Trafigura Group, a market leader in the global commodities industry, will move to take control of Nyrstar and all assets, including the struggling Port Pirie Smelter.
The State Government says the international company has committed $350 billion in funding to restructure Nyrstar.
Treasurer Rob Lucas says discussions are ongoing surrounding the outstanding debt to the State Government.
The restructuring will result in Trafigura becoming the majority owner of the operating business of Nyrstar.
CEO of Trafigura Jeremy Weir, says Nyrstar has been faced with substantial financial and operational difficulties over the last few years.
He says it also has very solid industrial and mining operations on which they can build a stable future.