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United Kingdom : Glencore takes control of Mutanda with US$480m deal
Publish Date : 23-May-2012
Commodities trader Glencore has taken majority control of its fast-growing Mutanda copper operation in Congo with deals worth US$480 million, marking the first step in a planned merger of the mine with its nearby Kansuki concession.
Mutanda, in central Africa\'s copper belt, is one of Glencore\'s main growth assets and a key operation in the Democratic Republic of Congo alongside its Katanga asset, largely thanks to its high ore grades and low expansion costs.
But Tuesday\'s deal, with two related, privately controlled groups - High Grade Minerals (HGM) and Groupe Bazano - whose ownership is not disclosed by Glencore, is also likely to revive debate over the opacity of deals in one of Africa\'s most promising but also most challenging mining destinations.
Glencore, a lightning rod for campaign groups since its listing last May, earlier this month faced calls for greater transparency around its deals in Congo.
