Glencore repurchases Colombian mines from Xstrata.

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1Glencore repurchases Colombian mines from Xstrata .
2Commodities firm Glencore has bought back its Colombian coal mines from Xstrata for at least 2.25 billion dollars -LRB- 1.65 billion euros -RRB- , Xstrata said on Friday .
3Glencore , a privately-held group headquartered in Baar , Switzerland , had sold the Prodeco mines to Xstrata last year .
4As both parties were unable to agree on a valuation of the mines , there was an option built into the agreement for Glencore to repurchase these mines within a year .
5Xstrata said it had received notification on Thursday that Glencore wanted to buy back the mines .
6Under the agreement , Glencore would pay 2.25 billion dollars in cash , the net balance of cash invested by Xstrata as well as profits made by the mines which had yet to be distributed to Xstrata .
7`` Glencore 's decision to exercise its option provides Xstrata 's shareholders with a robust cash return on the initial purchase price and provides additional financial flexibility , '' said Mick Davis , Xstrata chief executive .