Xstrata is to consolidate its position as the world’s largest exporter of thermal coal by taking a 33 per cent stake in the Colombian Cerrejón mine at a cost of US$1.7 bn.
Xstrata will acquire the stake from its largest shareholder, Glencore, in its first financial transaction with this company since it acquired the Switzerlandbased commodity trader’s Australian and South African coal activities in 2002. This US$2.5 bn deal essentially formed the Xstrata group....
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