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.
Comments
The
functionality
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation