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Glencore to invest $21 million in Brazil's copper producer Paranapanema

Published 21/07/2017, 22:40
© Reuters. FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar
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SAO PAULO (Reuters) - Glencore PlC (L:GLEN) has signed an agreement to invest up to 66 million reais (16.16 million pounds) into Brazilian copper producer Paranapanema SA, the Brazilian firm said in a securities filing.

Paranapanema (SA:PMAM3) said the cash injection will give Glencore the right to appoint one board member and that the agreement is conditioned on Paranapanema proceeding with a reorganization plan that will include refinancing its debt with creditors.

© Reuters. FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar

($1 = 3.1406 reais)

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