Glencore PLC (LSE:GLEN) and Evolution Mining Ltd (ASX:EVN) today announced the closure of the sale and purchase of Glencore’s 100% interest in the Ernest Henry copper-gold mine in Queensland, Australia.
Glencore received A$800mln and is set to receive another A$200mln in a year.
Following Evolution’s acquisition of Ernest Henry, all agreements implementing the five-and-a-half year-long joint venture between the two companies has ended with immediate effect, Glencore said.
The FTSE 100-listed group will not deliver gold, copper concentrate, or other metals from 1 January, while it will offtake all the copper concentrate produced at EHM.