Swiss corporation Glencore has agreed to sell its zinc businesses in Bolivia to the Canadian company Santa Cruz Silver Mining, it was announced Tuesday.
The Swiss group reached an agreement to sell two mining companies in Bolivia for the US $ 110 million, according to a statement.
After a downpayment of US $ 20 million, the additional US $ 90 million are to be transferred for four years.
The sale, which is subject to regulatory approval in Canada, is due to be completed within the next three months.
Bolivia is a global top 10 producer of zinc, with an output of 330,000 metric tons in 2020, according to the U.S. Geological Survey.
Glencore’s Bolivian zinc assets include a 100% stake in Sinchi Wayra SA, which owns the Reserva, Tres Amigos and Colquechaquita mines, the Don Diego concentrator and power plants, the Sorocaya project and San Lucas.
It also has a 45% stake in Sociedad Minera Illapa SA, controlled by the state-owned Corporación Minera de Bolivia.
Glencore is a multinational commodity trading and mining company with headquarters in Baar, Switzerland, its oil and gas head office in London and its registered office in Saint Helier, Jersey. It was created in 2013 through a merger with Xstrata. It has long ranked among the Fortune Global 500 list of the world's largest companies.