Glencore Subsidiary to Sell Underlying 73% Stake in Mopani in $1.5 Billion Deal
19 January 2021 - 7:58PM
Dow Jones News
By Adria Calatayud
Glencore PLC said Tuesday that one of its subsidiaries has
agreed to sell an underlying 73% stake in Mopani Copper Mines PLC
to ZCCM Investments Holding PLC for $1 and the assumption of debts
of $1.5 billion.
The Anglo-Swiss commodities company said its 81.2%-owned
subsidiary Carlisa Investments Corp. has signed a contract to sell
its 90% interest in Mopani to ZCCM, which owns the remaining 10%
interest in Mopani.
Mopani, which houses a copper mine in Zambia, has been funded by
borrowings from Carlisa and other members of the Glencore group,
the Anglo-Swiss company said. On completion of the deal, $1.5
billion of debt will remain owed by Mopani to Glencore group
creditors, Glencore said.
Glencore said it will also retain offtake rights in respect of
Mopani's copper production until the transaction debt has been
fully repaid.
London-listed shares in Glencore at 0821 GMT were up 1.4% at
280.60 pence.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
January 19, 2021 03:43 ET (08:43 GMT)
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