6th Jan 2022 08:42
(Alliance News) - Glencore PLC said on Thursday it had closed the sale of its subsidiary Ernest Henry Mining Pty Ltd, the owner of the Ernest Henry Mining copper-gold mine in Australia, in a deal valued at AUD1 billion, or USD715 million.
Glencore has received AUD800 million and will receive a further AUD200 million in 12 months time from Sydney-based Evolution Mining Ltd.
Glencore, the Anglo-Swiss mining company headquartered in Baar, Switzerland, will offtake 100% of the copper concentrate produced at Ernest Henry Mining.
The acquisition means Evolution assumes full ownership and operational control of the copper-gold mine.
Evolution has worked in partnership with Glencore for the past five years at the Ernest Henry copper-gold mine, and has operations in Australia and Canada.
In Johannesburg, Glencore shares was down 0.2% to ZAR83.50 in early morning trade on Thursday. In London, they were down 1.5% at 387.10 pence.
By Artwell Dlamini; [email protected]
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