Glencore has purchased the Fleurette group’s remaining 31% stake in Mutanda Mining Sarl for $922 million and a 10.25% stake in Katanga Mining Ltd. for $38 million. Fleurette and its affiliates owe outstanding loans to the Glencore group over the Mutanda shares, amounting to $556 million, of which $120 million comprises accrued interest. In addition, Glencore has acquired shareholder loans owed to the Fleurette group by Mutanda Mining Sarl of $130 million. Accordingly, the aggregate cash consideration payable by the Glencore group is $534 million.
In addition, Glencore has acquired a further 15.325 million shares in Katanga Mining Ltd., corresponding to an approximate 0.8% stake, which were held as the security for a loan provided to Ruwenzori Ltd., a member of the Fleurette group, in connection with Ruwenzori’s acquisition of 25 million shares in Nikanor PLC, which were issued as part of a private placement. Nikanor PLC subsequently merged with Katanga and the shares were exchanged for shares in Katanga.
Glencore now owns 100% of Mutanda and approximately 86.33% of Katanga.