Glencore’s attempt to gain board representation at junior Ironbark Zinc has fallen through, with arbitration proceedings dismissing the major miner’s claim.
Following the resignation of director nominee, David Kelly, stepping down from his position on the board of Ironbark, Glencore had pursued a replacement.
The board of Ironbark has since pushed back against Glencore’s claims that it had a contractual right to appoint a nominee director to the Ironbark board, according to a statement.
Ironbark said that it disagreed that Glencore had a contractual right to an ongoing board position.
In response, Glencore referred the matter to arbitration, seeking a declaration that it was entitled to nominate a person as director which “Ironbark is then obliged to appoint to its board,” according to Ironbark’s statement.
The company went on to say that the arbitration tribunal has provided a decision to the parties with the conclusion that Glencore’s claim be dismissed.
Ironbark is a junior mining company that is currently fielding interest towards building a financing solution for the Citronen base metal project in Greenland.
The outcome of Glencore’s case comes as the company reported its half yearly earnings which saw positive results in terms of revenue growth.
It has, however, announced that it would close its Mutanda cobalt mine in the Democratic Republic of Congo due to a decline in battery metal prices and global uncertainty.