Glencore, the Swiss multinational with a 70% stake in Kazakhstan’s Kazzinc, is again exploring options to sell its assets in the country, according to Bizmedia.kz.
The Financial Times reported that Glencore has held informal talks with potential buyers in recent weeks regarding the future of its assets in Kazakhstan.
This news comes after a series of reports in June 2024 by Bloomberg that Glencore was planning to sell its stake in Kazzinc to Chinese investors, as well as considering the sale of the Vasilkovskoye gold mine, which is operated by Kazzinc. However, in July 2024, Bloomberg reported that the company had abandoned the deal.
It remains to be seen whether Glencore will be able to reach an agreement this time. The company has not commented publicly on the reports.
If Glencore does sell its assets in Kazakhstan, it would be a major shake-up for the country’s mining industry. Kazzinc is one of the largest zinc producers in the world, and the Vasilkovskoye gold mine is a significant gold producer. A sale of these assets would likely lead to significant changes in the ownership and operation of these mines.
Glencore has been under pressure from investors to streamline its operations and focus on its core business. The sale of its assets in Kazakhstan would be in line with this strategy.
