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Glencore to invest $21 million in Brazil's copper producer Paranapanema
July 21, 2017 / 9:40 PM / 3 months ago

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

SAO PAULO (Reuters) - Glencore PlC (GLEN.L) 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.

FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company's headquarters in the Swiss town of Baar November 20, 2012. REUTERS/Arnd Wiegmann/File Photo

Paranapanema (PMAM3.SA) 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.

($1 = 3.1406 reais)

Reporting by Tatiana Bautzer; Editing by Jonathan Oatis

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