SYDNEY—Glencore PLC said it is considering selling two of its copper mines, as the commodities group races to shore up its balance sheet and restore investor confidence.

The Switzerland-based company in September said it intended to sell some assets to help raise cash as it pledged to cut net debt by a third, or roughly $10 billion, by the end of next year.

On Monday, Glencore said it is considering the sale of its Cobar underground mine in Australia's New South Wales state and its Lomas Bayas open-pit operation in northern Chile.

Glencore has appointed Bank of America Merrill Lynch and UBS Group AG to advise on the process.

The mining and trading giant has also been considering raising $2 billion from the sale of a stake in its agricultural business, a unit it expanded in recent years with the 2012 acquisition of Canada-based Viterra, as well as new streaming deals—a method of fundraising that tends to be a quicker way of raising cash than asset sales.

A person close to the company said it would only sell if the price is right and noted that they are "incremental" to the assets proposed for sale last month.

Scott Patterson and Alex MacDonald in London contributed to this article

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

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(END) Dow Jones Newswires

October 12, 2015 03:45 ET (07:45 GMT)

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