Switzerland-headquartered mining giant Glencore has agreed to acquire the insolvent German lead producer Weser-Metall through its new company named Nordenham Metall GmbH, according to media reports citing a joint statement by the company and the local authorities.
Weser-Metall is located in Nordenham and is said to be one of the main lead producers in Europe. It can produce around 105,000mt of lead per annum.
The lead producer had filed for insolvency in May 2020 amid low metal demand due to the COVID-19 outbreak. It was earlier a part of the French metals producer Recylex.
Glencore will invest $30mn to upgrade and modernize the plant’s commercial and environmental protection performance after the completion of the deal.
The company did not disclose the sum of the deal or any additional information.