Performance of miners of base metals and precious metals on August 17
On Wednesday, August 17, the stocks related to base metals weakened whereas precious metal–related stocks declined. At 3:45 PM EDT, the PowerShares DB Base Metals ETF (DBB) gained ~0.22% and the SPDR S&P Metals & Mining ETF (XME) fell by ~0.8%. The SPDR Gold Shares ETF (GLD) gained ~0.03%.
EMR Capital to buy Glencore’s copper mine
According to the latest reports, EMR Capital is in the last stage to buy Glencore’s (GLNCY) Cobar copper mine. EMR Capital, a natural resources private equity firm, is expected to pay ~$400 million for Glencore’s mine in Australia.
EMR Capital is under management by natural resource investment specialist Owen Hegarty, a former executive of Rio Tinto (RIO). The completion of this deal would accelerate the debt reduction program of Glencore, whose debt stood at $25.9 billion at the beginning of 2016.
Since the beginning of 2016, Glencore has gained close to ~90%. At 11:39 AM EDT on Wednesday, August 17, Glencore was trading at $4.98, a drop of ~2.3%.