To view the PDF file, sign up for a MySharenet subscription.

GLENCORE PLC - GLN - Completion of the sale of Las Bambas Copper Mine Project

Release Date: 01/08/2014 08:00
Code(s): GLN     PDF:  
Wrap Text
GLN - Completion of the sale of Las Bambas Copper Mine Project

GLENCORE PLC
(Incorporated in Jersey under the Companies (Jersey) Law 1991)
(Registration number 107710)
JSE Share Code: GLN
LSE Share Code: GLEN
HKSE Share Code: 805HK
ISIN: JE00B4T3BW64

Baar, Switzerland

COMPLETION OF THE SALE OF LAS BAMBAS COPPER MINE PROJECT

1 August, 2014

We refer to Glencore plc’s ("Glencore") announcement on 22 July 2014 relating to the sale of its entire
interest in the Las Bambas copper mine project to a consortium owned 62.5% by MMG Limited, 22.5% by
GUOXIN International Investment Corporation Limited and 15.0% by CITIC Metal Co., Ltd. (the
“Transaction”).

Glencore is pleased to announce the Transaction has completed, effective as of 31 July 2014. The
consideration for the Transaction is approximately US$7 billion, which includes reimbursement of capital
expenditure and other costs incurred in developing Las Bambas in the period from 1 January 2014 to
closing.

The proceeds from the sale will immediately and materially de-gear Glencore’s balance sheet. Glencore
will continue to look for opportunities to reinvest capital in line with our published returns criteria. Any
surplus capital, subject to maintaining an efficient balance sheet within Glencore’s strong BBB/Baa credit
ratings guidance, will be returned to shareholders, within an appropriate time frame and structure.

For further information, please contact:

Media:

Charles Watenphul
t: +41 (0) 41 709 2462
m: +41 (0) 79 904 33 20
charles.watenphul@glencore.com

Investor enquiries:

Paul Smith                           Martin Fewings                      Elisa Morniroli
t: +41 (0) 41 709 2487               t: +41 (0) 41 709 2880              t: +41 (0) 41 709 2818
m: +41 (0) 79 947 1348               m: +41 (0) 79 737 5642              m: +41 (0) 79 833 0508
e: paul.smith@glencore.com           e: martin.fewings@glencore.com      e: elisa.morniroli@glencore.com

About Glencore

Glencore is one of the world’s largest global diversified natural resource companies and a major producer
and marketer of more than 90 commodities. The Group's operations comprise of over 150 mining and
metallurgical sites, oil production assets and agricultural facilities.
With a strong footprint in both established and emerging regions for natural resources, Glencore's
industrial and marketing activities are supported by a global network of more than 90 offices located in
over 50 countries.

Glencore's customers are industrial consumers, such as those in the automotive, steel, power generation,
oil and food processing. We also provide financing, logistics and other services to producers and
consumers of commodities. Glencore employs around 200,000 people, including contractors.

About Las Bambas

Las Bambas is a long-life copper development project with prospective exploration options. Located in
Cotabambas, Apurimac Region of Peru, the project is at an advanced stage of construction and is
scheduled to commence production in 2015.

As at 31 December 2013, Las Bambas had gross assets of US$4,420 million. Given that the project is still
in a pre-production phase, Las Bambas' total profit for the financial year ended 31 December 2013 was
US$(0.02) million.

Forward looking statements

This document contains statements that are, or may be deemed to be, "forward looking statements" which
are prospective in nature. These forward looking statements may be identified by the use of forward
looking terminology, or the negative thereof such as "plans", "expects" or "does not expect", "is expected",
"continues", "assumes", "is subject to", "budget", "scheduled", "estimates", "aims", "forecasts", "risks",
"intends", "positioned", "predicts", "anticipates" or "does not anticipate", or "believes", or variations of such
words or comparable terminology and phrases or statements that certain actions, events or results "may",
"could", "should", "shall", "would", "might" or "will" be taken, occur or be achieved. Such statements are
qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Forward-
looking statements are not based on historical facts, but rather on current predictions, expectations,
beliefs, opinions, plans, objectives, goals, intentions and projections about future events, results of
operations, prospects, financial condition and discussions of strategy.

By their nature, forward looking statements involve known and unknown risks and uncertainties, many of
which are beyond Glencore's control. Forward looking statements are not guarantees of future
performance and may and often do differ materially from actual results. Important factors that could cause
these uncertainties include, but are not limited to, those discussed on pages 18 to 31 of Glencore's
Annual Report 2013.

Neither Glencore nor any of its associates or directors, officers or advisers, provides any representation,
assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking
statements in this document will actually occur. You are cautioned not to place undue reliance on these
forward-looking statements which only speak as of the date of this document. Other than in accordance
with its legal or regulatory obligations (including under the UK Listing Rules and the Disclosure and
Transparency Rules of the Financial Conduct Authority and the Rules Governing the Listing of Securities
on the Stock Exchange of Hong Kong Limited and the Listing Requirements of the Johannesburg Stock
Exchange Limited), Glencore is not under any obligation and Glencore and its affiliates expressly disclaim
any intention, obligation or undertaking to update or revise any forward looking statements, whether as a
result of new information, future events or otherwise. This document shall not, under any circumstances,
create any implication that there has been no change in the business or affairs of Glencore since the date
of this document or that the information contained herein is correct as at any time subsequent to its date.

SPONSOR
Absa Bank Limited (acting through its Corporate and Investment Banking Division)

Date: 01/08/2014 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Share This Story