Commission’s green light takes Glencore further down the road to platinum exit
Competition regulator recommends the sale of its stake in the Mototolo mine and chrome plant to Amplats
Global commodity trade Glencore's exit from platinum came a step closer on Tuesday when the Competition Commission recommended the sale of its stake in the Mototolo mine and chrome plant to partner Anglo American Platinum (Amplats). Glencore has already sold its 24.9% stake in Lonmin and its Eland platinum mine to Northam Platinum. Mototolo was the last asset held by Glencore that related to platinum. CEO Ivan Glasenberg has made it clear in the past that the bulk commodities trader had no interest in platinum group metals. Glencore, which is a miner and trader of bulk commodities, said in July that it had agreed the sale of its 39% stake in Mototolo mine to the world's biggest platinum producer for an upfront payment of R800m and six monthly cash payments, giving the transaction a net present cost of R1.5bn. The commission recommended that the Competition Tribunal, the final arbiter of transactions, approve the deal, which includes the sale by Glencore of its stakes in the Mototolo...
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