By Adriano Marchese

Glencore PLC said Thursday that it will relinquish mining contracts back to the government of Colombia following the rejection of proposals for mines to stay in maintenance mode.

The FTSE 100 Anglo-Swiss mining and oil company said that subsidiary Prodeco will begin the process of handing its mining contracts back to the state by way of the National Mining Agency.

The agency had previously declined Prodeco's request to keep the mines of Calenturitas and La Jagua in care and maintenance.

"The decision to relinquish the mining contracts was not taken lightly and is a disappointing outcome," the company said

Glencore said that Prodeco will engage with its employees, contractors and the host communities on the effects of relinquishing the titles.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

February 04, 2021 09:51 ET (14:51 GMT)

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