Glencore Plans To Exit $5.9B Philippines Mining Venture

Law360, New York (January 30, 2014, 4:27 PM EST) -- Global mining company Glencore Xstrata PLC plans to divest its majority stake in the $5.9 billion Tampakan copper-gold project in the Philippines, Indophil Resources NL — Glencore's joint venture partner in the project — said in its December quarterly report published Thursday. 

In the report, Richard Laufmann, chief executive of Australian miner Indophil Resources, said that the partners have already begun informal discussions on Glencore's possible divestment from the oft-delayed project. Laufmann added that Glencore has been hinting at the possibility since as far back as...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.