Mutanda, with operations in Katanga, is seen as one of Glencore's key growth assets in Central Africa's copper belt and the cash purchase sees the mining and commodities trading major acquire the remaining 14.5 percent indirect equality in the copper and cobalt producer.
The increased holding was acquired from High Grade Minerals, giving Glencore a 69 percent indirect equity interest in the Lubumbashi-based Mutanda, the hydrometallurgical complex of which has a capacity to produce 200,000 tonnes of copper cathode and 23,000 tonnes of cobalt a year. The installed capacity is also to yield 390 tonnes of sulphuric acid and 73 tonnes of sulphur dioxide a day for use in the hydrometallurgical complex.
The remaining 31 percent of Mutanda is presently held by a subsidiary of Fleurette, a Dutch investor in the exploration and development of mining assets in Africa. As of the end of 2012, Mutanda was estimated to have had gross assets of $1.3 billion, while its total profit for the year was $152 million.
