UPDATE 1-MRI Trading interested in bidding for Nyrstar's zinc deal

Tue Mar 5, 2013 10:54am EST
 
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* Trafigura, Louis Dreyfus are also interested

* The offtake includes 350,000 T a year of zinc

* Glencore is ending deal to proceed with Xstrata takeover

LONDON/NEW YORK, March 5 (Reuters) - Swiss-based commodity trading firm MRI said on Tuesday it is interested in bidding for an exclusive deal to buy zinc from world No. 1 producer Nyrstar that may be worth about $700 million a year.

"MRI Trading AG is indeed very interested in bidding," a spokeswoman for the company said.

MRI, majority-owned by Singaporean logistics company CWT Ltd , is not the only company to have expressed interest in the offtake for 350,000 tonnes a year of Nyrstar's European zinc.

Commodity traders Trafigura and Louis Dreyfus have also said they are interested.

Glencore International Plc, the current holder of the deal, has offered to end the agreement to get EU regulatory approval for its takeover of Xstrata.

"This is a rare opportunity," said Macquarie analyst Duncan Hobbs. "The plain fact of the matter is that it's not every day 350,000 tonnes of zinc come available for distribution."