Hopefully this will allow our Poderosa legal case to be settled quicker, and with a more reasonable dollar settlement. I believe Votorantim if primarily focused on base metals. If they want to do anything with Atacocha's gold holding (Poderosa) then they will need to settle with Century in order to unfreeze the 50.1% Poderosa shares. We will see if Atacocha's new management takes a more fruitful approach for all parties involved. Here is the article:
Mining/Energy | 5 November, 2008 [ 09:36 ]
Brazil's Votorantim buys control of Peru's Atacocha zinc/lead miner
Brazilian metals manufacturer Votorantim Metais closed a deal with Peruvian zinc-lead miner Atacocha to acquire 68.1 percent of the latter's Class A shares for about US$117 million, the Peruvian miner announced.
Atacocha, one of Peru's leading zinc and lead miners, runs the Atacocha and Santa Bárbara mining units in Peru's central Pasco region.
In the first nine months of 2008 Atacocha sold 77,172t zinc, 12,155t lead and 3,688t copper for respective increases of 4%, 23% and 44% year-on-year. The company took a net loss of US$5.75mn in Q3 compared to a net profit of US$18.3mn in 3Q07.
In April, Votorantim, which is the world's third-largest zinc producer, tried, but failed to take control of Peruvian miner Milpo, in which it owns a minority stake.
Votorantim has steel, zinc and nickel operations in Brazil, in addition to a zinc refinery in Peru and a controlling stake in Colombian steelmaker Acerías Paz del Río.
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