Glencore buys out billionaire with $1bn Congolese mining deal
London/Johannesburg — Glencore agreed to a $960m deal that will boost ownership of two giant Congolese cobalt and copper mines, and sever its ties with controversial Israeli billionaire Dan Gertler. For Glencore, the deal achieves two things: greater control of key assets at a time of booming copper and cobalt prices and a parting of ways from Gertler after his business in the Democratic Republic of Congo (DRC) and relationship with President Joseph Kabila attracted scrutiny from the US department of justice. Glencore would pay Fleurette Group, a company owned by Gertler’s family trust, $534m cash after all debts were paid, the company said in a statement on Monday. The assets include a 31% stake in Mutanda Mining, the world’s biggest cobalt mine, and a 10.3% holding in Katanga Mining, which operates a nearby copper and cobalt mine. The deal marks another step in Glencore’s turnaround from the commodities crisis. After selling $10bn in assets and cutting debt, it’s returning to deal...
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