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Johannesburg - Xstrata on Friday announced that Glencore, which has a stake in the company, is looking to issue bonds that may be exchangeable into Xstrata shares.
Xstrata is a London-listed mining group with interests in coal, copper, zinc and alloys. In South Africa, Xstrata has coal and alloy interests.
To allow Glencore to issue these bonds, Xstrata and other parties to a lock-up agreement have agreed to amend the terms of the agreement.
In April, the lock-up agreement was entered into between Xstrata, Glencore International AG, Deutsche Bank AG London, JP Morgan Securities and Xstrata Queensland (formerly known as MIM Holdings), by which Glencore agreed to a six-month lock-up that expires on December 2 in respect of its holding in Xstrata.
The agreement was previously amended on May 28.
