Glencore drops plans to sell Kazzinc stake

Glencore has abandoned plans to sell its 70% interest in Kazakhstan-based miner Kazzinc after potential buyers failed to match its valuation, reported Bloomberg.

Sources familiar with the situation told the media outlet that Glencore has sent a termination letter to the unnamed bidders.

Headquartered in Oskemen, Kazzinc is Kazakhstan’s largest producer of zinc, lead and precious metals. The company has a sprawling network of mines, concentrators and metal finishing plants across the country.

Source: Bloomberg

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