Glencore plc has entered into a final agreement to sell a controlling stake in the Peruvian subsidiary Volcan Compania Minera S.A.A. to Transition Metals AG, a subsidiary of the Argentine Integra Capital. This is reported in a Glencore press release.
As part of the deal, Transition Metals will pay Glencore $20 million. At the same time, Glencore will provide a guaranteed loan of $40 million to finance the obligations of Transition Metals as part of a mandatory tender offer in accordance with the legislation of Peru.
Glencore has been a Volcan shareholder since 2004 and holds a 55.03% stake. The transaction does not require regulatory approval and is expected to be completed in the near future.
At the beginning of 2024, Glencore and its partner Société Minière du Sud Pacifique (SMSP) transferred the company Koniambo Nucjek (KNS) in the north of New Caledonia is in maintenance mode.
Glencore is a Swiss trading, logistics and mining company and one of the world's largest suppliers of minerals, non-ferrous metals and energy carriers. The company manufactures and sells more than 60 types of goods and is represented in 35 countries. The headquarters is located in Baar (canton of Zug, Switzerland).
Volcan Compania Minera S.A.A. is a mining concession management company in Peru. Volcan is one of the largest producers of zinc, lead and silver in the world. The company operates 12 mines and eight factories in the central part of the Peruvian Andes and owns shares in the mines Yauli, Animon and Alpamarca in the Cerro de Pasco department. In addition, the company is engaged in power generation, real estate development, as well as port and logistics activities. The headquarters is located in Lima (Peru). The company is a subsidiary of Glencore AG.
Transition Metals Corp. – a mining exploration company in Canada and the USA. The company is engaged in the exploration of gold, silver, copper, nickel, platinum group metals and palladium and participates in various projects in Canada. The headquarters is located in Sudbury (Canada).
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