Glencore sells off nickel and cobalt plants

Glencore, a major nickel mining company announced its plan to sell its nickel as well as cobalt, due to the declining prices of the commodities.

LONDON (Scrap Monster): The company’s declaration regarding the matter came after its recent announcement that it would focus on the cash returns  of its shareholders. The company plans to sell the Araguaiai and Silpilou nickel as well as cobalt projects which are based in Brazil, and also the Cosmos nickel mine, which is located in Australia. Cosmos were kept under the maintenance of Xstrata, even before it came under Glencore.

Peter Johnston, the head of global nickel assets of Glencore, confirmed to the investors of the company that, the company is continuing with its plan to divest its non core nickel assets. The nickel plans which would be divested will include the Stargateasset, which is located in the Philippines, the Agmant operations, which is located in the United States and also the Sinclair mine which is located in Western Australia.

 The company plans on to sell off the Cosmos to the buyer and to divest it, in the coming year. The nickel plant has produced nickel since the year 2000, and also produced about 2.9 million tonnes nickel ore until it was closed. 

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