Deals
Shandong Gold Said to Be Top Bidder for $2 Billion Glencore Mine
- Chinese gold producer said to outbid others for Kazakh mine
- Glencore is still weighing all options for the gold mine
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China’s Shandong Gold Mining Co. has emerged as the lead bidder for Glencore Plc’s gold mine in Kazakhstan, which may fetch about $2 billion in a sale, according to people familiar with the matter.
Shandong Gold, one of China’s largest gold producers, outbid other parties including Silk Road Fund, which had teamed up with state-owned China National Gold Group Corp., the people said, asking not to be identified as the information is private. Glencore is still weighing all options for the asset, including selling future production from the mine for a fixed amount, and may decide to retain it, the people said.