Glencore Pre Ipo Convertible

Glencore pre ipo convertible

TORONTO (miningweekly.com) – The biggest listed gold-miner in China, Zijin Mining Group, has agreed to buy $200-million of convertible bonds issued by Glencore International, the company said in a filing to the Hong Kong Stock Exchange on Thursday.

A day earlier, Glencore, the world's largest commodity trader, said it sold as much as $2,2-billion of the bonds to four investors – Zijin, US-based private equity group First Reserve, Singapore's sovereign wealth fund and BlackRock.

The move fueled speculation that the closely-held commodity trader is preparing for an initial public offering (IPO), especially as Glencore said the bonds would be convertible into shares “upon a qualifying IPO or upon other pre-determined qualifying event”.

Zijin said that the bond sale represented “an opportunity to make an overseas investment in mining assets through investment in Glencore Group.”

Earlier this month, Zijin agreed to pay A$545-million to buyAustralia-based Indophil Resources, which owns a stake in the large Tampakan copper/gold project, in the Philippines.

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Edited by: Liezel Hill

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