Commodity trading and mining giant Glencore Plc is planning to sell a portfolio of royalties, including a royalty on the Antamina copper-zinc mine in Peru, Reuters yesterday reported, citing four people familiar with the process.
The Antamina copper-zinc mine royalty is the biggest in value among the other portfolio of royalties put up for sale and could fetch up to $250 million, the report said.
The portfolio also includes several much smaller royalties on other mines and exploration assets owned by Glencore around the world, the report added.
It is not clear whether Glencore will sell 100 per cent of the royalties, which would give the buyer the right to receive a percentage of production from a mining operation, or retain a stake in them.
The London-listed company has recently been selling several assets as part of its plan to sell up to $5 billion worth of assets in order to reduce debt.
Last month, it sold a 51-per cent stake in its oil products and logistics business last month to China's HNA Innovation Finance Group for $775 million and late last year, sold a 9.99-per cent stake in its agricultural business to British Columbia Investment Management Corp for $624.9 million.