Glencore (LSE:GLEN) faces a July 31 DRC deadline to meet a 2018 rule for 10% local ownership (5% for employees) as the decree awaits minor edits, while the miner plans to withdraw about 30,000 tonnes of LME lead amid record exchange stocks and rising warrant cancellations.
Previous Week Recap
- DRC Sets July Deadline For Local Ownership: DRC set July 31 deadline for mining firms including Glencore (GLEN) to meet 2018 rule: 10% local ownership (5% for employees). Decree pending minor edits; sanctions unspecified.
- Glencore To Withdraw Lead Stocks: Glencore plans to withdraw about 30,000 tonnes of LME lead as stocks hit record highs; warrant cancellations rose to 65,225 tonnes. Unclear if metal goes to customers or between warehouses.
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