Glencore to seek partner to buy back coal mines
On Friday, it was reported that Glencore [GLEN.UL] plans to buy back the prized Prodeco coal operations in Colombia from mining group Xstrata (XTA.L), but may chose to bring in a partner to do so.
The press release is quoted as saying:
Swiss-based Glencore was forced to give up the Prodeco operations last year when it was short of cash, but it has an option to repurchase them which expires in coming weeks — an option which sources close to the situation say Glencore is keen to exercise.
Click here to access the entire press release
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Fri, Jan 29, 2010
Post by Mike Rodger, Coal Reporter