Glencore to acquire a 70% stake in Mina Justa

RNS Number : 5357K

Glencore International PLC

18 July 2011

 



Baar, Switzerland                                                                                               18 July, 2011

GLENCORE AGREES TO ACQUIRE A 70% STAKE IN THE MINA JUSTA PROJECT

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".

For further information, please contact:

Marc Ocskay (Investors)                        Simon Buerk (Media)                   Finsbury (Media)

t: [phone]                             t: [phone]                  Guy Lamming

e: [e-mail]              m: [phone]                 Charles Watenphul

e: [e-mail]     Dorothy Burwell

  t: [phone]

About Glencore International plc

Glencore is one of the world's leading integrated producers and marketers of commodities, headquartered in Baar, Switzerland, and listed on the London and Hong Kong Stock Exchanges. Glencore has worldwide activities in the production, sourcing, processing, refining, transporting, storage, financing and supply of Metals and Minerals, Energy Products and Agricultural Products.

 

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