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Glencore (OTCPK:GLCNF) (OTCPK:GLNCY) is scrapping plans to sell its stake in Kazakh mining company Kazzinc after bids from potential buyers failed to match its valuation, Bloomberg reported Wednesday.
Glencore (OTCPK:GLCNF) (OTCPK:GLNCY) had been considering exiting the business following interest from Chinese buyers, but it has now sent a termination letter to the bidders, according to the report.
The miner had hoped a sale of its nearly 70% holding could fetch several billion dollars. Kazzinc’s FY 2023 production totals included 27.5K tons of zinc, 35.6K tons of lead, 14.8K tons of copper, and 598K oz of gold.
Zinc prices have rallied this year amid supply constraints, but the long-term outlook is clouded by the metal’s heavy exposure to the struggling construction sector.