Glencore ditches two-year-old plan to buy Kazzinc Under the terms of the new agreement, Glencore will pay $1.4bn to buy 18.9pc of Kazzinc from Verny Capital, raising its stake to just 69.61pc. The deal will be almost exclusively in stock. The arrangement will leave more cash on the commodity group's books as it hopes to secure support for Xstrata in a last-ditch effort this week. Verny will receive 176.7m Glencore stock and as much as $400m more in cash or further shares, "with the mix being in the sole discretion of Glencore." Ivan Glasenberg hinted last month that the deal, originally struck in April 2010, was being reworked. Moody's this year highlighted the large cash element as a concern. The deal is also thought to have encountered some local political difficulties. Glencore said: "This new agreement remains subject to a number of condition precedents, including approvals from the government of Kazakhstan." Separately, mining giant Rio Tinto is to cut jobs in Australia as it grapples with falling coal prices and a strong Australian dollar. A spokesman for the company said no decision had been taken on how many jobs would go as talks with employees were in progress. Rio's Coal & Allied operation employs 1,500 staff across its three operations in New South Wales.