Deals
Glencore Expands Asset Sales to Copper in Battle to Cut Debt
- Swiss company offers Cobar and Lomas Bayas mines for disposal
- Divestments would add to $10 billion debt-reduction program
Glencore Offers Copper Assets in Bid to Slash Debt
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Glencore Plc, the commodity trader and miner seeking to cut its $30 billion debt load by a third amid a rout in prices, is in talks to sell two copper mines in Australia and Chile after approaches from buyers.
The Swiss firm may offload the Cobar mine in Australia’s New South Wales and the Lomas Bayas open-pit operation in Chile’s Atacama desert, Glencore said Monday in a statement. Combined, the operations produce about 125,000 metric tons of copper a year, and Citigroup Inc. and UBS Group AG said they may fetch as much as $1 billion.