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Glencore to sell 73% stake in Mopani to ZCCM in $1.5bn transaction
StockMarketWire.com
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Mining giant Glencore said its subsidiary Carlisa had signed an agreement with ZCCM Investments to transfer its 90% stake in Mopani copper mines to ZCCM in a $1.5 billion deal.
ZCCM, the owner of the remaining 10% interest in Mopani, would acquire the stake for US$1 and the transaction debt of US$1.5 billion.
The sale was conditional on receipt of certain regulatory approvals in Zambia and on the approval of the shareholders and board of directors of ZCCM, and was expected to occur within the next three months, the company said.
After completion of the sale, Glencore would retain offtake rights in respect of Mopani's copper production until the transaction debt had been repaid in full.
At 8:29am: (LON:GLEN) Glencore PLC share price was 0p at 189.54p
Story provided by StockMarketWire.com
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