[miningmx.com] – GLENCORE is to sell two copper mines producing 125,000 tonnes of copper concentrate and copper cathode “… in response to a number of unsolicited expressions from interest from various potential buyers,” it said.
The assets up for sale are the Cobar mine, an asset in Australia that produces 50,000 tonne/year copper concentrate, and the 75,000 tonne/year copper cathode producer Lomas Bayas mine which is situated in Chile.
Glencore has been under pressure from shareholders to reduce net debt on its balance sheet which stood at about $30bn at the half-year point of its financial year. The group has said it is targeting a $10bn reduction, partly through asset sales.
