Glencore to Explore Sale of Kazakhstan Goldmine
03 Maio 2016 - 3:30PM
Dow Jones News
Commodities giant Glencore PLC is trying to sell its stake in a
gold mine in Kazakhstan, a deal that could raise as much as $2
billion, according to a person familiar with the company's
plan.
The sale of Glencore's 70% stake in the mine would help the
company pare down its near-$26 billion net debt load. Earlier this
year, Glencore agreed to $1.4 billion in so-called streaming deals
to deliver gold and silver from mines in Peru.
A sale of the Vasilkovskoye mine stake isn't guaranteed,
according to the person familiar with the plan. The potential sale
was first reported by the Financial Times.
In April, Glencore agreed to sell a 40% stake in its
agricultural business to Canada's largest pension fund for $2.5
billion in cash. The deals are in line with Glencore's aim to raise
money from asset sales to help reduce its debt after the company
stock price plunged last year amid a selloff in commodities.
Investors were concerned that if commodity prices kept falling,
Glencore would have trouble servicing its debt.
In response, Glencore in September slashed its dividend and
announced that it planned to cut its debt by more than $10
billion.
Write to Scott Patterson at scott.patterson@wsj.com
(END) Dow Jones Newswires
May 03, 2016 14:15 ET (18:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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