Glencore increases debt financing at Canadian Abcourt Mines. Noranda/Baar (awp) - The commodities group Glencore is increasing its involvement in Canadian mine operator Abcourt Mines. According to a statement by the Canadians on Wednesday, Glencore has increased a senior secured debt financing instrument (senior debenture) by 10 million to now up to 40 million US dollars. A first tranche had been granted in January 2026. 02.09.2026 08:26 With part of the money, Abcourt Mines will repay other debt securities and credit facilities, it was further said. The rest of the proceeds will flow into exploration work and investments for mining projects and be used as working capital. Abcourt operates mines in the northwest of the Canadian province of Québec for the extraction mainly of gold, silver, zinc, and copper.

Glencore books US$480 million provision covering entire Radiant World exposure: sources. Several major commodity traders have moved to cut ties with Radiant World amid concerns it provided falsified documents to banks Published Sun, Aug 30, 2026 · 08:57 AM * Glencore said earlier in August that its exposure to Radiant World was "well below" US$500 million PHOTO: REUTERS GLENCORE took a provision of about US$480 million on its exposure to Radiant World, the iron ore trader that is under pressure amid concerns it provided falsified documents to banks, according to people familiar with the matter. The provision effectively covers Glencore's entire outstanding net exposure to Radiant World, the people said, asking not to be identified discussing private information. Radiant World owes Glencore a total of US$951 million, while Glencore owes Radiant World US$471 million, the Financial Times reported on Saturday (Aug 29), citing a letter from Radiant World to Glencore. The people familiar with the matter confirmed the figures, which according to the FT report include Glencore's exposure to Sapphire Minmetals, another trading house that Glencore has said it views as being part of the same group. (Sapphire Minmetals' chairman has previously disputed that, saying the companies are separate.) Glencore, which is one of the world's biggest miners and commodity traders, said earlier in August that its exposure to Radiant World was "well below" US$500 million, which is its threshold for determining whether an item is material. Chief executive officer Gary Nagle told investors on an earnings call that Glencore was seeking to exit its remaining contracts with Radiant World after stopping new business, and that it had taken a provision on its exposure to the company, without providing a figure. Asean intelligence. Get insights into businesses across South-east Asia Glencore has been a major backer of Radiant World as the smaller firm grew to become one of the world's top iron ore traders. Glencore has been a key counterparty in many of Radiant World's trades, and routinely held a large financial exposure in the hundreds of millions of dollars, Bloomberg reported previously. Late in 2025, Glencore acquired warrants that would have given it a minority ownership stake in Radiant World, although they have not been exercised. While below Glencore's materiality threshold, a loss of US$480 million is a black eye for the company - and in particular its iron ore unit led by Peter Hill, the head of marketing for steelmaking raw materials. It is about a quarter of the company's average annual earnings before interest and tax over the past decade from its metals and minerals trading division, where iron ore is dwarfed in importance by metals like copper. The FT reported on Saturday that Radiant World had sent a letter to Glencore threatening legal action in a dispute over financial obligations between the two companies. The letter alleged a relationship between the two companies that went beyond that of a counterparty - Radiant World claimed that Glencore reviewed and approved the qualifications of potential hires, advised the company on fundraising and suggested the price at which it should enter into trades, the report said. "These claims are meritless and Glencore will vigorously contest them. Glencore has incurred losses and been exposed to risks by Radiant's actions and will take appropriate action," Glencore said in a statement responding to the report. It declined to comment further. Allegations under investigation. Bloomberg reported in late July that several major commodity traders had moved to cut ties with Radiant World amid concerns it provided falsified documents to banks. At least five banks have been told that some of the invoices that are underpinning their exposure to Radiant World are not genuine. Some banks have frozen its accounts or suspended credit lines, while major miners and Chinese buyers have withdrawn their business. Law enforcement agencies including the US Justice Department and the Singapore police are investigating. Radiant World has not been accused of wrongdoing and investigations do not always lead to charges. Bloomberg reported previously that Glencore is among companies that has been contacted by the US Justice Department about Radiant World. Glencore had worked to mitigate the scale of its potential losses for months before the situation reached a head, Bloomberg reported. The company has ended all business with Radiant World, a person close to Glencore said earlier this week. A spokesperson for Radiant World had no comment on Saturday. The company has previously denied wrongdoing and said that it conducts its business to the highest commercial and legal standards. As part of a statement to Bloomberg earlier this week, Radiant World said: "Radiant World's trading relationships with major counterparties, including Glencore, were longstanding, substantial and well documented over nearly two decades. Glencore directly supported the financing arrangements connected to that trading. Its participation was instrumental to those arrangements, and it benefited substantially from them. The company rejects any characterisation of those relationships as anything other than open and well known to the parties involved." BLOOMBERG Share with us your feedback on BT's products and services

Mining company Vast Resources secured a $10 million term loan facility from commodity trading giant Glencore's subsidiary Glencore International, according to a Monday release. The facility is...