TIDMGLEN
RNS Number : 9754C
Glencore PLC
16 June 2023
Glencore plc
Baar, Switzerland / Sydney, Australia
16 June 2023
Glencore closes sale of Cobar Mine
Glencore and Metals Acquisition Corp (MAC) (NYSE: MTAL) have
today closed the sale and purchase of Glencore's 100% interest in
Cobar Management Pty Ltd (CMPL), the owner of the Cobar copper mine
in New South Wales, Australia.
Glencore has received USD775 million in cash and USD100 million
in shares (with the effect that as of today's date Glencore will
hold 20.6% of the shares in MAC) on closing. The transaction also
includes the following:
-- USD75m deferred payment to be paid within 12 months;
-- USD150m contingent payment contingent upon future copper prices;
-- 1.5% life of mine Net Smelter Return royalty.
MAC will assume ownership and full operational control of the
mine and Glencore will offtake 100% of the copper concentrate
produced at CMPL.
The sale of CSA Mine is consistent with delivering our strategy
of simplifying and aligning our global portfolio to focus on
lower-cost, long-life assets.
Glencore will continue to be among Australia's leading producers
and exporters of the metals that underpin the global transition to
a low-carbon future.
For further information please contact:
Investors
Martin Fewings t: +41 41 709 28 80 m: +41 79 737 56 42 martin.fewings@glencore.com
Media
Charles Watenphul t: +41 41 709 24 62 m: +41 79 904 33 20 charles.watenphul@glencore.com
Francis de Rosa t: +61 417 074 751 m: +61 417 074 751 francis.de.rosa@glencore.com
www.glencore.com
Glencore LEI: 2138002658CPO9NBH955
Notes for Editors
Glencore
Glencore is one of the world's largest global diversified
natural resource companies and a major producer and marketer of
more than 60 commodities that advance everyday life. Through a
network of assets, customers and suppliers that spans the globe, we
produce, process, recycle, source, market and distribute the
commodities that support decarbonisation while meeting the energy
needs of today.
With around 140,000 employees and contractors and a strong
footprint in over 35 countries in both established and emerging
regions for natural resources, our marketing and industrial
activities are supported by a global network of more than 40
offices.
Glencore's customers are industrial consumers, such as those in
the automotive, steel, power generation, battery manufacturing and
oil sectors. We also provide financing, logistics and other
services to producers and consumers of commodities.
Glencore is proud to be a member of the Voluntary Principles on
Security and Human Rights and the International Council on Mining
and Metals. We are an active participant in the Extractive
Industries Transparency Initiative.
We recognise our responsibility to contribute to the global
effort to achieve the goals of the Paris Agreement by decarbonising
our own operational footprint. We believe that we should take a
holistic approach and have considered our commitment through the
lens of our global industrial emissions. Against a 2019 baseline,
we are committed to reducing our Scope 1, 2 and 3 industrial
emissions by 15% by the end of 2026, 50% by the end of 2035 and we
have an ambition to achieve net zero industrial emissions by the
end of 2050. For more detail see our 2022 Climate Report on the
publication page of our website at glencore.com/publications .
www.facebook.com/glencore
www.instagram.com/glencoreplc
www.linkedin.com/company/glencore
www.twitter.com/glencore
www.youtube.com/glencorevideos
Glencore Australia
In Australia, Glencore produces coal, copper, cobalt, nickel,
zinc, lead and silver from 23 active mining operations. We also
operate metals processing assets in Queensland, New South Wales,
Western Australia and the Northern Territory, including metals
smelters, concentrators and refineries.
We are among Australia's largest producers and marketers of
natural resources, connecting Australian resources with industrial
customers around the world. Through our diverse portfolio, we
responsibly supply the resources that advance everyday life.
We employ approximately 18,190 people in Australia and in 2022
contributed nearly A$20 billion to the regional, state and national
economies. This included spend of A$10.4 billion with 7,370
businesses across the country, as well as $7.5 billion in
government tax, royalty and local government payments.
We are committed to providing a safe, inclusive and respectful
workplace for our people, to respecting the environment, to
engaging openly and constructively with the Traditional Owners on
whose lands we operate and to bringing value to local
communities.
www.facebook.com/Glencore
www.flickr.com/photos/glencore
www.instagram.com/glencoreplc
www.linkedin.com/company/8518
www.slideshare.net/glencore
www.twitter.com/glencore
www.youtube.com/glencorevideos
Disclaimer
The companies in which Glencore plc directly and indirectly has
an interest are separate and distinct legal entities. In this
document, "Glencore", "Glencore group" and "Group" are used for
convenience only where references are made to Glencore plc and its
subsidiaries in general. These collective expressions are used for
ease of reference only and do not imply any other relationship
between the companies. Likewise, the words "we", "us" and "our" are
also used to refer collectively to members of the Group or to those
who work for them. These expressions are also used where no useful
purpose is served by identifying the particular company or
companies.
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