Volcan Stock, Bonds Sink as Glencore Sells Control of Miner
- Peru miner has been in talks with creditors to refinance debt
- Risk for bonds is to the downside with new holders: BancTrust
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Bonds and shares in Volcan Cia Minera SAA fell after Swiss commodities giant Glencore Plc announced it sold a controlling stake in the Peru zinc miner.
Dollar bonds of Volcan fell as much as 5.8 cents on the dollar to 62.7 cents on Tuesday, according to Trace data. The company’s class B shares sank 31% to 0.2 Peruvian sol as of 12:16 p.m. in New York, the biggest drop since 1998.