Glencore share price: Tampakan mine exit expected this month

on Jul 1, 2015
Updated: Oct 21, 2019

Indophil Resources said a final agreement may be signed in the middle of July allowing the exploration firm to take control of the long-delayed $5.9 billion Tampakan copper-gold project from Glencore (LON:GLEN).

“There are a number of conditions, notifications and actions that must take place before the anticipated mid-July formal signing of the agreement,” Indophil spokesman Gavan Collery said, as quoted by Reuters today.
Tampakan, previously touted as the largest foreign direct investment porject in the Philippines, was last rated as a resource with 15 million tonnes of copper and 18 million ounces of gold. Originally, a 1992 discovery by Western Mining Corporation, its development has been stalled by ownership changes, security ­issues on Mindanao Island, and a provincial ban on open-pit mining in place since 2010.
Glencore announced the sale of its 62.5 percent interest in the Tampakan project last week. The Swiss-based commodities giant told the London exchange that details of the deal would be announced on completion of the transaction.
The move by Glencore to exit the mining project followed the disposal of its subsidiary’s shares in Indophil last January to Alsons Prime Investments Corp. Glencore Queensland used to hold 13.1 percent in the Australian group before APIC agreement acquired it under a scheme implementation.
Glencore’s share price rebounded this morning following a significant slump yesterday. By 10:36 BST, the miner’ stock had increased by 0.94 percent to trade at 257.70p.
As of 11:07 BST, Wednesday, 01 July, Glencore Xstrata PLC share price is 257.07p.

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