Glencore Considers Selling Two Copper Mines
October 12 2015 - 4:00AM
Dow Jones News
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
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
October 12, 2015 03:45 ET (07:45 GMT)
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