Glencore mulling bid for S.Africa's Optimum Coal: FT

26th August 2011, Comments 0 comments

Commodities giant Glencore is looking at making a bid for South African mining group Optimum Coal, the Financial Times reported Friday.

The company is "close to launching a bid for the Johannesburg-listed miner with the support of several South African partners," the newspaper said, citing Glencore executives.

The mining group posted Thursday a 57 percent jump in first half net profit to $2.45 billion (1.7 billion euros), boosted by strong commodities demand and prices.

It also hinted at potential acquisitions amid the debt crisis in the developed world, with the group's chief executive saying that Glencore was "remaining alert to the potential opportunities that such an environment uncovers in our end markets."

Earlier this week, the group announced a bid for Australian nickel miner Minara worth $1.07 billion.

© 2011 AFP

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