Glencore completes acquisition of Cerrejón

Baar, Switzerland
11 January 2022

Glencore refers to its announcement of 28 June 2021, 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.

For further information please contact:

Investors

Martin Fewings    
t: +41 41 709 28 80    
m: +41 79 737 56 42    
martin.fewings@glencore.com

Media

Charles Watenphul    
t: +41 41 709 24 62    
m: +41 79 904 33 20    
charles.watenphul@glencore.com

Glencore LEI: 2138002658CPO9NBH955

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.

Disclaimer
The companies in which Glencore plc directly and indirectly has an interest are separate and distinct legal entities. In this document, “Glencore”, “Glencore group” and “Group” are used for convenience only where references are made to Glencore plc and its subsidiaries in general. These collective expressions are used for ease of reference only and do not imply any other relationship between the companies.  Likewise, the words “we”, “us” and “our” are also used to refer collectively to members of the Group or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies.