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Glencore to invest in Brazilian copper producer Paranapanema-2018 China(Guangzhou)Int¡¯l Non-Ferrous Metal£¨Copper£©Exhibition
7/25/2017 Copper exhibition -non-ferrous metals expo |
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The Telegraph reported that Glencore has agreed to invest up to 66m reais (GBP
16.16 million) in Brazilian copper producer Paranapanema, taking a 5pc stake the
group, after earlier this year voicing expectations copper prices looked likely to
rise. The Switzerland-based mining group said the funds will support
Paranapanema''s capital and debt restructuring. The cash injection will also give
Glencore the right to appoint a board member.
Glencore said the deal looked set to close in the third quarter of 2017, adding that
the pair may also cooperate further together.
Glencore said this could include it offering commercial, technical and operational
expertise to Paranapanema.
In a security filing released on Friday, Paranapanema said the deal was subject to
it proceeding with restructuring plans, including refinancing its debt.
In its annual report in March, Glencore said the "wall of supply" for copper had
failed to emerge, pointing to a copper market which "sprang back into life in the closing months of 2016".
2018 China(Guangzhou)Int¡¯l Non-Ferrous Metal£¨Copper£©Exhibition
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