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Glencore plc is a Swiss multinational commodity trading and mining company with headquarters in Baar, Switzerland. Glencore's oil and gas head office is in London and its registered office is in Saint Helier, Jersey. By some estimates, it is the world's largest commodity trader, [4] and among the world's largest companies. [5] [6] [7]
The Xstrata name, which evokes the activities of mining and extraction, was created in 1999 by John Lloyd of the British corporate identity consultancy Lloyd Northover. Glencore has also announced that they will no longer use the 'Xstrata' brand and it will be phased out. Glencore Xstrata plc is now Glencore plc. [citation needed]
In 2012 mining giant Glencore bought the remaining 66% share in Xstrata, taking over the McArthur River Mine. [13] In 2013, the Northern Territory Government approved another $360 million expansion that would double its size and production, extending the life of the mine to 2038. [ 14 ]
The deadline for Xstrata's bid to be complete was 21 July 2006. Xstrata acquired and absorbed Falconbridge in late August 2006, leaving Inco open to bids by Phelps Dodge and the Brazilian company CVRD. [5] [6] Falconbridge became Xstrata Nickel, which continued to be based in Toronto. On 2 May 2013 Glencore completed the merger with Xstrata.
It is a joint venture between Xstrata Coal Queensland, Sumisho Coal Australia, Itochu Coal Resources Australia and ICRA OC. [4] Mining operations by open cut dragline began in the site in 1982. [4] Mining began at the first underground mine in 1989 with coal from a second mine being produced in February 1999.
Xstrata acquired the mine in 2003 when it took over MIM Holdings Limited. At the time there were known zinc reserves of 33 million tonnes. In 2010, the ore reserve estimate was 76 million tonnes. [5] In 2013, Glencore merged with Xstrata and the mine is now operated by Glencore. [6]
MIM Holdings was taken over by Xstrata for a total of US$2.96 billion (A$4.93 billion), including assumed debt, in 2003, [3] and delisted from the Australian Stock Exchange on 30 June 2003. [1] At that time, MIM Holdings was one of the world's biggest coal exporters. [4] On 2 May 2013, Xstrata merged with Glencore to form Glencore Xstrata plc. [5]
LONDON -- The attempt by Glencore (ISE: GLEN.L) to take over Xstrata (ISE: XTA.L) and create one of the world's largest mining and resources operations looked to be done and dusted. But the deal ...
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