Following Glencore plc’s disposal of its shares in Indophil Resources NL, a subsidiary of Glencore has executed a share sale agreement with an affiliate of Indophil for the sale of its entire remaining interest in the Tampakan Copper-Gold Project in Mindanao.
The agreement includes a number of conditions precedent that were required to be obtained prior to June 30, 2015, subject to mutual agreement to extend such date. Details of the sale will be made available following certain administrative steps after the completion date.
In January 2015, a subsidiary of Glencore disposed of its shares in Indophil Resources, which holds a 37.5% interest in the Class A shares of Sagittarius Mines and is the owner of Tampakan, to Alsons Prime Investments Corporation pursuant to a scheme of arrangement in Australia.
Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 90 commodities. The group’s operations comprise more than 150 mining and metallurgical sites, oil production assets and agricultural facilities.