Glencore lifts stake in Congolese copper, cobalt mine
By Alex MacDonald
COMMODITIES titan Glencore International has struck a $480 million deal to boost its stake in a Congolese copper and cobalt mine called Mutanda, marking its first significant step in a plan to merge the asset with its adjacent Kansuki mine.
Mutanda is one of Glencore’s key growth assets and is located in Central Africa’s copper belt where Glencore already owns indirect interests in copper operations through its majority stake in Congolese mining company Katanga Mining. Mutanda has high ore grades and a low production cost profile.