signs
of financial discipline across the sector. This provides an environment in
which Glencore�s owner-manager philosophy will thrive."
The Investor Day presentations will begin at 08:15 (UK) and close at 16:30
(UK). Presentations will be made by:
� Ivan Glasenberg, Chief Executive Officer;
� Steven Kalmin, Chief Financial Officer;
� Tor Peterson and Peter Freyberg, Coal;
� Chris Mahoney, Agricultural Products;
� Alex Beard, Oil;
� Daniel Mat� and Chris Eskdale, Zinc;
� Telis Mistakidis, Copper;
� Kenny Ives and Peter Johnston, Nickel; and
� Stuart Cutler and Gary Nagle, Ferroalloys.
All of the presentations will be available to watch via a live webcast,
details of which can be found on our website:
http://www.glencorexstrata.com/investors/investor-day-2013
The webcast can be viewed at: http://www.media-server.com/m/p/uoguq567
About Glencore Xstrata
Glencore Xstrata is one of the world�s largest global diversified natural
resource companies. As a leading integrated producer and marketer of
commodities with a well-balanced portfolio of diverse industrial assets, we
are strongly positioned to capture value at every stage of the supply
chain, from sourcing materials deep underground to delivering products to
an international customer base. The Group�s industrial and marketing
activities are supported by a global network of more than 90 offices
located in over 50 countries. Our diversified operations comprise over 150
mining and metallurgical sites, offshore oil production assets, farms and
agricultural facilities. We employ approximately 190,000 people, including
contractors.
For further information:
Paul Smith (Investors) Charles Watenphul (Media)
t: +41 (0)41 709 2487 t: +41 (0)41 709 2462
m: +41 (0)79 947 1348 m:+41 (0)79 904 3320
e: paul.smith@glencore.com e: charles.watenphul@glencore.com
Martin Fewings (Investors) Elisa Morniroli (Investors)
Finsbury (Media)
t: +41 (0)41 709 2880 t: +41 (0)41 709 2818 Guy
Lamming
m: +41 (0)79 737 5642 m: +41 (0)79 833 0508
Dorothy Burwell
e: martin.fewings@glencore.com e: elisa.morniroli@glencore.com t:
+44 (0)20 7251 3801
Forward looking statements
This document contains statements that are, or may be deemed to be,
�forward looking statements� which are prospective in nature. Such
statements are qualified in their entirety by the inherent risks and
uncertainties surrounding future expectations. Forward-looking statements
are not based on historical facts, but rather on current predictions,
expectations, beliefs, opinions, plans, objectives, goals, intentions and
projections about future events, results of operations, prospects,
financial condition and discussions of strategy.
Neither Glencore nor any of its associates or directors, officers or
advisers, provides any representation, assurance or guarantee that the
occurrence of the events expressed or implied in any forward-looking
statements in this document will actually occur. You are cautioned not to
place undue reliance on these forward-looking statements which only speak
as of the date of this document. Other than in accordance with its legal or
regulatory obligations (including under the UK Listing Rules and the
Disclosure and Transparency Rules of the Financial Conduct Authority and
the Rules Governing the Listing of Securities on the Stock Exchange of Hong
Kong Limited), Glencore is not under any obligation and Glencore and its
affiliates expressly disclaim any intention, obligation or undertaking to
update or revise any forward looking statements, whether as a result of new
information, future events or otherwise. This document shall not, under any
circumstances, create any implication that there has been no change in the
business or affairs of Glencore since the date of this document or that the
information contained herein is correct as at any time subsequent to its
date.
No statement in this document is intended as a profit forecast or a profit
estimate and no statement in this document should be interpreted to mean
that earnings per Glencore share for the current or future financial years
would necessarily match or exceed the historical published earnings per
Glencore share.
This document does not constitute or form part of any offer or invitation
to sell or issue, or any solicitation of any offer to purchase or subscribe
for any securities. The making of this document does not constitute a
recommendation regarding any securities.
LEGAL DISCLAIMER. The contents of this electronic communication
and any attached documents are strictly confidential and they may not
be used or disclosed by someone who is not a named recipient.
If you have received this electronic communication in error please notify
the sender by replying to this electronic communication inserting the
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your system.
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