Glencore buys out billionaire with mining deal

London

GLENCORE Plc agreed to a US$960 million deal that will boost ownership of two giant Congolese cobalt and copper mines, and sever its ties with controversial Israeli billionaire Dan Gertler.

The deal gives Glencore greater control of key assets at a time of booming copper and cobalt prices, and a split from Mr Gertler after his business in the Democratic Republic of Congo and relationship with President Joseph Kabila attracted scrutiny from the US Department of Justice.

Glencore will pay Fleurette Group, a company owned by Mr Gertler's family trust, US$534 million cash after all debts are paid, the company said in a statement on Monday.

The assets include a 31 per cent stake in Mutanda Mining, the world's biggest cobalt mine, and a 10.3 per cent holding in Katanga Mining…