Commodities giant Glencore PLC is trying to sell its stake in a gold mine in Kazakhstan, a deal that could raise as much as $2 billion, according to a person familiar with the company's plan.
The sale of Glencore's 70% stake in the mine would help the company pare down its near-$26 billion net debt load. Earlier this year, Glencore agreed to $1.4 billion in so-called streaming deals to deliver gold and silver from mines in Peru.
A sale of the Vasilkovskoye mine stake isn't guaranteed, according to the person familiar with the plan. The potential sale was first reported by the Financial Times.
In April, Glencore agreed to sell a 40% stake in its agricultural business to Canada's largest pension fund for $2.5 billion in cash. The deals are in line with Glencore's aim to raise money from asset sales to help reduce its debt after the company stock price plunged last year amid a selloff in commodities. Investors were concerned that if commodity prices kept falling, Glencore would have trouble servicing its debt.
In response, Glencore in September slashed its dividend and announced that it planned to cut its debt by more than $10 billion.
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