24th Jun 2015 07:36
LONDON (Alliance News) - Glencore PLC Wednesday said its subsidiary has executed a share sale agreement with an affiliate of Indophil Resources NL to sell Glencore's remaining stake in the Tampakan project in the Philippines.
Glencore held a 62.5% stake in the Tampakan copper-gold project with Indophil holding the remaining 37.5% stake. Glencore said it executed the share sale agreement with the Indophil affiliate following on from its divestment from Indophil back in January.
The share sale agreement includes "a number of conditions" which must be completed before June 30, and further details will be released once the completion date has passed, said the FTSE 100-listed company.
Glencore shares were up 0.5% to 276.30 pence per share on Wednesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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