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Paranapanema projects 320M reais CapEx for FY'18

Paranapanema SA said Feb. 7 that it projects its full-year 2018 CapEx at approximately 320 million Brazilian reais, to be used for investments in operations and production enhancement.

Investments in production enhancement for full-year 2018 is pegged at 45 million reais, followed by about 155 million reais in 2019 and 2020. This will allow the company to obtain a better mix of raw material for its smelters, leading to improved profitability.

In July 2017, Glencore Plc signed an agreement to invest up to 66 million reais into Paranapanema to support the latter's capital and debt restructuring, in exchange for an approximately 5% stake.

As of Feb. 7, US$1 was equivalent to 3.26 Brazilian reais.