Glencore buys out billionaire with mining deal
The US$960 million deal gives Glencore a 31 per cent stake in the world's biggest cobalt mine and a 10.3 per cent holding in a nearby copper and cobalt mine
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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.
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