Mining giant Glencore will attempt to sell copper mines in Australia and Chile as it tries to tackle its massive debt.
The company on Monday, said it would try to sell its wholly-owned Cobar copper mine in western NSW and its Lomas Bayas copper mine in Chile.
The sale process was in response to Glencore receiving a number of unsolicited expressions for the mines from various potential buyers.
“This will allow potential buyers to bid to purchase either one or both of the mines and may or may not result in a sale,” the company said in a statement.
Cobar is a high-grade underground mine and concentrate plant that produces around 50,000 tonnes of copper each year.
Lomas Bayas is a low-cost open pit mine in Chile’s Atacama desert that produces around 75,000 tonnes of copper cathode a year.
Glencore last month said it would suspend dividends, sell new shares and lower copper production.
– APP
The company on Monday, said it would try to sell its wholly-owned Cobar copper mine in western NSW and its Lomas Bayas copper mine in Chile.
The sale process was in response to Glencore receiving a number of unsolicited expressions for the mines from various potential buyers.
“This will allow potential buyers to bid to purchase either one or both of the mines and may or may not result in a sale,” the company said in a statement.
Cobar is a high-grade underground mine and concentrate plant that produces around 50,000 tonnes of copper each year.
Lomas Bayas is a low-cost open pit mine in Chile’s Atacama desert that produces around 75,000 tonnes of copper cathode a year.
Glencore last month said it would suspend dividends, sell new shares and lower copper production.
– APP