Glencore finalises purchase of Namibian zinc miner

By Benjamin Chiou

Date: Monday 11 Jun 2012

Commodities producer and marketer Glencore has completed the purchase of a majority interest in Namibian zinc mining group Rosh Pinah Zinc Corporation.

Rosh Pinah operates an underground zinc/lead mine in south-western Namibia, 800km south of the capital Windhoek. In 2011, the mine produced 89,000 tonnes of zinc concentrate and 16,000 tons of lead concentrate in 2011.

Glencore, which now owns an 80.08% stake in the firm, said in a statement on Monday that an intensive on-mine exploration is ongoing to add to the total mineral resource base of eight million tonnes.

No financial information relating to the acquisition was disclosed.

"We are pleased to have completed this acquisition. Rosh Pinah will add further value to Glencore as part of our geographically diverse zinc operations. We see a lot of opportunity in Namibia and look forward to proceeding with the future development of Rosh Pinah," said Daniel Maté, the co-director of Glencore's Zinc/Copper/Lead division.

BC

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