Latin America: IFM and Trafigura invest in Impala’s LatAm assets

08 October 2018 - 12:00 am UTC

IFM Global Infrastructure Fund and commodity trader Trafigura agreed to invest in certain assets owned by Trafigura’s Impala Terminals unit, according to an 8 October press release.

Trafigura enaged Citi earlier this summer to sell a 50% stake in Impala’s Latin American operations.

Not all of the assets are included in this current announcement. It was not disclosed how much IFM paid for its stake in the 50:50 joint venture.

The JV will own and operate a network of “concentrates terminal infrastructure” in Mexico, Spain and Peru, which play a key role in the movement of movement of copper, lead and zinc in the global market. The JV will also include fluvial operations in Paraguay and a Swiss-based operation which provides global freight forwarding and multimodeal transportation services in the African copperbelt for Trafigura and third party clients.

The JV will also explore growing the platform over time.

Not included in this current JV is its port assets in Brazil and Colombia, including the USD 1bn Barrancabermeja Port.

Advising Trafigura on the investment was Citigroup (financial).

IFM’s only other port asset is a 40% stake in the Mersin International Port in Turkey. IFM paid USD 869m to acquire its equity stake from Akfen. The port has fallen on hard times as of late as its credit rating was downgraded to junk bond status earlier this year.

IFM did not immediately return calls seeking comment.

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