The mining and commodity trading giants Glencore and Xstrata have just one regulatory hurdle left before they consummate their £56 billion mega-merger, after South Africa’s competition authorities gave the green light.
The transaction, which has also received backing from its investors, now only needs clearance from China, which the companies expect to secure in the coming months.
Elsewhere in South Africa, tensions in the mining industry continued to mount as Gwede Mantashe, secretary general of the ruling African National Congress, accused the FTSE 100 giant Anglo American of “stealing our money”. It owns 80 per cent of Amplats, the platinum miner which is cutting 14,000 South African jobs as it seeks to slash costs.
Mantashe said South Africa needs to take “a bigger interest and control” of mines. Last year South African mineworkers staged a series of wildcat strikes that led to more than 40 deaths.
