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Glencore moves to divest $5bn of gold assets

first_img Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof Glencore moves to divest $5bn of gold assets KCS-content Share whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableyAll Things Auto | Search AdsMost Affordable Camper VansAll Things Auto | Search AdsBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comForbes14 Richest Black Billionaires RankedForbesOpulent ExpressNewborn Quadruplets Left Doctors Staggered — They Are One In A MillionOpulent ExpressElite HeraldKate Middleton Dropped An Unexpected Baby BombshellElite HeraldMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan Times center_img THE WORLD’S biggest commodities trader Glencore unveiled plans yesterday to spin off or list its gold assets, worth up to $5bn (£3.22bn), as it reported a surge in first-half profits due to strong metals prices.Swiss-based Glencore has also dropped the idea of finding a partner for its Prodeco coal assets, a source close to the situation said.Privately-held Glencore, which is preparing to become a listed company after issuing a $2.2bn convertible bond last year, said the planned sale or flotation of its Kazzinc precious metals producer and other assets would help meet $1bn of planned disposals, of which $400m had already been agreed.The divestment news came as Glencore posted a 42 per cent jump in first-half net profit to $1.56bn. Revenues leapt more than half to $70bn thanks to a threefold increase in industrial activities, while trading revenues rose slightly.Net debt rose to $13.6bn from $10.2bn, while debt coverage ratios were largely unchanged due to increased earnings and operating cash flow, the company said. Show Comments ▼ whatsapp Thursday 26 August 2010 8:11 pm Tags: NULLlast_img read more