Swiss company Glencore, one of the major global commodity suppliers, announced on Wednesday that it has completed the purchase of stakes in the Latin America's largest coal mine Cerrejon located in Colombia, making it the sole owner
MOSCOW (Pakistan Point News / Sputnik - 12th January, 2022) Swiss company Glencore, one of the major global commodity suppliers, announced on Wednesday that it has completed the purchase of stakes in the Latin America's largest coal mine Cerrejon located in Colombia, making it the sole owner.
"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 Cerrejon. Following receipt of the relevant regulatory approvals, the transaction has been completed," Glencore said in a press release.
The purchase value of the Cerrejon stakes is estimated at $588 million.
Glencore added that the acquisition of Cerrejon aligned with its strategy to address climate change, stressing that Colombian coal mine development was integrated into its emission reduction targets. Glencore affirmed its commitment to reduce total emissions by 15% by 2026 and by 50% by 2035, aiming to reach a net zero in 2050.
Cerrejon, an open-pit coal mine with the facilities located in northern Colombia in the department of La Guajira, includes an adjacent railroad and port. Cerrejon is the biggest open-cast mine in Latin America and one of the largest in the world.
Glencore is one of the world's leading commodity traders that produces, markets and supplies energy, metals, minerals and agricultural products worldwide. The company is headquartered in Baar, Switzerland. Its shares are traded on the London Stock Exchange.
