Global energy and commodities trader, Trafigura Group Pte Ltd. said it become the majority owner of the operating business of Nyrstar.
Nyrstar is a global multi-metals business.
The acquisition is as a result of an implementation of the scheme of arrangement: reinstatement of financing facilities with Nyrstar’s financial creditors; completion of a new money facility; issuance of the bond instruments detailed below; and agreement being reached with the State of South Australia on the key terms of the restructure of the Port Pirie perpetual securities.
“The closure of this capital restructuring is excellent news for both Trafigura and Nyrstar,” said Jeremy Weir, Executive Chairman and Chief Executive Officer of Trafigura.
“Nyrstar is a significant global business that has been built on strong foundations. The macro economic environment is positive for zinc concentrate and refined zinc metal markets on a forward-looking basis, and Nyrstar will be very complementary to our existing trading activities. As an independently operated company within the Group and with its restructured and strengthened balance sheet, there is now the opportunity for Nyrstar to realise its full potential,” concluded Jeremy.
Daniel Vanin has been appointed Chief Executive Officer of the operating business of Nyrstar with immediate effect. With 40 years in the industry, he brings extensive international mine and smelting development experience, alongside strong management skills to the role.
“Nyrstar begins a new chapter today,” said Daniel Vanin. “I’ve already visited almost every Nyrstar operation around the world. I’ve been impressed by the fundamental strength of the assets, by the depth of technical knowledge of the teams and by their passion for the work that they do. I’ve seen many opportunities and solutions that could be implemented quickly. We will also be able to draw on Trafigura’s technical, economic and other commercial expertise,” concluded Daniel.