M&As this week: Glenmark, Gracepoint Mining Corp
Glenmark has signed a $922 deal with Fleurette Group to acquire the remaining 31% stake in Mutanda Mining Sarl, making it now a wholly owned subsidiary.
Glenmark has also purchased 10.25% interest in Katanga Mining from Fleurette Group for a consideration of $38m.
The loan amounting to $556m, plus interest, is due to the Glencore group from Fleurette and affiliates.
This loan will be off-set against the cash consideration payable for the transactions.
US-based Gracepoint Mining Corp has attained the full ownership of Mexico-based INVERSIONES DURANGO SAN LUIS SA CV through acquiring the remaining interest.
The target company operates an IDS Smelter project with a throughput capacity of 50tpd.