Glencore Increases Stake in Mutanda Mine

The Australian reported that Glencore (LSE:GLEN) has invested for an increased stake in the Mutanda copper-cobalt mine in the Congo.

As quoted in the market news:

The deal boosts Glencore’s indirect equity stake in Mutanda to 60 per cent from 40 per cent and provides the commodities producer and trader with an option to buy a further 25.51 per cent stake in Samref Overseas for $430 million in December through a put and call option agreement exercisable in December of next year.

Click here to read the full Glencore report.

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Formation Metals Inc. (TSX:FCO,OTCQX:FMETF) primary asset, located in the mining friendly state of Idaho, is the 100% owned, Idaho Cobalt Project. The ICP is a unique, high grade, primary cobalt deposit which is comprised of the mine and mill site and the proposed refining facility, the Cobalt Production Facility, a stand-alone hydrometallurgical facility that will process the ICP Mine concentrates into cobalt sulfate, copper sulfate, copper concentrate, magnesium sulfate and gold. Connect with Formation Metals to get their latest news instantly.

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