Swiss commodities giant Glencore has announced it will acquire a 70 per cent interest in the Peruvian mine owner Marcobre.
Glencore International AG, a wholly-owned subsidiary of Glencore International Plc, will purchase the stake from Hong Kong-based copper mining company CST Mining Group for US$475 million (approximately €338 million).
Marcobre is the sole owner of the Marcona Copper Property and the Mina Justa Project, which has a resource of 413.3 million tonnes, with 0.79 per cent copper.
The deal is expected to close in October 2011.
Daniel Mate, co-director of Glencore’s Zinc/Copper/Lead department, commented: “Mina Justa would ideally complement Glencore’s existing polymetallic mining operations in Peru, and add significant value to our worldwide group of copper mining assets.”
Headquartered in Baar, Switzerland, Glencore is one of the world’s leading integrated producers and marketers of commodities. The company has worldwide activities in the production, sourcing, processing, refining, transporting, storage, financing and supply of metals and minerals, energy products and agricultural products.
