Glencore Sells $2.4 Billion Xstrata Mine for Just $19 Million

Posted on June 19, 2015 by Nanthakumar Victor Emmanuel, P.Eng. COO, CVMR Corporation Leave a comment

(Bloomberg) — Glencore Plc extricated itself from one of the mining industry’s most value-destructive deals by offloading the Cosmos nickel mine for A$24.5 million ($19 million).

The Australian mine was bought in 2007 by Xstrata Plc, which paid A$3.1 billion for Jubilee Mines NL to gain control of the Perth-based company’s flagship operation. Glencore acquired the business when it took over Xstrata two years ago and put the mine up for sale in December along with two other nickel assets.