Glencore planning sales of 23% stake in Peru’s Volcan
Time:Tue, 21 Feb 2023 07:05:27 +0800
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Commodities trader and miner Glencore is planning to sell its 23% stake in Peru’s zinc and silver miner Volcan, saying that the move was part of its efforts to further simplify its business and continue to create value for investors.
The company announced last Wednesday that it would return more than US$7 billion in profits to shareholders through dividends and buybacks due to its record-high profit of US$34.1 billion.
Peru is the second-largest copper, silver, and zinc producer in the world. The rising political issue and violent demonstrations have threatened 30% of the copper output in Peru. A commodities analyst said that Peru’s metal shipments were expected to be impacted in the coming months as civil unrest intensifies.
