Fresh from selling its mothballed Eland platinum mine to Northam Platinum, Glencore is in advanced talks with Anglo American Platinum to sell its stake in the Mototolo mining joint venture it shares with the world’s largest platinum miner for about R800m. Glencore CEO Ivan Glasenberg has made it clear since the giant bulk commodities trader took over mining company Xstrata in 2013 that platinum was not a core asset for the company and that it would extricate itself from all of Xstrata’s platinum investments. Sources say the talks between Amplats and Glencore are "very advanced" and close to conclusion, with a price tag on Glencore’s stake in Mototolo expected to reach R800m. A sale would mark Glencore’s full exit from the platinum business it inherited, including an interest in Lonmin. "We do not comment on speculation," said Glencore’s South African spokeswoman, Shamiela Letsoalo. Amplats spokeswoman Mpumi Sithole also declined to comment. The Mototolo joint venture is equally held...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now