Gallo Barrios Pickmann, Abogados acted as local advisor to Nyrstar in the share purchase agreement to sell its Contonga mine in Peru to subsidiaries of Glencore plc, the global commodities giant, for a total value of US$ 26 million. The total cash consideration consists of US$ 21 million for the Contonga mine and US$ 5 million for the mineral claims. The transaction is expected to close in the first quarter of 2017.
Julio Gallo, head of M&A and Fernando Pickmann, head of Mining and Natural Resources, let de operation.
This agreement is part of Nyrstar mining divestment process which began in January 2016 and includes the sales of El Toqui mince in Chile and El Mochito mine in Honduras.
The Cotonga mine is nearly 470km from Lima, the capital of Peru. It is authorized to process 1,200t of ore a day.