By Marcus Leach
On 18 July 2011, Glencore International AG, a wholly-owned subsidiary of Glencore International plc, announced that it had conditionally agreed to acquire from CST Mining Group Limited a 70% interest in Marcobre S.A.C., the sole owner of the Marcona Copper Property and the Mina Justa Project.
The transaction was subject to a number of conditions. Glencore further announced on 3 October 2011 CST Mining Group Limited and it had agreed to extend the period for achieving the full satisfaction of the conditions to 30 November 2011 (the “New Long Stop Date”).
As not all of the conditions were satisfied by the New Long Stop Date, Glencore terminated the agreement with CST Mining Group in accordance with its terms.
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