Glencore, the world’s largest diversified commodity trader, had announced in July it planned to buy a 70 per cent interest in Marcobre -- owner of Mina Justa and the Marcona copper property -- from CST Mining Group. It had extended an initial October deadline for the deal to 30 November .
“As not all of the conditions were satisfied Glencore terminated the agreement with CST Mining Group in accordance with its terms,” Glencore said. Glencore joined the stock market last May at a price of 530p. Its float made paper billionaires of senior executives including chief Ivan Glasenberg. He has around a 16 per cent stake in the company.
Analysts at Liberum said walking away from the deal suggested the firm is being prudent.