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 promises it 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. In Australia, Glencore produces coal, copper, cobalt, nickel, zinc, lead, silver and gold from 25 mining operations. it also operate metals processing assets in Queensland, New South Wales, Western Australia and the Northern Territory, including metals smelters, concentrators and refineries.