Glencore ‘leads bid’ for Exxaro’s Rosh Pinah

[] — GLENCORE International is emerging as the preferred bidder for the 50.04% stake in Namibia’s Rosh Pinah Zinc mine held by Exxaro Resources, Bloomberg reported on Friday.

Citing a person familiar with the negotiations, the news wire agency reported the bid from Glencore was favoured over one from Vedanta Resources.

Exxaro spokesperson Hilton Atkinson responded in an e-mail that the company “is in discussions with preferred bidders.’ Exxaro reported in July that Vedanta had held discussions about the mine.

Glencore CEO Officer Ivan Glasenberg said in August the commodities trader is “aggressively’ seeking mergers and acquisitions as market valuations slide.

Exxaro is aiming to sell the mine in southern Namibia as it exits the zinc industry to focus on its coal and mineral sands operations.