(Ecofin Agency) - Glencore has sold to Canada-based firm Trevali Mining, its stakes in the Rosh Pinah and Gergarub zinc mines in Namibia (80% and 39% respectively) as well as its 90% stake in the Perkoa mine in Burkina Faso, for $417.86 million. The anglo-swiss giant revealed this weekend that it has finalized the transaction which was announced in March, and also includes the Heath Steele project in Canada. 

According to the terms of the agreement signed by the two firms, Trevali will pay $245 million out of the amount in cash. The remaining part will be paid by offering Glencore 193 million of its shares at C$1.2 per share. The new shares will allow the mining giant to increase by 21.3% its interests in Trevali’s capital. Glencore will also get to appoint board members in the Canadian firm.

“We are very pleased to finalise our acquisition of the Rosh Pinah and Perkoa zinc mines, which marks a truly transformational event for Trevali shareholders by establishing the company as a multi-asset, top-ten global zinc producer,” said Trevali CEO, Mark Cruise.

Louis-Nino Kansoun