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GLN - Prodeco to relinquish mining contracts
GLENCORE PLC
(Incorporated in Jersey under the Companies (Jersey) Law 1991)
(Registration number 107710)
JSE Share Code: GLN
LSE Share Code: GLEN
HKSE Share Code: 805HK
ISIN: JE00B4T3BW64
LEI: 2138002658CPO9NBH955
Baar, Switzerland
4 February 2021
Prodeco to relinquish mining contracts
Glencore can confirm that its Colombian subsidiary, Prodeco will commence the process of handing
its mining contracts back to the Republic of Colombia through the National Mining Agency (ANM). The
mines will remain on care and maintenance (C&M) until the formal process of relinquishing the
contracts is complete. The port will continue to operate in line with its obligations as a public service
port.
Last month the Colombian National Mining Agency (ANM) declined Prodeco’s request for the
Calenturitas and La Jagua mines to remain on C&M. Further to ANM’s decision to decline Prodeco’s
request, Prodeco conducted another operational review to identify further cost efficiencies, given that
the ANM expected prices to remain low in Prodeco’s target markets. The conclusion of the review was
no different to previous ones conducted by the business; it continues to remain uneconomic to re-
commence operations.
The decision to relinquish the mining contracts was not taken lightly and is a disappointing outcome.
Grupo Prodeco has over the last 30 years invested in excess of US$3bn and paid almost US$3bn in
royalties and taxes. We are proud that our investment in a multitude of social engagement projects
and initiatives, has delivered tangible improvements in the quality of life for the surrounding
communities, and supported the important Peace Process in Colombia.
Prodeco’s key priority is its workforce and local communities.
Prodeco will engage with its employees, contractors and host communities on the impact of
relinquishing the titles. Prodeco has re-commenced the voluntary redundancy programme which
significantly exceeds the statutory requirements under Colombian law.
This process will also be supported by a social transition programme for the workforce and the
communities surrounding Prodeco’s operations.
Further updates will be issued as appropriate.
For further information please contact:
Investors
Martin Fewings t: +41 41 709 2880 m: +41 79 737 5642 martin.fewings@glencore.com
Media
Charles Watenphul t: +41 41 709 24 62m: +41 79 904 33 20charles.watenphul@glencore.com
www.glencore.com
Notes for Editors
Glencore is one of the world’s largest global diversified natural resource companies and a major
producer and marketer of more than 60 responsibly-sourced commodities that advance everyday life.
The Group's operations comprise around 150 mining and metallurgical sites and oil production assets.
With a strong footprint in over 35 countries in both established and emerging regions for natural
resources, Glencore's industrial activities are supported by a global network of more than 30 marketing
offices. Glencore's customers are industrial consumers, such as those in the automotive, steel, power
generation, battery manufacturing and oil sectors. We also provide financing, logistics and other
services to producers and consumers of commodities. Glencore's companies employ around 145,000
people, including contractors.
Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the
International Council on Mining and Metals. We are an active participant in the Extractive Industries
Transparency Initiative. Our ambition is to be a net zero total emissions company by 2050.
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Disclaimer
The companies in which Glencore plc directly and indirectly has an interest are separate and distinct
legal entities. In this document, “Glencore”, “Glencore group” and “Group” are used for convenience
only where references are made to Glencore plc and its subsidiaries in general. These collective
expressions are used for ease of reference only and do not imply any other relationship between the
companies. Likewise, the words “we”, “us” and “our” are also used to refer collectively to members of
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SPONSOR
Absa Bank Limited (acting through its Corporate and Investment Banking Division)
Date: 04-02-2021 04:51:00
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