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.
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"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
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