Davis to Step Aside as Part of Glencore/Xstrata Deal

Mining Weekly reported that Xstrata CEO Mick Davis is stepping aside to fulfil one of the conditions required for the Glencore takeover, as laid out by the Chinese Ministry of Commerce (Mofcom).

As quoted in the market report:

Meanwhile, other conditions precedent set by Mofcom included that Glencore would have to sell all of its post-merger ownership interest in the Las Bambas copper project, in Peru –currently being developed by Xstrata – to a buyer approved by Mofcom. The transaction would have to occur before September 30, 2014, for not less than the predetermined price.

To view the whole Mining Weekly report, click here.