Glencore in talks to sell DRC copper assets for $9bn

GLENCORE is in talks to sell a 40% stake in its copper and cobalt mines in the Democratic Republic of Congo, said Reuters on Tuesday.According to the newswire, the assets would be sold for an enterprise value of about $9bn for the combined assets.The Orion Critical Mineral Consortium, led by Orion Resource Partners and backed by the US International Development Finance Corporation, is looking to acquire stakes in Glencore’s Mutanda Mining and Kamoto Copper Company operations in the DRC, said Reuters.The potential stake sale comes as Rio Tinto is in early talks to buy Glencore in what could create the world’s largest mining company with a combined market value of more than $200bn, the newswire said.The two companies are set to request additional time to finalise a deal as they negotiate over valuation terms, said Bloomberg News last week.Under UK takeover regulations, Rio faces a February 5 deadline to either confirm an offer or withdraw from negotiations for six months, unless Glencore requests an extension. Bloomberg said such a request appears highly probable.The proposed merger would roughly double Rio’s copper production and add about 1 million tons of future growth capacity at a time when copper prices recently reached a record $14,500 per tonOn January 29, Glencore reported a jump in its second-half copper production and an increase in its copper reserves.The post Glencore in talks to sell DRC copper assets for $9bn appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com