Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Global commodities trader Glencore (LON:GLEN) is making inroads into South African coal.
Reuters reports that Glencore has signed a deal to buy energy trader Mercuria’s 15 percent stake in South Africa’s Optimum Coal Holdings (OCH) in its drive to acquire the whole company worth around $1 billion, sources close to the agreement said.
Completing the Optimum acquisition would make Glencore South Africa’s fourth-largest coal exporter, without including Xstrata’s tonnage, for which it provides advisory services.
MINING.com reported last month that Glencore will help Ironback Zinc (ASX:IBG) with a US$50 million funding facility to advance Ironback’s Citronen base metals project in Greenland.
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