Glencore Xstrata Plans to Sell $5.9B Philippines Project Stake
Glencore Xstrata has declined to comment, but Indophil says the company “plans to sell its majority stake in the $5.9 billion Tampakan copper and gold project, its partner in the long-delayed Philippines joint venture said on Thursday.”
“Glencore, with a 62.5 percent stake in the project, has made clear it has little appetite for spending billions on building new mines, and previously flagged it was reviewing its Tampakan holding along with a range of other big-ticket projects.”
“‘Glencore Xstrata has advised Indophil of its preference to pursue divestment of its interest in Tampakan,’ Indophil Resources Chief Executive Richard Laufmann said in the group’s quarterly report.”
In metal price news for copper…
The price of US copper producer grade 110 saw the biggest decline of the day, dropping 0.5 percent to close on Thursday, January 30. The price of US copper producer grade 122 declined 0.5 percent. The price of US copper producer grade 102 saw a 0.5 percent decline. The cash price of primary Japanese copper gained 0.3 percent to finish.
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Chinese copper prices closed flat for the day. The price of Chinese copper bar held steady. The Chinese copper cash price held steady. The price of Chinese copper wire remained essentially flat . The price of Chinese bright copper scrap remained essentially flat.
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On the LME, the copper 3-month price fell 0.2 percent to $7,160 per metric ton. After a couple of days of decreasing prices on the LME, the primary copper cash price held steady at $7,209.