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Glencore sells future output from Australian copper mines to reduce debt

 Last Update: 2022-12-03
 Source: Internet
 Author: User

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Glencore concludes US$670 million deal to sell future output
from Australian copper and gold mines.

According to Glencore's announcement on Wednesday, Evolution, Australia's second-largest gold producer, will receive all future gold output from Glencore's Ernest Henry mine in Queensland, as well as 30% of copper and silver production.
Evolution will also acquire a 30% interest
in the mine.

For mining companies such as Vale, such deals are becoming an increasingly attractive means
of debt relief.

Glencore, based in Bar, Switzerland, sold future output and disposed of assets in a bid to cut total debt by nearly half to as low as $17 billion
by the end of the year.

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