Glencore Takes $480M Majority Stake In Congo Mine

Law360, New York (May 22, 2012, 3:20 PM EDT) -- Swiss commodities trader Glencore International PLC has taken over majority control of a Congo copper mining development by acquiring an additional equity interest in the project from two co-developers for $480 million, Glencore said Tuesday.

The commodities trader said it had acquired 24.5 percent of Samref Overseas SA and 1 percent of Samref Congo SPRL, two privately owned companies with interests in the mining project, from High Grade Minerals SA and Groupe Bazano SPRL for a combined $340 million. In tandem with that deal, Glencore acquired...
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