Glencore completes acquisition of Cerrejón

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Following receipt of the relevant regulatory approvals, Glencore has completed the acquisition of Cerrejón.

With BHP completing the sale of its 33.3% stake and Anglo American completing the sale of its 33.3% interest in Cerrejón to Glencore, Glencore now has full ownership and operational control of the Colombian non-operated energy coal joint venture.

Cerrejón owns, operates, and markets one of the world’s largest open-cut energy coal mines in Colombia.

“Selling BHP’s financial interest to a current Cerrejón shareholder who understands the operation represents a strong outcome for Cerrejón and the stakeholders it supports,” BHP said in the official announcement.

The deal was first announced on June 28, 2021, for a total cash consideration of about US$294 million, based on a 31 December 2020 effective economic date.

“Glencore’s acquisition of Cerrejón is consistent with our climate change strategy and has been factored into our stated emission reduction targets. We are committed to reducing our total emissions footprint by 15% by 2026, 50% by 2035 and we have an ambition of being a net zero total emissions business by 2050,” it says in Glencore’s announcement.

Image credit: https://www.cerrejon.com/en/media/photos/operation