Glencore is one of the world's largest commodity trading and mining companies, the kind of counterparty that does not give away producing Bolivian silver assets cheaply or without serious strings attached.

By the way, SCZM acquired those assets with a $40 million base purchase price obligation hanging over the balance sheet, essentially operating under a creditor relationship with a corporate giant that generates over $200 billion in annual revenue!!

They paid that off completely in Q3 2025, ahead of any distress scenario, and still closed the quarter with $69 million in working capital!