Glencore plc (''Glencore'') announces 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.
Source: Glencore International AG