Satisfaction of Conditions re Sale of Las Bambas

RNS Number : 9865M

Glencore PLC

22 July 2014

 

Baar, Switzerland

Satisfaction of Conditions in relation to the Sale of Las Bambas Copper Mine Project

22 July, 2014

We refer to Glencore plc's ("Glencore") announcement on 14 April 2014 relating to the sale of its entire interest in the Las Bambas copper mine project to a consortium owned 62.5% by MMG Limited, 22.5% by GUOXIN International Investment Corporation Limited and 15.0% by CITIC Metal Co., Ltd. (the "Transaction").

Glencore is pleased to announce that all of the conditions to completion of the Transaction have been satisfied.

The parties are working towards closing the Transaction in early August 2014.

For further information, please contact:

Media:

Charles Watenphul

t: [phone]

m: [phone]

[e-mail]

Investor enquiries:

Paul Smith	Martin Fewings	Elisa Morniroli
t: [phone]	t: [phone]	t: [phone]
m: [phone]	m: [phone]	m: [phone]
e: [e-mail]	e: [e-mail]	e: [e-mail]

About Glencore

Glencore is one of the world's largest global diversified natural resource companies and a major producer and marketer of more than 90 commodities. The Group's operations comprise of over 150 mining and metallurgical sites, oil production assets and agricultural facilities.

With a strong footprint in both established and emerging regions for natural resources, Glencore's industrial and marketing activities are supported by a global network of more than 90 offices located in over 50 countries.

Glencore's customers are industrial consumers, such as those in the automotive, steel, power generation, oil and food processing. They also provide financing, logistics and other services to producers and consumers of commodities. Glencore employ around 200,000 people, including contractors.

About Las Bambas

Las Bambas is a long-life copper development project with prospective exploration options. Located in Cotabambas, Apurimac Region of Peru, the project is at an advanced stage of construction and is scheduled to commence production in 2015.

As at 31 December 2013, Las Bambas had gross assets of US$4,420 million. Given that the project is still in a pre-production phase, Las Bambas' total profit for the financial year ended 31 December 2013 was US$(0.02) million.

Forward looking statements

This document contains statements that are, or may be deemed to be, "forward looking statements" which are prospective in nature. These forward looking statements may be identified by the use of forward looking terminology, or the negative thereof such as "plans", "expects" or "does not expect", "is expected", "continues", "assumes", "is subject to", "budget", "scheduled", "estimates", "aims", "forecasts", "risks", "intends", "positioned", "predicts", "anticipates" or "does not anticipate", or "believes", or variations of such words or comparable terminology and phrases or statements that certain actions, events or results "may", "could", "should", "shall", "would", "might" or "will" be taken, occur or be achieved. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Forward-looking statements are not based on historical facts, but rather on current predictions, expectations, beliefs, opinions, plans, objectives, goals, intentions and projections about future events, results of operations, prospects, financial condition and discussions of strategy.

By their nature, forward looking statements involve known and unknown risks and uncertainties, many of which are beyond Glencore's control. Forward looking statements are not guarantees of future performance and may and often do differ materially from actual results. Important factors that could cause these uncertainties include, but are not limited to, those discussed on pages 18 to 31 of Glencore's Annual Report 2013.

Neither Glencore nor any of its associates or directors, officers or advisers, provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this document will actually occur. You are cautioned not to place undue reliance on these forward-looking statements which only speak as of the date of this document. Other than in accordance with its legal or regulatory obligations (including under the UK Listing Rules and the Disclosure and Transparency Rules of the Financial Conduct Authority and the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited and the Listing Requirements of the Johannesburg Stock Exchange Limited), Glencore is not under any obligation and Glencore and its affiliates expressly disclaim any intention, obligation or undertaking to update or revise any forward looking statements, whether as a result of new information, future events or otherwise. This document shall not, under any circumstances, create any implication that there has been no change in the business or affairs of Glencore since the date of this document or that the information contained herein is correct as at any time subsequent to its date.

 

END

 

 

MSCRTMMTMBITBPI