Views: 7 Author: Site Editor Publish Time: 2017-10-16 Origin: Site
Miner and commodity trader Glencore (LON: GLEN) is acquiring 26.73% of the voting shares of VolcanCompañíaMinera SAA, Peru's largest zinc producer, for approximately $ 531 million.
Swiss companies will pay $ 1.215 per Class A common stock, which will help raise the current stake in Wolcan with a stake of 7.66%, depending on the acceptance level, which may be as high as $ 956 million.
After the deal was completed, Glencore was already one of the world's top zinc producers and would occupy 18.98% to 28.07% of Volcan.
"Wal-Mart's business is located in Peru's richest polymetallic production area, producing some of the highest quality zinc concentrates," the statement said.
"The deal will increase and expand Glencore's zinc production and synergize with Glencore's existing Peruvian zinc business."
After the deal, Glencore (already one of the world's largest zinc producers) will hold 44.84% to 66.30% of Class A shares and will have an economic benefit of 18.48% to 28.07% for Volcan.
Since 2004, the company is a Volcan shareholder, said it is expected to offer no later than October 27, hoping to complete the transaction in November or December this year.
Glencore is one of the top mining companies that is picking up this year due to strong commodity prices, which will fund existing funds.
Used to prevent gold and other metals to prevent rusty zinc is one of the best performing goods last year, climbed up to 60%, such as Ireland's lychee and several top mines in Australia's century closed. At the same time, including Glencore and Nyrstar, including the top miners were suspended production.
In 2017, its gains have widened, with Tuesday's price reaching $ 3,292 a tonne, reaching a record high of $ 1092, due to China's ongoing anti-pollution strike and growing concerns about Chinese production.
Volcan was founded in 1943, mainly engaged in silver, zinc, copper, lead development, but also operating hydropower stations.