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Report: Shandong Gold emerges as top bidder for Glencore gold mine in Kazakhstan

Despite having denied interest in acquiring Glencore Plc's Vasilkovskoje gold mine in Kazakhstan in June, Shandong Gold Mining Co. Ltd. offered the highest bid for the property, Bloomberg News reported Sept. 27, citing unnamed sources familiar with the situation.

Glencore is seeking about US$2 billion for the mine.

Shandong Gold Mining reportedly outbid China's US$40 billion Silk Road Fund, which made a joint move with state-owned China National Gold Group Corp. for the mine.

However, Glencore is still considering all options on the table, including a streaming deal on future production from the project, and may also decide not to sell it.

The Swiss mining giant aims to cut its debt to US$16.5 billion by the end of 2016 and has been selling assets and cutting costs to help achieve its goal.

According to Bloomberg, mining acquisitions by Chinese companies have increased three times year over year in 2016, to US$27 billion.