LONDON – Miner-trader Glencore (GLEN.L) has increased its control of core commodity zinc through a deal with Canada’s Trevali (TV.TO) in which it is selling shares in two mines and helping to create the first pure zinc company with wide geographical reach.
Glencore’s share price has risen around 13 percent this year, adding to gains of more than 200 percent in 2016 when it rebounded from a commodities price crash. Its CEO Ivan Glasenberg has said it is well-placed for deals, which analysts say are as likely to involve commodity offtake or tactical disposals as acquisitions.
Through a $400 million transaction, announced late on Monday, Glencore is selling 80 percent and 90 percent stakes respectively in a mine in Namibia and another in Burkina Faso to Trevali with which it has a long-standing relationship. Continue Reading →