Glencore sells Frieda mines to PanAust as it continues to offload projects acquired in Xstrata takeover
Mining and commodities giant Glencore has completed the sale of its Frieda River copper, gold and silver mines agreed in October to Australian operator PanAust.
The Frieda River project in Papua New Guinea could produce 100,000 metric tons of copper and 160,000 ounces of gold a year, but needs development capital of up to $1.8billion (£1.09billion).
Glencore is selling off a number of projects it acquired in its takeover of mining group Xstrata.
Glencore is selling off a number of projects it acquired in its takeover of mining group Xstrata
The company reported a first half profit of $1.72billion (£1.04billion) and the return of $1billion (£600million) to shareholders through a buyback.
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