Glencore completes acquisition of Cerrejón

Photo: Tanenhaus

Glencore announces the acquisition of Anglo American’s and BHP’s respective 33.3% interests in Cerrejón mine in Colombia. Following receipt of the relevant regulatory approvals, the transaction has been completed.

 

The purchase price consideration of c.$588 million was based on an economic effective date of 31 December 2020. After taking into account the dividends generated by robust 2021 operating cashflows, together with certain other adjustments, the cash payment to be made by Glencore on completion is c.US$101 million.

 

« Glencore’s acquisition of Cerrejón is consistent with our climate change strategy and has been factored into our stated emission reduction targets. We are committed to reducing our total emissions footprint by 15% by 2026, 50% by 2035 and we have an ambition of being a net zero total emissions business by 2050 », Glencore says in a press release.