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Glencore mulls US$2B sale for Vasilkovskoye gold project in Kazakhstan

Greenhouse gas and gold mines Nearly 1 ton of CO2 emitted per ounce of gold produced in 2019

Essential Metals & Mining Insights - September 2020

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Glencore mulls US$2B sale for Vasilkovskoye gold project in Kazakhstan

is considering options tosell its Vasilkovskoye gold project in Kazakhstan, possiblyfor a price of as high as US$2 billion, to cut debt, the Financial Times wrote May 3.

Chinese miners areexpected to lead the running to buy the company's biggest gold mine, the news organizationwrote, citing people familiar with the sale process.

The company decidedto consider a sale after being approached by several suitors. A successful disposalwould bring the company much closer to its target of bringing net debt below US$18billion this year and down to US$15 billion by the end of 2017.

Glencore has appointedBMO Capital Markets and Deutsche Bank to handle a possible deal.