Switzerland will investigate precious metals price collusion and Horizonte Metals is the first buyer in Glencore‘s mining assets sell-off.
WEKO Wants Precious Probe
Switzerland’s WEKO, a government watchdog group, said on Monday it had opened an investigation into possible manipulation of the precious metals market by several major banks. Its investigation, the result of a preliminary probe, was looking at possible collusion of bid/ask spreads in precious metals markets by UBS, Julius Baer, Deutsche Bank, HSBC, Barclays, Morgan Stanley and Mitsui.
The move comes a month after press reports that the European Union’s competition regulator was investigating anti-competitive behavior in precious metals spot trading, and follows news of a US probe by the Department of Justice and the Commodity Futures Trading Commission earlier this year.
Horizonte Buys Glencore Nickel Mine
Horizonte Minerals said on Monday it has bought Glencore’s Araguaia nickel project in Brazil for $8 million.
“This is a game-changing transaction for Horizonte. We have been able to negotiate a unique transaction leveraging the current depressed commodity markets,” Horizonte CEO Jeremy Martin said in a statement.