14th Aug 2015 06:24
LONDON (Alliance News) - Glencore PLC Friday said it has completed the sale of the Tampakan copper project and of its stake in the Falcondo nickel operation and Sipilou nickel project.
The assets were inherited when the FTSE 100-listed multi-commodity miner acquired Xstrata in May 2013, and Glencore generated a total of USD290 million in proceeds from the sales.
Back in June, Glencore struck a deal with an affiliate of Indophil Resources NL to sell its 62.5% stake in the Tampakan project in the Philippines. Indophil already held the remaining 37.5% stake in the project and now wholly owns it.
The Falcondo nickel mine is in the Dominican Republic, and the Sipilou project is in the Ivory Coast
By Joshua Warner; [email protected]; @JoshAlliance
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