COPPER EXPANSION PLANS
Glencore mulls increasing stake in DRC mine with Gertler
The Swiss firm owns 69%, while Israeli billionaire Dan Gertler’s Fleurette Group owns the rest of Mutanda copper mine
London — Glencore, the commodities trader and miner headed by billionaire Ivan Glasenberg, is considering increasing its stake in the Mutanda copper mine in the Democratic Republic of Congo. The Swiss firm, which already owns 69% of the mine, will make a further announcement if appropriate, it said in a statement on Thursday. Israeli billionaire Dan Gertler’s Fleurette Group owns the rest of Mutanda. A spokesman for Fleurette Group declined to comment. Glencore last year completed a debt reduction programme, cutting borrowings by about $10bn through a combination of asset sales, reduced spending and the suspension of its dividend. Last month, emerging from the self-imposed era of austerity, it agreed a surprise $11bn deal with Rosneft PJSC, of which its commitment was €300m, giving it a stake in the Russian oil producer and a new off-take accord. The $1.8bn Mutanda project is central to Glencore’s global copper expansion plan. Glencore and Gertler began investing in mines at Mutanda...
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