Glencore sold its zinc operations in Argentina to the local Ontegra Capital group

RIO DE JANEIRO, BRAZIL – Swiss-based multinational Glencore announced an agreement with the Argentinean group Integra Capital to buy its zinc operations in Argentina, comprising Compañía Minera Aguiar, AR Zinc and Glencore Servicios Mineros. No information on the amount of the transaction was disclosed.

As regards the conditions for the continuity of the operations, according to the press release, Integra will be the operator and responsible for them, will provide the information it considers regarding future plans.

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The text adds that Glencore will sign the “necessary” agreements to carry out the transfers “of the companies and their employees in an appropriate manner” and ensuring compliance with “all legal and contractual commitments” of the parties involved.

The communiqué states that this “closes a very important stage in the history” of Glencore in the community of Aguilar, in Jujuy.

Integra Capital is managed by José Luis Manzano. It has investments in a dozen countries and sectors such as mining, oil, energy, uranium, copper, and services such as Then the mining indy; it participates in uranium exploration in Chubut and in lithium in Jujuy and Catamarca.

In November last year, after 91 years of uninterrupted activity, Glencore announced the closure of its Compañía Minera Aguilar plant in Jujuy, as there was no extractable ore left, according to the company. The company stated that the mine “has inexorably reached the end of its productive stage”.

Although the mine was expected to continue operating for some more time, the pandemic brought forward the decision to close the mThe company explained that ine. Minera Aguilar is a zinc, lead and silver deposit that has reached the end of its productive stage due to the natural decline of its mineral.

The care and maintenance period was estimated at 12 months, which has already been completed. Minera Aguilar has a long history in mining in Argentina: when it stopped producing, it was the oldest in activity and the main metalliferous mineral producer, according to the company. Glencore, which operates the Bajo La Alumbrera gold mine in Catamarca, acquired it in 2005.

Two months ago the group announced that it signed an agreement with Canada’s Santa Cruz Silver Mining to sell its zinc business in Bolivia. The Swiss received US$20 million initially and a further US$90 million over four years.

Glencore’s Bolivian zinc assets included 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% interest in Sociedad Minera Illapa SA, controlled by state-owned Corporación Minera de Bolivia (55%).