Publiziert in: Marktpuls, Unternehmen
Frei

Glencore Xstrata: Sale of Frieda River Freitag, 01. November 2013 - 05:34

31 October 2013
 
Baar, Switzerland                       
Sale of Frieda River
A subsidiary of Glencore Xstrata plc ("Glencore") today executed a share sale agreement ("SSA") with PanAust Limited (“PanAust”) for the sale of its interest in the Frieda River Project in Papua New Guinea. The SSA includes a condition precedent that all relevant regulatory approvals be obtained prior to 30 September 2014 (subject to mutual agreement to extend such date). The consideration for the transaction is a cumulative USD125 million. This comprises USD75 million in two installments. The first installment will be USD25 million upon transaction close. The second installment of USD50 million1 will be made on 31 December 2015.  In addition, on successful completion of a development at Frieda River, Glencore will receive a 2% net smelter return royalty (on PanAust’s interest in the Project) to a total aggregate amount of USD50 million2. Glencore will provide a further update when the transaction outlined by the SSA is completed.
For further information:
Paul Smith (Investors)  Charles Watenphul (Media)
t: +41 (0)41 709 2487   t: +41 (0) 41 709 2462
m: +41 (0)79 947 1348   m: +41 (0) 79 904 3320
Martin Fewings (Investors)      Elisa Morniroli (Investors)             Finsbury (Media)
t: +41 (0) 41 709 2880  t: +41 (0) 41 709 2818          Guy Lamming
m: +41 (0) 79 737 5642  m: +41 (0) 79 833 0508          Dorothy Burwell
About Glencore
Glencore is one of the world's largest global diversified natural resource companies. As a leading integrated producer and marketer of commodities with a well-balanced portfolio of diverse industrial assets, we are strongly positioned to capture value at every stage of the supply chain, from sourcing materials deep underground to delivering products to an international customer base.
The Group's industrial and marketing activities are supported by a global network of more than 90 offices located in over 50 countries. Our diversified operations comprise over 150 mining and metallurgical sites, offshore oil production assets, farms and agricultural facilities. We employ approximately 190,000 people, including contractors.
1 subject to  consumer price index (“CPI”) escalation between the date of signing and on a quarterly basis each year prior to payment
2 subject to CPI escalation between the date of signing and on a quarterly basis each year prior to final payment