Glencore sells its stake in Volcan mining company to Argentine financial company

The mining company Volcanobased in Peru, announced this Monday, May 6, through the Superintendence of the Securities Market (SMV) the total sale of the shareholding of Glencore to Transition Metals AG, a subsidiary of the Argentina Integra Capitalfor the sum of US$ 20 million.

According to information from the Swiss group, Glencore Until now, it had a 23% stake in the Andean metals company, reports DFSud.com.

According to the Fact of Importance of the mining company, as part of the agreement, Transition Metals AG will pay Glencore US$20 million and additionally Glencore will provide financing of up to US$ 40 million “for the purposes of covering certain public offering obligations applicable under Peruvian legislation.”

He added that the transaction “It is not subject to regulatory approvals and is expected to close this week.”

He explained that the Argentine Integra Capital is a company that invests in numerous commodity industries.

“In the polymetallic mining sector, Integra Capital owns the Aguilar Mine in Argentina, a zinc, silver and lead mine that has operated for more than 80 years. In addition to the Aguilar mine, Integra Capital owns PRC SAU, the largest potassium project in Argentina, as well as more than 400 thousand hectares of lithium concessions,” he noted.