Glencore in $960m deal with Fleurette for copper and cobalt in Democratic Republic of Congo
Commodities company Glencore has bought up the remaining stake in Fleurette's Mutanda mine in the Democratic Republic of Congo and has increased its stake in Katanga Mining Limited for a total $960m (£766m).
The assets are key sites for the production of copper and cobalt, two commodities which are performing particularly strongly due to the global demand for electricals.
Glencore now owns 100 per cent of the Mutanda mine and holds roughly 86 per cent of Katanga Mining Limited, Reuters has reported.
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Accounting for the loans Glencore has made to Fleurette, it is handing over $534m net cash for the two assets.
Dan Gertler, an Israeli billionaire and senior advisor to Fleurette, said the company was still committed to the mineral-rich Congo, but that the time was right to sell the two mines.
Gertler told Reuters: "With the mine now operating at full capacity, we feel now is the right time to exit our investment and to re-invest in further brown and greenfield opportunities."
In 2015, Katanga announced an 18-month suspension of operations when it was producing around 113,000 tonnes of copper per year. It has since been undergoing upgrades aimed at cutting costs.
Glencore said the mine complex had the potential to become Africa's largest copper producer and the world's largest cobalt producer.
Mutanda has been producing more than 200,000 tonnes of copper each year.