July 18, 2011 | by Glencore International plc
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July 18, 2011, As of the date of this announcement, the executive directors are Mr Ivan Glasenberg (Chief Executive Officer) and Mr Steven Kalmin (Chief Financial Officer) and the independent non-executive directors are Mr Simon Murray (Chairman), Mr Peter Coates, Mr Leonhard Fischer, Mr Anthony Hayward, Mr William Macaulay and Mr Li Ning.
Glencore International AG, a wholly-owned subsidiary of Glencore International plc, today announced that it conditionally agreed to acquire from CST Mining Group Limited a 70% interest in Marcobre S.A.C., the sole owner of the Marcona Copper Property and the Mina Justa Project, for a cash consideration of US$475 million, subject to closing adjustments.
The Mina Justa Project is the principal exploration and development prospect within the Marcona Copper Property targeted by Marcobre, containing a JORC compliant resource of 413.3 million tonnes with 0.79% copper.
The transaction is subject to a number of conditions, including the completion of satisfactory due diligence in respect of the assets by Glencore International AG. Closing is expected in October 2011.
Daniel Mate, Co-director of the Zinc/Copper/Lead department, commented: “Mina Justa would ideally complement Glencore’s existing polymetallic mining operations in Peru, and add significant value to our worldwide group of copper mining assets”.
Contact
Marc Ocskay (Investors) t: +41 (0)41 709 2475 e: marc.ocskay@glencore.com
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Conclusion of this article: « Glencore agrees to acquire a 70% stake in the Mina Justa project »
Source: Glencore International plc, Press release