15.6 C
Belgrade
Supported byspot_img
spot_img

Chinese miners eye Glencore’s Kazakh gold operation

Member of Europium Groupspot_img
Supported byspot_img

Vasilkovskoye’s gold output is pegged at roughly 350,000 ounces a year. A smaller gold mine Glencore used to own in Kazakhstan, Komarovskoye, was sold in April to Polymetal International for an initial $100 million.
Chinese firms Zhongjin Gold Corp., Shandong Gold Mining Co. and Zijin Mining Group Co. are said to be competing for Glencore’s gold mine in Kazakhstan, which the miner and commodities giant put up for sale earlier this year.

Glencore may be seeking about $2 billion for its Vasilkovskoye mine, people familiar with the matter told Bloomberg.
“The sale would bring Glencore closer to its target of cutting net debt to below $18 billion this year.”

The sale would bring the Swiss mining giant closer to its target of cutting net debt to below $18 billion this year and it would follow similar recent moves, such as its decision to sell an almost 10% stake in its agriculture unit to Canada’s British Columbia Investment Management Corp. for $624.9 million in cash on Wednesday.

Supported by

Gold is one of the best-performing commodities of 2016. The yellow metal has gained 18%, the best start to a year in in almost three decades. According to the World Gold Council, the rally has been almost entirely driven by investors in physical gold-backed exchange traded funds and large-scale futures speculators like hedge funds.

Vasilkovskoye’s gold output is pegged at roughly 350,000 ounces a year. A smaller gold mine Glencore used to own in Kazakhstan, Komarovskoye, was sold in April to Polymetal International for an initial $100 million.

Kazakhstan, the world’s largest landlocked country by land area, is known for its riches.

According to data provided by the Embassy of Kazakhstan to the Canada, the Asian country holds the second largest uranium, chromium, lead, and zinc reserves, as well as the third largest manganese deposits and the world’s No. 5 copper reserves.

The country is also said to rank in the top ten for iron, and gold, it’s a well-known diamonds exporter and holds the 11th largest proven reserves of both petroleum and natural gas.
source: mining.com

Supported byElevatePR Digital

Related News

EU-Canada alliance in Critical Raw Materials, innovation, and sustainability at PDAC 2024

The EU delegation will be led by the top EU official Mrs Kerstin Jorna, the European Commission's Director General for Internal Market, Industry, Entrepreneurship and...

Tara Resources disputes a governmental ruling in Montenegro, putting forth arguments supported by evidence

The arguments proposed by the working group for terminating the concession agreement that the state has with the company Brskovo Mine are factually inaccurate, do not...

Teako Minerals announces strategic pivot with Norway as key focus

TEAKO MINERALS CORP. (the "Company" or "Teako") announces that following a recent Norwegian parliament meeting and the various developments in mineral exploration in Fennoscandia...

Raiden Resources advances exploration projects in Pilbara, Australia, and Bulgaria

Raiden Resources Limited has made significant strides in its exploration projects, both in Pilbara, Australia, and Bulgaria, heralding a potentially fruitful future in mineral...
Supported by
Supported by
Supported by
error: Content is protected !!