Glencore enters agreement to acquire stake In Rosh Pinah Zinc

Glencore International plc today announced that a subsidiary has entered into an agreement with Exxaro Base Metals and Industrial Holdings (Proprietary) Limited to acquire Exxaro’s entire 50.04 per cent shareholding in Rosh Pinah Zinc Corporation (Proprietary) Limited, a zinc mining business in Namibia.

Rosh Pinah operates an underground zinc/lead mine in south-western Namibia, 800 kilometres south of Windhoek. The current economic life of mine is eight and a half years based on zinc concentrate production of 95,000 tonnes per annum. Intensive on-mine exploration is underway to add to the total mineral resource base of 8 million tonnes.

The agreement is subject to conditions precedent including obtaining required regulatory approvals.

A subsidiary of Glencore International plc has also concluded an agreement with certain other shareholders of Rosh Pinah, namely P E Minerals (Namibia) (Proprietary) Limited (PE Minerals) and Jaguar Investments Four (Proprietary) Limited (Jaguar) to acquire a further 30.04% shareholding in Rosh Pinah such that Glencore will hold an 80.08% shareholding in Rosh Pinah.PE Minerals, Jaguar and the Rosh Pinah Employee Empowerment Participation Scheme Trust will hold the remaining 19.92% shareholding. Daniel Maté, co-director of the Zinc/Copper/Lead department, said: “Rosh Pinah will add further value to Glencore as part of our geographically diverse zinc operations. We look forward to completing this acquisition in due course.”