Glencore has officially commenced with the process to sell its wholly-owned Cobar copper mine in Australia and Lomas Bayas copper mine in Chile.
The sale process is in response to Glencore receiving a number of unsolicited expressions of interest for these mines from various potential buyers as well as its attempt to compensate for weak commodity prices by reducing production.
The sale will allow potential buyers to bid to purchase either one or both of the mines and may or may not result in a sale. Glencore will issue an update only in the event a sale is agreed or disclosure is otherwise required.
Cobar is a high-grade underground copper mine and a concentrate plant in central western New South Wales, Australia. The plant throughput is approximately 1.1 Mt of ore per annum and it produces approximately 50 000 t of copper in concentrate per annum.
About Lomas Bayas
Lomas Bayas is a low-cost, open pit copper mine which is located in the Atacama desert, 120 km north-east of the port of Antofagasta, Chile. The low grade copper ore mined at this facility is processed by heap leaching and converted to copper cathode after processing through the SX-EW plant. The Lomas Bayas operation produces approximately 75 000 t of copper cathode per annum.