The companies delayed the date for the merger to create a global mining and commodities leader to May 2nd from April 16th.
"Glencore believes that it has had constructive discussions with the Ministry of Commerce of the People's Republic of China and that these discussions are now in their final stages," the company said in a statement on Tuesday.
But Glencore said it does not expect to receive the final decision from Chinese regulators for the merger to be completed by April 16th, so the date was pushed back in agreement with Xstrata.
The delay in receiving approval from Chinese regulators had already caused the two companies to delay the merger date from March 5th.
If it obtains the final regulatory approval from the Chinese and completes the court process as set out in the merger agreement, Glencore-Xstrata would enter the stage among the world's top commodities companies, along with BHP Billiton, Vale and Rio Tinto.
GLENCORE
Xstrata and Glencore delay merger again
Swiss mining giant Xstrata and commodities trader Glencore are pushing back further the date to finalise their merger as they wait for approval from Chinese authorities.
GLENCORE
At least 19 illegal miners killed at subsidiary of Swiss-based Glencore
At least 19 illegal miners were killed on Thursday after part of a copper mine collapsed in southeastern DR Congo, Swiss-based mining giant Glencore said.
The incident happened when two galleries caved in at a mine in the Kolwezi area operated by Kamoto Copper Company (KCC), a subsidiary of Glencore.
“Tragically there were 19 fatalities today, with possible further unconfirmed fatalities,” Glencore said in a statement, which said there had been recurrent problems with illicit mining on its concessions.
Other reports suggest the death toll could be higher.
The Congolese site Actualite.CD reported at least 36 deaths.
“The illegal artisanal miners were working two galleries in benches overlooking the extraction area. Two of these galleries caved in,” the company said.
Glencore said KCC had observed a “growing presence” of illegal miners, with on average 2,000 people a day intruding on its operating sites.
“KCC urges all illegal miners to cease from putting their lives at risk by trespassing on a major industrial site,” Glencore said.
Illegal mining is common and frequently deadly in Democratic Republic of Congo, where safety is often poor and risk-taking high.
Figures indicating the scale of the problem are sketchy, given that many mines are illegal and remote.
Please whitelist us to continue reading.
Member comments