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Glencore plc ("Glencore") announces that it intends during the first half of 2015 to divest its non-core 23.9% stake in Lonmin Plc ("Lonmin"), which it inherited through the acquisition of Xstrata plc in May 2013.

 

It is currently proposed that the divestment in Lonmin will be implemented by way of a distribution in specie to Glencore shareholders. This distribution, currently representing c.$3 cents per Glencore share, will not impact Glencore's approach towards its annual cash distribution consideration.

 

Glencore believes that a straightforward market disposal of the Lonmin stake at this time would not be in the best interests of its shareholders. The distribution in specie will enable shareholders to manage the investment for their own account.

 

The distribution will require shareholder approval and the necessary resolution will be put to shareholders at Glencore's Annual General Meeting on 7 May 2015. Further information will be circulated to shareholders in early April 2015.

 

Glencore will maintain the constructive relationship it has developed with Lonmin until shareholder approval for the proposed distribution is obtained. It is Glencore's intention that, following the approval of the distribution by shareholders, Gary Nagle and Paul Smith, Glencore's two nominated representatives on the Lonmin board, will step down.

 

Glencore reserves the right not to proceed with the divestment in whole or in part and/or to effect the divestment by alternative means, depending on market conditions and other relevant factors, as may be the case.

 

Ivan Glasenberg, CEO of Glencore, commented:

 

 "Glencore's investment philosophy is to hold investments in production assets in the commodities in which we trade and so we have always regarded the stake in Lonmin as non-core. As we do not trade platinum and have no special insight into the market, we believe that it is better to leave to our shareholders the decision as to how to manage the Lonmin shares.    Our desire to distribute the Lonmin shares therefore reflects our philosophy not a view on Lonmin or platinum. We have developed a good relationship with Lonmin and its chairman Brian Beamish and CEO Ben Magara and recognise the determined efforts of the Lonmin management team to implement their strategy. Our senior management team do not currently plan to sell the Lonmin shares they would receive from the distribution in specie."