While Falco Resources fully owns the Quebec-based Horne project, Glencore has the right to buy back the 65% stake in the mine it inherited when it bought Xstrata.
Glencore Mining News
Up to 1 billion tonne annual supply gap in seaborne coal by 2030 if no new mines are built according to climate change report by Swiss mining, trading giant.
Zhongjin Gold Corp., Shandong Gold Mining Co. and Zijin Mining Group Co. said to be among potential bidders.
About 350 people will lose their jobs when the mine closes in early 2019.
Other firms interested in the mines include BHP Billion, South32 and X2, with varying reports as to which remain in contention.
Glencore's boss has consistently spanked his competitors for wasting and ultimately popping the now deflated long resources boom through a suicidal splurge on growth that took no account of demand and pricing.
It now owns 8.47% of Atlas Iron, which gives Glencore direct exposure to iron ore production.
The company could rise $2 billion for offloading Vasilkovskoye, its largest gold mine.
Tegeta Exploration & Resources Ltd., controlled by the Gupta family and South African President Jacob Zuma’s son, is the new owner of optimum coal.
Production at the Wonderfontein coal mine has been halted for three weeks after members of AMCU decided to down tools in March.
New report predicts mining's majors will increasingly move away from diversification strategies to concentrate on competitiveness in certain core sectors.
Bidders include former Barrick Gold CEO Aaron Regent's company, Magris Resources, and Chilean energy firm Copec.
The company had suspended operations last year, but work on maintenance and an $880 million modernization project to cut costs at the site was ongoing.
The casualties were carrying out maintenance at the bottom of the 250-metre pit.
Group of 42 Congolese non-governmental organizations (NGOs) say difficult market conditions do not justify further delays.
Causes of the wall collapse at the open pit KOV mine are still unclear.
The Switzerland-based mining and energy giant lost $5 billion in 2015.
The London Metal Exchange’s three-month copper contract fell as much as 1.4%, the most since Feb. 10, to $4,580 a metric ton.
Across the board gains on hopes of renewed Chinese metals demand.
Only a day after announcing the deal, Franco-Nevada increased the size of the financing by 45%, citing “strong demand.”
The biggest winner was Anglo American (LON:AAL), which briefly posted its biggest ever one-day percentage gain, closing later still 15% up compared to the previous session.
The country's biggest opposition party said the mines minister and state power utility made Glencore sell its Optimum coal operation.
Top miners BHP Billiton, Rio Tinto, Vale and Anglo American are among the firms at risk of rating downgrade.
Miners suffering fresh sell-off as oil price falls and the IMF lowers growth forecast for China, rattling investors.
Three of the world's top mining companies are now trading over 90% below their boom year highs as the 2016 commodity sell-off gathers pace.