Glencore takes control of Congolese copper and cobalt mine in a $480-mn deal

22 May 2012

1

Commodities giant Glencore International Plc today said it has taken majority control of the Congolese copper and cobalt company Mutanda Mining Sprl, in a $480 million deal, including debt.

The Baar, Switzerland-based company said it has completed the acquisition of a further 24.49 per cent equity interest in Samref Overseas SA from High Grade Minerals SA and a further 1 per cent equity interest in Samref Congo Sprl from Groupe Bazano Sprl under two separate share purchase deals, for $340 million in cash.

Glencore has also acquired shareholder debts owed to High Grade Minerals of approximately $140 million, taking the deal value to $480 million.

Glencore also has the right to acquire the remaining 25.51 per cent stake held by HGM in Samref Overseas for $430 million, in 2013.

The purchase will increase Glencore's stake in Mutanda to 60 per cent from 40 per cent by increasing its stake in Samref Overseas to 74.49 per cent from 50 per cent.

Samref Overseas owns an 80 per cent indirect stake in Mutanda through Samref Congo.

Latest articles

Americans need minimum annual income of $107,700 to afford a house, says new study

Americans need minimum annual income of $107,700 to afford a house, says new study

Indian Hotels to double property and revenues by 2030

Indian Hotels to double property and revenues by 2030

India and Russia: a strategic economic partnership

India and Russia: a strategic economic partnership

NTPC Green Energy's Rs10,000-cr IPO opens for subscription

NTPC Green Energy's Rs10,000-cr IPO opens for subscription

Nissan Motor India starts exports of new Magnite SUV to South Africa

Nissan Motor India starts exports of new Magnite SUV to South Africa

Finance minister wants banks to tame lending rates

Finance minister wants banks to tame lending rates

Tatas to buy majority stake in Pegatron’s iPhone facility in Tamil Nadu: report

Tatas to buy majority stake in Pegatron’s iPhone facility in Tamil Nadu: report

Aditya Birla Group to double cement capacity to 200 million tonnes in 10 years

Aditya Birla Group to double cement capacity to 200 million tonnes in 10 years

EU draft rules make data disclosure mandatory for AI companies

EU draft rules make data disclosure mandatory for AI companies

Business History Videos

History of hovercraft Part 3 | Industry study | Business History

History of hovercraft Part 3...

Today I shall talk a bit more about the military plans for ...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of hovercraft Part 2 | Industry study | Business History

History of hovercraft Part 2...

In this episode of our history of hovercraft, we shall exam...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Hovercraft Part 1 | Industry study | Business History

History of Hovercraft Part 1...

If you’ve been a James Bond movie fan, you may recall seein...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Trams in India | Industry study | Business History

History of Trams in India | ...

The video I am presenting to you is based on a script writt...

By Aniket Gupta | Presenter: Sheetal Gaikwad

view more
View details about the software product Informachine News Trackers