Glencore completes DRC acquisition
JOHANNESBURG (miningweekly.com) – Mining and commodities trading major Glencore Xstrata plc has paid $430-million cash to complete the acquisition of the remaining 14.5% indirect equity interest in Mutanda Mining, a copper and cobalt producer.
Mutanda, with operations in Katanga in the Democratic Republic of Congo (DRC), is seen as one of Glencore's key growth assets in Central Africa's copper belt, where the mining and trading titan already owns indirect interests in copper operations through its majority stake in DRC company Katanga Mining.
Global diversified natural resources major Glencore – headed by CEO Ivan Glasenberg – employs 190 000 people on more than 150 mining and metallurgical sites, offshore oil production assets, farms and agricultural facilities.
The increased holding was acquired from High Grade Minerals, giving the London-, Hong Kong- and Johannesburg-listed Glencore a 69% indirect equity interest in Mutanda, the hydrometallurgical complex of which has a capacity to produce 200 000 t of copper cathode and 23 000 t of cobalt a year.
The installed capacity is also able to yield 390 t of sulphuric acid and 73 t of sulphur dioxide a day for use in the hydrometallurgical complex.
The remaining 31% shareholding in the Lubumbashi-based Mutanda is held by a subsidiary of Fleurette, a Dutch-resident investor in exploration, exploitation and development of mining assets in Africa, which is owned by Line Trust Corporation on behalf of the Ashdale Settlement, a trust established in 2006 for the benefit of the family of Dan Gertler.
Mutanda at end December last year had gross assets of $1.3-billion and its total profit for the year was $152-million.
Glencore acquired a 54.5% interest in Mutanda in July and at the time received a put and call option agreement for the additional 14.5% stake.
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