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Xstrata plc was an Anglo-Swiss multinational mining company headquartered in Zug, Switzerland and with its registered office in London, United Kingdom. [2] It was a major producer of coal (and the world's largest exporter of thermal coal), copper, nickel, primary vanadium and zinc and the world's largest producer of ferrochrome. [2]
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.
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 ]
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On 2 May 2013, Xstrata merged with Glencore to form Glencore Xstrata plc; [56] and on 20 May 2014, Glencore Xstrata changed its name to Glencore plc. [57] In October 2023, it was announced that all copper mining operations would cease by 2025. [58] The closure was attributed to low-quality ore and was expected to affect 1,200 employees. [58]
According to The Sunday Times, by 2006, Glencore controlled 40% of Xstrata stock and appointed Xstrata CEO, Mick Davis. [45] [47] In February 2012, Glencore International Plc, agreed to buy Xstrata Plc for £ 39.1 billion (US$62 billion) in shares. Glencore offered 2.8 new shares for each Xstrata share in agreed all-share "merger of equal".