Glencore expands manganese ferroalloys operations
Glencore International, the Switzerland-based integrated producer and marketer of commodities, is to buy the European manganese ferroalloys operations of Brazilian metals and mining group Vale.
Glencore International, the Switzerland-based integrated producer and marketer of commodities, is to buy the European manganese ferroalloys operations of Brazilian metals and mining group Vale.
The assets will be purchased for a cash consideration of $160m and the completion of the transaction is subject to the fulfilment of certain conditions precedent.
The operations are located in Dunkirk, France, and Mo I Rana, Norway, and have the capacity to produce 150,000 tonnes and 110,000 tonnes of manganese ferroalloys per annum, respectively.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"This is the first time that Glencore has expanded into manganese production, strengthening our marketing offer as well as complementing the department's existing production of other ferroalloys," the company said on Wednesday.
It said that the operations are "strategically well-placed in the European ferroalloys market, providing Glencore with an even stronger platform to meet the needs of its customers on the continent, as well as in other countries."
BC
-
FTSE 100 hits record highs – why is it rising and will we see more gains?
Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
By Marc Shoffman Published
-
How to invest in copper
It may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
By Dominic Frisby Published