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FT: Glencore weighs buying full control of Mutanda copper mine

Jan. 05, 2017 5:15 PM ETGlencore plc (GLCNF) StockGLCNF, GLNCYBy: Carl Surran, SA News Editor
  • Glencore (OTCPK:GLCNF, OTCPK:GLNCY) could take full control of the Mutanda copper mine in the Democratic Republic of Congo it jointly owns with billionaire Israeli mining entrepreneur Dan Gertler, Financial Times reports.
  • Mutanda, which produced more than 162K metric tons of copper and 18K metric tons of cobalt in the first nine months of 2016, has been hailed by analysts as one of Glencore’s most attractive copper assets even though it is in a country where anti-government demonstrations have been brutally suppressed in recent months.
  • Glencore paid $430M three years ago to buy a 14.5% stake in Mutanda from a privately owned company, which increased its holding to 69% with the rest controlled by Gertler.

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