Glencore, led by Gary Nagle, gets $395 million Australian backing for copper smelter
Glencore secures $395 million Australian support to keep Mount Isa copper smelter operational and boost critical mineral supply.
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Glencore secures $395 million Australian support to keep Mount Isa copper smelter operational and boost critical mineral supply.
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The move comes as global copper smelting faces unprecedented pressure from record-low processing fees and overcapacity.
The transaction, finalized on Wednesday, netted Glencore a 16.4 percent stake in Bunge and approximately $900 million in cash.
Despite the disruption, many Glencore customers are still receiving deliveries under existing agreements.
The restructured entity now controls a portfolio worth over $65 billion, effectively doubling its asset base in Australia.
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Located in north-west Queensland, the mine has been a vital part of Australia’s mining landscape for over a century.
The funds will go toward installing new equipment at Astron Energy’s 100,000-barrel-per-day crude oil refinery near Cape Town.
Despite the topline growth, adjusted EBITDA dropped 16 percent to $14.4 billion, weighed down by lower energy coal prices.
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