Swiss miner and trader Glencore said in its annual report it had put up for sale its 23% stake in Peruvian zinc and silver miner Volcan.
“In Q4 2022, Glencore commenced a process exploring the possible disposal of its 23.3% economic interest in Volcan. As a result, the carrying amounts of Volcan assets and liabilities as at 31 December 2022 are classified as held for sale,” the company said.
Why it matters:
The sale of a non-controlling stake in Volcan is part of Clencore’s policy to maximize shareholder value and dispose of non-core assets.
Another possible reason behind the sale are violent protests in Peru, which have been ongoing since December 7 and already affected Glencore’s other operations in the country, including large copper mine Antapaccay.
On Wednesday, Glencore posted a record profit of $34.1 billion in 2022 and announced it would return over $7 billion to stakeholders in dividends and buybacks.