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GLN - Glencore's 23.9% stake in Lonmin plc
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
11 February, 2015
Glencore’s 23.9% stake in Lonmin plc
Glencore plc (“Glencore”) announces that it intends during the first half of 2015 to divest its non-core
23.9% stake in Lonmin Plc (“Lonmin”), which it inherited through the acquisition of Xstrata plc in May 2013.
It is currently proposed that the divestment in Lonmin will be implemented by way of a distribution in
specie to Glencore shareholders. This distribution, currently representing c.$3 cents per Glencore share,
will not impact Glencore’s approach towards its annual cash distribution consideration.
Glencore believes that a straightforward market disposal of the Lonmin stake at this time would not be in
the best interests of its shareholders. The distribution in specie will enable shareholders to manage the
investment for their own account.
The distribution will require shareholder approval and the necessary resolution will be put to shareholders
at Glencore’s Annual General Meeting on 7 May 2015. Further information will be circulated to
shareholders in early April 2015.
Glencore will maintain the constructive relationship it has developed with Lonmin until shareholder
approval for the proposed distribution is obtained. It is Glencore’s intention that, following the approval of
the distribution by shareholders, Gary Nagle and Paul Smith, Glencore’s two nominated representatives
on the Lonmin board, will step down.
Glencore reserves the right not to proceed with the divestment in whole or in part and/or to effect the
divestment by alternative means, depending on market conditions and other relevant factors, as may be
the case.
Ivan Glasenberg, CEO of Glencore, commented:
“Glencore’s investment philosophy is to hold investments in production assets in the commodities in
which we trade and so we have always regarded the stake in Lonmin as non-core. As we do not trade
platinum and have no special insight into the market, we believe that it is better to leave to our
shareholders the decision as to how to manage the Lonmin shares. Our desire to distribute the Lonmin
shares therefore reflects our philosophy not a view on Lonmin or platinum. We have developed a good
relationship with Lonmin and its chairman Brian Beamish and CEO Ben Magara and recognise the
determined efforts of the Lonmin management team to implement their strategy. Our senior management
team do not currently plan to sell the Lonmin shares they would receive from the distribution in specie.”
For further information please contact:
Investor:
Martin Fewings Elisa Morniroli
t: +41 (0) 41 709 2880 t: +41 (0) 41 709 2818
m: +41 (0) 79 737 5642 m: +41 (0) 79 833 0508
e: martin.fewings@glencore.com e: elisa.morniroli@glencore.com
Company secretarial:
John Burton Nicola Barrett
t: +41 (0) 41 709 2619 t: +41 (0) 41 709 2755
m: +41 (0) 79 944 5434 m: +41 (0) 79 735 3916
e: john.burton@glencore.com e: nicola.barrett@glencore.com
Media:
Charles Watenphul
t: +41 (0) 41 709 2462
m: +41 (0) 79 904 3320
e: charles.watenphul@glencore.com
www.glencore.com
About Glencore
Glencore is one of the world’s largest global diversified natural resource companies. As a leading
integrated producer and marketer of commodities with a well-balanced portfolio of diverse industrial
assets, we are strongly positioned to capture value at every stage of the supply chain, from sourcing
materials deep underground to delivering products to an international customer base.
Glencore’s industrial and marketing activities are supported by a global network of more than 90 offices
located in over 50 countries. Our diversified operations comprise over 150 mining and metallurgical sites,
offshore oil production assets, farms and agricultural facilities. We employ approximately 200,000 people,
including contractors.
SPONSOR
Absa Bank Limited (acting through its Corporate and Investment Banking Division)
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