Update on Glencore's stake in Mina Justa project

RNS Number : 3738P

Glencore International PLC

03 October 2011

 



FOR IMMEDIATE RELEASE                                                                                                      

Baar, Switzerland                                                                                      3^RD OCTOBER 2011

UPDATE REGARDING GLENCORE'S AGREEMENT TO ACQUIRE A 70% STAKE IN THE MINA JUSTA PROJECT ANNOUNCED ON 18 JULY 2011

On 18 July 2011, Glencore International AG ("Glencore"), a wholly-owned subsidiary of Glencore International plc, announced that it had 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 transaction is subject to a number of conditions. Glencore confirms that it is satisfied with its technical due diligence on the assets which it has undertaken to date. However, certain conditions, including the completion of broader due diligence by Glencore, remain to be fully satisfied. Glencore and CST Mining Group Limited have therefore agreed to extend the period for achieving the full satisfaction of the conditions. 

Glencore remains committed to working with all parties so as to achieve closing of the transaction, which is now expected to occur in December 2011.

Enquiries

For further information contact:

Glencore Paul Smith (Investors) t: [phone] m: [phone] e: [e-mail]

Simon Buerk (Media) t: [phone] m: [phone] e: [e-mail]

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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