CM – Glencore’s deal for a huge Colombian coal mine ends up costing a lot less

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Glencore Plc’s purchase of a huge Colombian coal mine cost the commodities trader and mining power plant much less than initially thought after fuel prices soared.

The company announced Tuesday that it had completed the acquisition of the Cerrejon mine after a deal was closed in June to take full control of the asset from partners BHP Group and Anglo American Plc. At the time, Glencore agreed to pay about $ 588 million while taking over cash flow for the year. The final cost is around $ 230 million.
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But after steam coal prices climbed to record highs over the period – supported by a global energy crisis – Glencore said the cash payment was only $ 101 million when the deal closed.

Anglo and BHP, both of which have agreed to sell their shares for $ 294 million each, are in the process of exiting fuel amid increasing pressure from shareholders to mine the world’s most polluting fossil fuel. While the deal marks the end of thermal coal mining for Anglo, BHP’s future is less certain as it contemplates continuing to own its last mines in Australia.

Reference prices for steam coal exported from Australia hit a record in October but fell after China took measures to alleviate a supply crisis that contributed to electricity constraints. Still, prices remain volatile amid concerns over exports from Indonesia.

The purchase of Cerrejon was former Chief Executive Officer Ivan Glasenberg’s last big deal before he left Glencore in late June and ended up at the helm of the world’s largest commodities trader for two decades.

© 2022 Bloomberg L.P.

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