Glencore could net $2bn from sale of Vasilkovskoye gold mine in Kazakhstan
Embattled mining and commodities firm Glencore was yesterday reported to be considering the sale of its Vasilkovskoye gold mine in Kazakhstan.
A source told Reuters that “a sale is one of the options,” confirming an earlier report in the Financial Times.
Two other sources, speaking on condition of anonymity, said $2bn (£1.45bn) worth of assets were on offer, and all three sources said 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 slowdown in Chinese demand for raw materials.
Hinting that potential buyers could be from China, a source said: “There’s a very small field of buyers. None of the Western groups will touch it because it’s in Kazakhstan.”