Wrap Text
GLN: Glencore closes sale of Cobar Mine
GLENCORE PLC
(Incorporated in Jersey under the Companies (Jersey) Law 1991)
(Registration number 107710)
JSE Share Code: GLN
LSE Share Code: GLEN
ISIN: JE00B4T3BW64
LEI: 2138002658CPO9NBH955
Baar, Switzerland
19 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.
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www.linkedin.com/company/glencore
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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.
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www.linkedin.com/company/8518
www.slideshare.net/glencore
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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.
Sponsor
Absa Corporate and Investment Bank, a division of Absa Bank Limited
Date: 19-06-2023 08:00:00
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