2023-07-12 22:44:48
The mining company Volcan convened this Wednesday a General Shareholders’ Meeting for Monday, July 17, in order to discuss and eventually approve the spin-off of its port assets, which are made up of 40% of the shares it owns in Cosco Shipping Ports. Chancay Peru. As is known, this company is in charge of the Chancay “megaport” project.
As reported by Gestión in April, Volcan revealed that it was studying separating its shares in said project to a new company.
In detail, Volcan informed the Superintendence of the Stock Market (SMV) that it is evaluating the economic, financial, commercial and legal aspects of the potential split of the port and logistics businesses of the Port of Chancay, in favor of a new company to be established by said company.
ALSO READ: Volcan’s Board of Directors approves financing of up to US$ 975 million for the port of Chancay
The Glencore Movements
The aforementioned operation might be nothing more than a corporate reorganization if Glencore had not announced in February its intention to leave the Peruvian mining company. In the “megaport” project, in charge of Cosco Shipping Ports Chancay Peru, the Peruvian mining company has 40% of the shares (the rest corresponds to Cosco Shipping Ports Ltd.), with which Glencore today also participates in the port initiative .
Although the mining multinational is exploring the disposal of 23.3% of its share capital in Volcan Compañía Minera from the end of 2022, it would not be unrelated to the analysis of the spin-off of the port business, since it still has control of the company.
Thus, the separation of the Chancay Multipurpose Port into another company would allow Glencore to sell its shares in Volcan and maintain its participation in the Chancay Multipurpose Port, which is emerging as the main logistics hub in South America.
ALSO READ: Volcan would take its shares in “megaport” to a new firm, sign of sale?
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