4th Nov 2015 06:43
LONDON (Alliance News) - Multi-commodities miner and trading house Glencore PLC late Tuesday said its Anani Investments Ltd unit has signed a long-term streaming agreement with a division of Canadian silver miner Silver Wheaton Corp.
The new agreement will see Silver Wheaton make a USD900.0 million advance payment to Glencore and will cover the delivery of silver produced at the Antamina mine in Peru. A streaming agreement is a contract to buy metals at a fixed price.
Glencore said the deal is part of the debt reduction plans it announced in September designed to improve its financial position within the tough commodities market environment.
By Sam Unsted; [email protected]; @SamUAtAlliance
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