Mining giant Glencore own sold off an Australian gold and copper mine for R11bn in expose to provide attention to the transition to inexperienced metals. Strangely, Glencore bet tall on a thermal coal mine in Colombia within the latter stop of ultimate year. They’ve been below stress from activists groups relating to environmental sustainability concerns, so this is able to perchance be the important thing stamp submit that administration is calling to wander the price of change into inexperienced metals. – Justin Rowe-Roberts
Glencore closes sale of Ernest Henry Mine
Glencore and Evolution Mining own this day closed the sale and acquire of Glencore’s 100% interest in Ernest Henry Mining, the proprietor of the Ernest Henry Mining (EHM) copper-gold mine in Queensland, Australia.
Glencore has got A$800m and can unbiased receive a additional A$200m in 12 months time.
As successfully as, by cause of Evolution’s acquisition of Ernest Henry, from this day, all agreements enforcing the economic joint ventures between Glencore and Evolution entered into on 23 August, 2016 own ended and Glencore has no additional responsibility to affirm any gold, copper listen or other metals below these agreements from 1 January 2022. Evolution additionally assumes all rehabilitation obligations and liabilities and can unbiased replace Glencore’s rehabilitation bonds.
Glencore will offtake 100% of the copper listen produced at EHM. Glencore will continue to be among Australia’s main producers and exporters of the inexperienced metals that underpin the global transition to a low-carbon future.
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