Glencore closes $1bn sale of Australian mine

Glencore is set to receive A$1bn (£530m) over the next year after closing the sale of one of its Australian mines today.

The mining giant will first bag A$800m (£424m), and a further A$200m (£105m) in 12 months’ time, according to a regulatory filing.

The deal will see Evolution Mining take over Glencore’s 100 per cent interest in the Ernest Henry Mining company, which owns a copper-gold mine in Queensland under the same name.

Glencore assured investors that its presence in Australia will remain unchanged.

Despite the deal’s lofty price tag, Glencore’s shares slipped around one per cent to 388.8p per share by mid-afternoon.

The company followed a string of other miners that weighed on London markets earlier today.

Mining stocks dropped sharply during the first hour of trading in the City, with the likes of Fresnillo, Polymetal and Antofagasta all tumbling more than 2.10 per cent.

Miners worldwide have reaped the rewards of the commodity price surge in recent months – with Glencore’s own shareholders were eyeing a £2bn windfall in August.