Glencore today announced that it has reached agreement with Santa Cruz Silver Mining for it to acquire the holding companies which own Glencore’s Bolivian zinc assets, comprising of Sinchi Wayra and Illapa. Glencore said it will receive an initial amount of USD20 million on the completion date and a further USD90 million to be paid within 4 years or less (depending on certain market standard mandatory and early prepayment provisions) from completion. At completion, Glencore will enter into a number of net smelter royalty agreements each at 1.5% in respect of the Bolivian mining business with Santa Cruz which provide ... (full story)