Tags: GLENCORE | IPO | METALS | MINING | GOLD | COMMODITIES | XSTRATA

Glencore May Put Gold Assets on Market, Mulls IPO

Monday, 07 Jun 2010 11:13 AM

Commodities trader and miner Glencore is considering putting its gold assets on the market as gold prices remain robust while other metals prices tumble, a source close to the situation said on Monday.

One option was listing the assets, which mainly consist of the largest gold mine in Kazakhstan, Vasilkovskoe, said the source, who declined to be named.

The source declined to put a value on the assets, but they produce almost as much gold as recently-listed African Barrick Gold, which has a market value of $3.7 billion.

"Glencore is considering monetizing the gold assets in the group," the source said.

Swiss-based Glencore International said in March it planned about $1 billion in disposals in three to six months after it bought back the Prodeco coal operations in Colombia for around $2.5 billion from mining group Xstrata .

Privately-held Glencore, which has taken initial steps towards a public listing valuing it at more than $35 billion, made the promise of disposals in March after discussions with credit rating agencies about its liquidity.

Liquidity at Glencore — the world's biggest commodity trader — has improved to near record levels after it signed $10.2 billion in credit facilities in May and after working capital was released due to lower commodity prices, the source added.

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Commodities trader and miner Glencore is considering putting its gold assets on the market as gold prices remain robust while other metals prices tumble, a source close to the situation said on Monday. One option was listing the assets, which mainly consist of the largest...
GLENCORE,IPO,METALS,MINING,GOLD,COMMODITIES,XSTRATA
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2010-13-07
Monday, 07 Jun 2010 11:13 AM
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