Glencore to Sell Ernest Henry Copper-Gold Mine in Queensland for $730 Million -- Update
November 17 2021 - 5:39AM
Dow Jones News
By Jaime Llinares Taboada
Glencore PLC said Wednesday that it has agreed on the sale of
its 70%-owned Ernest Henry copper-gold mine in Queensland,
Australia, to Evolution Mining Ltd. for 1 billion Australian
dollars ($730.3 million).
The FTSE 100 commodity trading and mining company had sold a 30%
interest in Ernest Henry to Evolution in 2016, forming a joint
venture. Now, Evolution will take full ownership and operatorship
of the mine.
Both companies have also reached a deal for Glencore to buy all
copper concentrate produced at EHM. Glencore said that it will
continue to be among Australia's leading producers and exporters of
green metals.
The sale will increase Glencore's focus on its other lower-cost,
long-life copper assets, such as those in Africa and South America,
it said.
The transaction is expected to close in early January.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
November 17, 2021 05:24 ET (10:24 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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