Glencore to extend KCC in land deal with Gécamines

GLENCORE said on Wednesday an agreement with Gécamines to access additional land titles had boosted ambitions to increase production from its Kamoto Copper Company to 300,000 tons a year.Announcing a 6% decline in full year adjusted Ebitda for the 12 months ended December, Glencore said a deal with state-owned miner Gécamines would unlock “a comprehensive package of long-term mining titles and leases” and increase Kamoto’s life of mine.Glencore produced 247,800 tons of copper from its African copper operations last year, including Mutanda, an increase of 10% year-on-year.In December, the miner unveiled plans to expand copper production to around one million tons annually by the end of 2028, and then to 1.6 million tons/year by 2035. Gary Nagle, Glencore CEO said“Today we announced the finalisation of the KCC land access package with Gécamines, unlocking LOM extension, productivity and cost improvements and the pathway to approximately 300,000 tons of copper production,” said Nagle.The closing of the agreement is subject to the registration of the mining titles lease agreements in the mining cadastre, which is expected to occur in the coming months, said Glencore.A deal with Gécamines comes after Glencore agreed to sell a 40% stake in its African copper mines to Orion CMC – a venture led by Orion Resource Partners, the US International Development Finance Corp and sovereign fund, Abu Dhabi’s ADQ. The deal valued the African copper assets at about $9bn.The transaction will establish a new company 60% owned by Glencore and 40% by Orion CMC, which could pursue additional opportunities in the Central African Copperbelt spanning Congo and Zambia, according to reports.The post Glencore to extend Kamoto Copper in land deal with Gécamines appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.comWeiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com