Glencore has announced the commencement of a process to sell its wholly-owned Cobar copper mine in central western New South Wales.
A statement from the company said the sale is in response to Glencore receiving a number of unsolicited expressions of interest for these mines from various potential buyers.
“This 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,” the statement said.
The underground copper mine operation employs more than 300 people, and produces approximately 50,000 tonnes of copper in concentrate per annum.
The news comes just days after Glencore announced they would be reducing productivity, resulting in more than 500 jobs slashed.
Add Comment