Glencore Offers Copper Assets in Bid to Slash Debt
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 divest the Cobar mine in Australia’s New South Wales together with a metallurgical plant that produces about 50,000 metric tons of copper a year, Glencore said Monday in a statement. It’s also offering the Lomas Bayas open-pit operation in Chile’s Atacama desert, which produces about 75,000 tons of refined copper annually.
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