Waste-treatment plant in its sights

GLENCORE, the mining and trading firm run by billionaire Ivan Glasenberg, is considering bidding for Impala Platinum Holdings’ 65 percent stake in a chrome waste-retreatment operation in South Africa, two people familiar with the matter said. Glencore already has an agreement to buy metal from Chrome Traders Processing, the closely held company that owns 30 percent of the business controlled by Impala. Glencore, which has chrome assets nearby, is bullish on prices and keen to grow its presence in the industry that supplies stainless steel makers with the ingredient that prevents corrosion, said one of the people, who asked not to be identified because the information was private. The operation produces more than 200 000 tons of chrome concentrate a year from tailings, or waste material, from platinum mining near the town of Rustenburg. It made a profit of R67 million in the year to June 30. Impala sees the operation as a non-core asset and wants to focus on its platinum mines, the Johannesburg-based miner said last month. Platinum is found together with chrome in many of the ore bodies mined in South Africa. “It’s early in the process still and we entirely welcome all interested parties,” Impala spokesperson Johan Theron said, declining to comment on Glencore specifically. “We’re confident we can realise value for shareholders.” Standard Bank Group is running the sales process.