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: +41 (0)41 709 2475 t: +41 (0)41 709 2679 Guy Lamming
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t: +44 (0)20 7251 3801
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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