One of the world’s largest global diversified natural resource companies Glencore announced on Friday that it has completed the sale of the Tampakan copper project and that it has sold its stakes in the Falcondo nickel operation and the Sipilou nickel project.
Image credit: Glencore website
Tampakan is a copper project in the Philippines; Falcondo is a nickel producer in the Dominican Republic, while Sipilou is a nickel project in Ivory Coast.
According to the company’s announcement, the mining assets were sold for a total of $290 million.
With the sale, the global miner is retreating from unwanted projects and streamlining its portfolio.
Last June, Glencore also sold Cosmos, a nickel mine in Australia, to Australian miner Western Areas. Xstrata suspended operations at Cosmos at the end of 2012 due to prolonged weak nickel prices.
All of these assets were inherited from Xtrata following the completion of the takeover in May 2013.
The Swiss-based coal miner’s operations comprise of over 150 mining and metallurgical sites, oil production assets and agricultural facilities.
