Glencore completes acquisition of Cerrejón
11 January 2022
Glencore refers to its , in which it announced its intention to acquire Anglo American’s and BHP’s respective 33.3% interests in Cerrejón. 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.
The transaction was authorised subject to certain conditions imposed by the Colombian Superintendence of Industry and Commerce –
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Notes for Editors
Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 60 responsibly-sourced commodities that advance everyday life. The Group's operations comprise around 150 mining and metallurgical sites and oil production assets.
With a strong footprint in over 35 countries in both established and emerging regions for natural resources, Glencore's industrial activities are supported by a global network of more than 30 marketing offices. Glencore's customers are industrial consumers, such as those in the automotive, steel, power generation, battery manufacturing and oil sectors. We also provide financing, logistics and other services to producers and consumers of commodities. Glencore's companies employ around 135,000 people, including contractors.
Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the International Council on Mining and Metals. We are an active participant in the Extractive Industries Transparency Initiative. Our ambition is to be a net zero total emissions company by 2050.