Ivanhoe’s Kipushi zinc mine in DRC officially reopens
The restart marked exactly a century since the mine first went into production.
The Falcondo mine, in the Dominican Republic, one of the assets unloaded today. (Image from archives)
Swiss commodities trader and miner Glencore (LON:GLEN) confirmed Friday it has sold its stakes in three assets it got after acquiring Xstrata in 2013, raising about $290 million.
In a brief statement, the company said it has completed the sale of its 62.5% interest in the Tampakan copper-gold project, in the Philippines, as well as its 85% stake in the Falcondo nickel operation, in the Dominican Republic, and its 94% stake in the Sipilou nickel project, in Côte d’Ivoire.
Like most of its peers, Glencore — which is due to report half-year results next week —has been battling against a sharp slide in commodity prices, which has forced the company to revise down its spending plans for 2015 and book a sizeable writedown on a recent oil African acquisition.
The company’s stock has dropped to record lows this week, becoming the top loser on FTSE 350 mining index on Friday morning, trading at 175.65p at 3:38pmGMT. This means Glencore shares are now down over 50% since the beginning of the year, under pressure from the rout in the commodity prices.
