3rd Sep 2014 12:48
LONDON (Alliance News) - Glencore PLC's Chief Executive said the company will not hurry its long-planned exit from its investment in platinum mining firm Lonmin PLC when speaking to reporters in Johannesburg on Wednesday, the Wall Street Journal reports.
"We're in no rush - there's no urgency," Ivan Glasenberg, the CEO of the Switzerland-based commodities trading and mining group, said at a press conference close to the mines operated by Lonmin which have been hit hard by strike action in recent years.
Glencore inherited a 25% stake in Lonmin in 2013 when it acquired mining group Xstrata PLC. Glasenberg said at the time that the Lonmin stake did not fit with Glencore's focus on bulk commodities like coal and copper.
Shares in Glencore were Wednesday trading 0.6% higher at 369.75 pence per share.
http://online.wsj.com/articles/glencore-ceo-says-no-rush-to-exit-lonmin-1409742929
By Sam Unsted; [email protected]; @SamUAtAlliance
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