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Glencore agrees to acquire JV partners shares in the Cerrejón mine and strengthens climate commitments
Following notices from our joint venture partners, BHP and Anglo American, offering to sell their entire shares in the Cerrejón mine in Colombia, Glencore has reached agreement with each of them on substantially the same terms to acquire their respective 33.3% interests.
The transaction has an economic effective date of 31 December 2020, with an aggregate purchase consideration of c. US$588M then being subject to purchase price adjustments calculated at closing. Based on expected operating performance and current forward coal prices, assuming a closing during H1 2022, we anticipate the cash generated by the operation to reduce the effective aggregate cash consideration to approximately US$230M, making the estimated investment payback period less than 2 years from closing.