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Glencore increases stake in Mutanda mining

Glencore Xstrata has increased its indirect interest in Mutanda Mining by 14.5 per cent. (Image source: Wikimedia Commons)

Anglo-Swiss commodity trading and mining company Glencore Xstrata has increased its indirect interest in the Democratic Republic of the Congo (DRC) copper miner Mutanda Mining for US$430mn

Glencore bought the remaining 14.5 per cent interest in Mutanda Mining held by High Grade Minerals, taking its stake to 69 per cent.

Mutanda is a high-grade copper and cobalt producer, with its operations located in the province of Katanga, in Congo. The remaining equity in Mutanda – 31 per cent – is held by a subsidiary of Fleurette Properties.

The company acquired a 54.5 per cent interest in Mutanda last year, receiving at the time a put and call option agreement for the additional 14.5 per cent stake.

Glencore was also recently granted regulatory approval to purchase the right to export an additional 6.5 million tonnes through the Richards Bay Coal Terminal from BHP Billiton’s Energy Coal South Africa.

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