Glencore to Sell Ernest Henry Mining Copper-Gold Mine in Queensland for $730 Mln – MarketWatch

By Jaime Llinares Taboada

Glencore PLC said Wednesday that it has agreed on the sale of its Ernest Henry Mining copper-gold mine in Queensland, Australia, to Evolution Mining Ltd. for 1 billion Australian dollars ($730.3 million).

The FTSE 100 commodity trading and mining company also reached a deal to offtake all copper concentrate produced at EHM, and said it will continue to be among Australia’s leading producers and exporters of green metals.

In addition, Glencore said it will increase its focus on its other lower-cost, long-life copper assets, such as those in Africa and South America.

The transaction is expected to close in early January.

Write to Jaime Llinares Taboada at; @JaimeLlinaresT