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On 6 January 2022, Glencore plc completed the sale of its 100% interest in Ernest Henry Mining Pty Ltd, owner of the Ernest Henry Mining (EHM) copper-gold mine, to Evolution Mining Limited for an initial A$800 million and a further A$200 million due in 12 months. Concurrently, all economic joint venture agreements between Glencore and Evolution, established on 23 August 2016, ended, with Glencore retaining 100% offtake rights for EHM copper concentrate and Evolution assuming all rehabilitation obligations and liabilities.
| Date | 6 Jan 2022 |
| Time | 07:00:04 |
| Category | Disposals |
| ID | 5554X |
Glencore plc
Baar, Switzerland / Sydney, Australia
6 January 2022
Glencore closes sale of Ernest Henry Mine
Glencore and Evolution Mining Limited (Evolution) have today closed the sale and purchase of Glencore's 100% interest in Ernest Henry Mining Pty Ltd, the owner of the Ernest Henry Mining (EHM) copper-gold mine in Queensland, Australia.
Glencore has received A$800 million and will receive a further A$200 million in 12 months time.
In addition, by reason of Evolution's acquisition of Ernest Henry, from today, all agreements implementing the economic joint ventures between Glencore and Evolution entered into on 23 August, 2016 have ended and Glencore has no further obligation to deliver any gold, copper concentrate or other metals under these agreements from 1 January 2022. Evolution also assumes all rehabilitation obligations and liabilities and will replace Glencore's rehabilitation bonds.
Glencore will offtake 100% of the copper concentrate produced at EHM.
Glencore will continue to be among Australia's leading producers and exporters of the green metals that underpin the global transition to a low-carbon future.
For further information please contact:
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Investors |
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Martin Fewings |
t: +41 41 709 28 80 |
m: +41 79 737 56 42 |
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Media |
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Charles Watenphul |
t: +41 41 709 24 62 |
m: +41 79 904 33 20 |
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Francis de Rosa |
t: +61 417 074 751 |
m: +61 417 074 751 |
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www.glencore.com
Glencore LEI: 2138002658CPO9NBH955
Notes for Editors
Glencore
Glencore is one of the world's largest global diversified natural resource companies and a major producer and marketer of more than 60 responsibly-sourced commodities that advance everyday life. The Group's operations comprise around 150 mining and metallurgical sites and oil production assets.
With a strong footprint in over 35 countries in both established and emerging regions for natural resources, Glencore's industrial activities are supported by a global network of more than 30 marketing offices. Glencore's customers are industrial consumers, such as those in the automotive, steel, power generation, battery manufacturing and oil sectors. We also provide financing, logistics and other services to producers and consumers of commodities. Glencore's companies employ around 135,000 people, including contractors.
Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the International Council on Mining and Metals. We are an active participant in the Extractive Industries Transparency Initiative. Our ambition is to be a net zero total emissions company by 2050.
Glencore Australia
In Australia, Glencore produces coal, copper, cobalt, nickel, zinc, lead, silver and gold from 25 mining operations. We also operate metals processing assets in Queensland, New South Wales, Western Australia and the Northern Territory, including metals smelters, concentrators and refineries.
We are among Australia's largest producers and marketers of natural resources, connecting Australian resources with industrial customers around the world. Through our diverse portfolio, we responsibly supply the resources that advance everyday life.
We employ approximately 17,000 people in Australia and in 2020 contributed over $13.8 billion to the regional, state and national economies. This included spend of $9.5 billion with 7,890 businesses across the country, as well as $2.1 billion in government tax and royalty payments.
We are committed to providing a safe, inclusive and respectful workplace for our people, to respecting the environment, to engaging openly and constructively with the Traditional Owners on whose lands we operate and to bringing value to local communities.
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Disclaimer
The companies in which Glencore plc directly and indirectly has an interest are separate and distinct legal entities. In this document, "Glencore", "Glencore group" and "Group" are used for convenience only where references are made to Glencore plc and its subsidiaries in general. These collective expressions are used for ease of reference only and do not imply any other relationship between the companies. Likewise, the words "we", "us" and "our" are also used to refer collectively to members of the Group or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies.