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Swiss Glencore to sell USD650m worth of mines
(MENAFN) Glencore, the Anglo"Swiss multinational commodity trading and mining giant, is planning to sell its copper mines in Chile and Australia, according to the latest reports.
The move was driven by the overwhelming crash in commodity prices plus being pressured by debt, thus it chose those specific countries because of interest shown by various potential buyers.
The involved mines are the Cobar mine in southwestern Australia, which produces 50,000 tons of copper in concentrate annually, and the Lomas Bayas in Chile, which produces 75,000 each year.
According to the preliminary calculations from industry analysts, the Cobar mine could be worth up to USD150 million, whereas the Lomas Bayas mine could fetch up to USD500 million.
The move was driven by the overwhelming crash in commodity prices plus being pressured by debt, thus it chose those specific countries because of interest shown by various potential buyers.
The involved mines are the Cobar mine in southwestern Australia, which produces 50,000 tons of copper in concentrate annually, and the Lomas Bayas in Chile, which produces 75,000 each year.
According to the preliminary calculations from industry analysts, the Cobar mine could be worth up to USD150 million, whereas the Lomas Bayas mine could fetch up to USD500 million.
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