Glencore May Sell $2 Billion Mine

CBJ — Mining company Glencore is considering selling its Vasilkovskoye gold mine in Kazakhstan, which has assets valued at more than $2 billion.

Reports indicate the assets are on offer that Glencore had appointed Deutsche Bank and BMO Capital Markets as advisers.

Glencore is looking to sell assets to reduce high levels of debt following a plunge in commodity prices and a fall in Chinese demand for raw materials. Other mining companies are looking to do much the same.

Glencore owns about 68% of the mine at Vasilkovskoye.

@CanBizJournal

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