June 28, 2012

Glencore actualises acquisition of Rosh Pinah Zinc

Through a subsidiary, Glencore has completed its purchase of an 80.08% stake in Namibian zinc miner Rosh Pinah Zinc, the company said on Monday (June 11).

Glencore received approval to buy the stake in the 120,000-tpy capacity zinc and lead mine in April, on condition that the zinc mined is refined locally.

Namibia's Competition Commission has also said that the company must abide by an agreement with Vedanta's Skorpion Zinc operation to jointly develop the Gergarub zinc deposit.

Rosh Pinah operates an underground zinc-lead mine in the south-west of Namibia, about 800 kilometres south of Windhoek.

The mine produced 89,000 tonnes of zinc concentrate and 16,000 tonnes of lead concentrate in 2011, Glencore said.

"Intensive on-mine exploration is underway to add to the project's total mineral resource base of eight million tonnes," the company said.