Glencore closes sale of Ernest Henry Mining

Mining giant Glencore said on Thursday that it has closed the sale and purchase of its 100% interest in Ernest Henry Mining to Evolution Mining.

Glencore has received AUD $800.0m (£424.0m) for the sale of Ernest Henry, the owner of the Ernest Henry Mining copper-gold mine in Queensland, Australia, and will receive a further AUD $200.0m (£106.0m) in 12 months time.

The FTSE 100-listed firm added that by way of Evolution's acquisition of Ernest Henry, all agreements implementing economic joint ventures between Glencore and Evolution made in August 2016 have now ended, with Glencore having no further obligation to deliver any gold, copper concentrate or other metals from 1 January 2022.

Glencore also noted it will offtake 100% of the copper concentrate produced at the Ernest Henry Mining mine.