Glencore sells its controlling stake in Volcan Compañia Minera
Glencore entered into a definitive agreement to sell its stake in Volcan Compañia Minera S.A.A. to Transition Metals AG, a subsidiary of Integra Capital. As part of the transaction, Transition Metals will pay Glencore USD 20 million and Glencore has agreed to provide a secured facility of up to USD 40 million to fund certain mandatory tender offer obligations of Transition Metals pursuant to applicable Peruvian laws and regulations.
The transaction is not subject to any regulatory approvals and is expected to close this week.
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