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MRE Minara Fpo

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Share Name Share Symbol Market Type
Minara Fpo ASX:MRE 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 0.00% 0.00 -

Glencore Wins Extension For Minara Nickel Marketing

13/05/2011 3:51am

Dow Jones News


Minara Resources (ASX:MRE)
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PERTH (Dow Jones)-Swiss commodity giant Glencore International PLC on Friday won an extension of its key Australian nickel marketing rights, following a positive shareholder vote by its partly-owned nickel mining unit Minara Resources Ltd. (MRE.AU).

At Minara's annual meeting, minority shareholders agreed to a modified off-take arrangement with Glencore over production from the Murrin Murrin venture, one of Australia's biggest nickel mines.

The minimum five year deal is a fillip for Glencore as it finalizes its London and Hong Kong listing plans via an initial public offering of up to US$11 billion.

Murrin Murrin is expected to produce between 33,000 to 37,000 metric tons of nickel in 2011, making it a significant source of supply for the stainless steel making additive.

Glencore owns a direct 40% interest in Murrin Murrin, alongside a 70.5% stake in Perth-based Minara, the 60% owner and operator of the mine.

Under Australian stock exchange rules, Glencore was prohibited from voting on the new off-take arrangement, which replaces a 2001 deal due to expire at the end of this year.

At Minara's annual meeting, Chairman Malcolm Macpherson revealed overwhelming proxy support for the deal, with 167.4 million shares voted in favor and 0.56 million shares against.

Minara will receive a less onerous pricing discount from Glencore that is expected to be worth an extra US$2 million a year to the Australian miner.

Macpherson said he was "delighted" at the improved terms of the deal.

"By renewing it, we not only get a clearly quantifiable financial gain, but it means we don't need to have a market department - that is a considerable saving for us," he told Dow Jones Newswires after the meeting.

Glencore Chief Executive Ivan Glasenberg is a non-executive director of Minara, but was absent from the meeting.

One of the world's biggest commodity traders, Glencore also has several direct mining investments, aside from Minara, including its 34.5% interest in Xstrata PLC (XTA.LN). Glencore retains major nickel and copper marketing arrangements with Xstrata.

-By Stephen Bell, contributing to Dow Jones Newswires; 61-8-9244-4243;

sgbell@bigpond.com

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