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Glencore mulls gold unit IPO
Tue, 07 Feb, 2012
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Glencore mulls gold unit IPO
Fri, 27 Aug 2010, 12:34:00
Swiss commodities trader<b> Glencore</b> unveiled plans on Thursday to spin off or list its Kazzinc unit's gold assets in 2011. The Telegraph reports that the assets could be worth as much as $5bn, based on listed gold group valuations. Kazzinc owns Kazakhstan's largest gold mine and production is expected to reach 700,000 to 800,000 ounces a year. There are also rumours that the Swiss firm will eventually become a public company itself after it issued a $2.2bn convertible bond last year. The news came as Glencore posted a 42% jump in first-half net profit to $1.56bn on rebounding metals demand and prices.
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