[ADVERT]
Share Name Share Symbol Market Type
BHP Billiton Ltd ASX:BHPCD Australian Stock Exchange Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 44.75 44.30 44.82 0.00 00:00:00

Glencore Agrees to Acquire JV Partners' Stakes in Coal Mine for $588 Million

28/06/2021 7:47am

Dow Jones News


BHP Billiton (ASX:BHPCD)
Historical Stock Chart


From Jun 2021 to Dec 2021

Click Here for more BHP Billiton Charts.

By Joe Hoppe

 

Glencore PLC said Monday that it has entered an agreement to acquire its joint venture partners' stakes in the Cerrejon coal mine in Colombia, for an aggregate purchase consideration of $588 million.

The mining company said it has agreed to acquire the 33.3% stakes of partners BHP Group PLC and Anglo American PLC on similar terms, with the aggregate consideration subject to purchase price adjustments calculated upon closing the deal.

Based on expected operating performance and current forward coal prices, and assuming the deal closes in the first half of 2022, Glencore expects cash generated by the operation to reduce the cash consideration to around $230 million.

The company said that it is taking stewardship of the mine after BHP and Anglo American put up sale notices, and that the alternative was one or more new partners compromising its sustainable operating environment or extending production beyond current concessions.

Glencore also said it has strengthened its emissions-reduction targets, including reducing its scope 1, 2 and 3 emissions by 50% by 2035 compared to 2019 levels, and setting a new short-term emissions reduction target of 15% by 2026 on 2019 levels.

The transactions are subject to regulatory approvals and interconditional on each other.

 

Write to Joe Hoppe at joseph.hoppe@wsj.com

 

(END) Dow Jones Newswires

June 28, 2021 02:47 ET (06:47 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

1 Year BHP Billiton Chart

1 Year BHP Billiton Chart

1 Month BHP Billiton Chart

1 Month BHP Billiton Chart
ADVFN Advertorial
Your Recent History
ASX
BHPCD
BHP Billit..
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20211206 05:21:05