21 July 2017
Glencore to support Paranapanema restructuring
Glencore plc (‘’Glencore’’) is pleased to announce that it has entered into an agreement with Paranapanema (‘’PMA’’) to support its capital and debt restructuring through an investment of R$66,000,000 (Brazilian Reais) or approximately USD$21,000,000 in PMA’s possible upcoming issuance of new shares (“the Transaction”).
PMA is Brazil’s sole and one of the world’s largest non-integrated producer of refined copper products with an installed capacity of 280 thousand metric tons of LME registered copper cathode per annum; supplying customers across South America and worldwide. Glencore and PMA may cooperate further, which could include access to Glencore’s commercial, technical and operational expertise as well as the leveraging of each party’s commercial network.
Following the completion of the Transaction, Glencore will have an approximate 5% stake in PMA and will have the right to appoint one director to the Board of PMA. The Transaction is subject to customary closing conditions and is expected to close in the third quarter of 2017.
For further information please contact:
t: +41 41 709 2880
m: +41 79 737 5642
t: +41 41 709 2462
m: +41 79 904 3320
Notes for Editors
Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 90 commodities. The Group's operations comprise around 150 mining and metallurgical sites, oil production assets and agricultural facilities.
With a strong footprint in both established and emerging regions for natural resources, Glencore's industrial and marketing activities are supported by a global network of more than 90 offices located in over 50 countries.
Glencore's customers are industrial consumers, such as those in the automotive, steel, power generation, oil and food processing sectors. We also provide financing, logistics and other services to producers and consumers of commodities. Glencore's companies employ around 155,000 people, including contractors.
Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the International Council on Mining and Metals. We are an active participant in the Extractive Industries Transparency Initiative.
The companies in which Glencore plc directly and indirectly has an interest are separate and distinct legal entities. In this document, “Glencore”, “Glencore group” and “Group” are used for convenience only where references are made to Glencore plc and its subsidiaries in general. These collective expressions are used for ease of reference only and do not imply any other relationship between the companies. Likewise, the words “we”, “us” and “our” are also used to refer collectively to members of the Group or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies.