Glencore raised $10 billion last year, they are continuing to acquire and consolidate their interests in Kazakhstan, this time its Kazzinc.
11 October 2012
GLENCORE INTERNATIONAL PLC
CLOSING OF GLENCORE INTERNATIONAL PLC'S ACQUISITION OF AN 18.91 PER CENT INTEREST IN KAZZINC
Glencore International plc ("Glencore" or the "Company") announces the completion of the purchase of an 18.91 per cent. ownership interest in Kazzinc LLP ("Kazzinc") from Verny Investments in consideration for the issue of 176,742,520 new ordinary shares of the Company (the "Glencore Consideration Shares") and cash consideration of USD 400 million.
Admission of the Glencore Consideration Shares to listing on the Official List of the UK Listing Authority and to trading on the London Stock Exchange's main market for listed securities is expected to occur at 8.00 a.m. (UK time) on 11 October 2012. Listing of the Glencore Consideration Shares on the Main Board of the Hong Kong Stock Exchange is expected to occur at 9.00 a.m. (Hong Kong time) on 12 October 2012.
This transaction increases Glencore's ownership interest in Kazzinc to 69.61 per cent.
Kazzinc is a fully integrated zinc producer with significant copper, precious metals and lead resources in Kazakhstan. Kazzinc owns three major polymetallic facilities, Zyrianovsk, Ridder and Ust-Kamenogorsk, as well as a gold mining operation, Vasilkovskoye in Kokshetau, which is the largest gold mining and processing operation in Kazakhstan.