Glencore to be sole distribution agent for Xstrata Nickel

Swiss commodities trading group Glencore is to become the sole distribution agent for Xstrata Nickel from the beginning of April, Xstrata Nickel said Wednesday.

Ian Hamilton, spokesman for Xstrata Nickel, told Platts that the agreement had been struck Tuesday evening and that notices were being sent to customers to tell them of the new arrangements. The agreement covers Xstrata Nickel's nickel, ferronickel and cobalt production. While the agreement comes into effect at the beginning of April, Hamilton said there would be a transition phase.
"The reason for it is that it allows us to leverage their [Glencore] marketing operations. They have sales operations in 50 locations globally, as opposed to our three," Hamilton said.

The confirmation of the agreement ends months of speculation in the market that a deal between Xstrata Nickel and Glencore was likely, following Xstrata's acquisition of Canadian nickel producer Falconbridge last year. Several traders said during February and March that they believed a deal between the two was imminent.

Glencore is a major shareholder in Xstrata.





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