Wednesday, October 20

Glencore announces $110 mln sale of Bolivian zinc assets


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LA PAZ — Global commodities giant Glencore Plc said on Tuesday that it had reached an agreement to sell its zinc business in Bolivia to Canada’s Santa Cruz Silver Mining for some $110 million.

In the deal, Glencore would initially receive $20 million, with a further $90 million to be paid within four years, the company said in a statement https://www.glencore.com/media-and-insights/news/proposed-sale -of-glencores-bolivian-zinc-assets.

Bolivia is a global top 10 producer of zinc, with output of 330,000 metric tons in 2020, according to the US Geological Survey https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-zinc.pdf, though that was down significantly from a year earlier.

Glencore’s Bolivian zinc assets include a 100% stake in Sinchi Wayra SA, which owns the Reserva, Tres Amigos and Colquechaquita mines, the Don Diego concentrator and power plants, the Sorocaya project and San Lucas.

It also has a 45% stake in Sociedad Minera Illapa SA, controlled by the state-owned Corporación Minera de Bolivia. (Reporting by Daniel Ramos; Editing by Adam Jourdan and Jonathan Oatis)



financialpost.com

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