Glencore Plc has agreed to sell its struggling copper refinery in the Philippines to the family of the country’s richest man ...

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Glencore is a Swiss-based producer and marketer of commodities such as copper, cobalt, zinc, nickel and ferroalloys. It markets aluminium and alumina and iron ore, and trades oil and fuel products.

The Swiss mining giant warned its Mt Isa copper smelter and Townsville copper refinery in Queensland were struggling and required taxpayer support.

The copper (Reuters reports at least 10,000 metric tons) will then go to Glencore’s Horne Smelter and Canadian Copper Refinery, where it’ll be turned into copper cathode.

“Next, we have been working with Glencore to streamline our access to their downstream processing facilities – the Townsville Copper Refinery and the Mt Isa Smelter.

But the proposal is likely to lead to renewed speculation that Glencore could hang a sale sign on its Mount Isa copper mining and smelting complex, plus its Townsville refinery.

Glencore (OTCPK:GLCNF) (OTCPK:GLNCY) has agreed to sell its struggling copper refinery in the Philippines to the family of ...

The asset, the Philippine Associated Smelting and Refining (Pasar), has long served as a key logistics hub for Glencore.

Glencore is a Swiss-based producer and marketer of commodities such as copper, cobalt, zinc, nickel and ferroalloys. It markets aluminium and alumina and iron ore, and trades oil and fuel products.