Glencore Approaches $4 Billion Sale of Kazzinc Shares to Kazakh Businessman — Bloomberg

Investing.com – Glencore Plc is set to sell a 70% stake in Kazzinc Ltd., a Kazakh zinc and gold producer, to local businessman Shakhmurat Mutalip for approximately $4 billion to $4.5 billion.

According to Bloomberg, citing sources familiar with the matter, Mutalip, who owns the infrastructure construction group Integra Construction KZ, is in advanced negotiations with the mining giant. As part of the deal, Glencore may provide financing to support the acquisition.

The potential Kazzinc deal is just one of three major transactions Mutalip is pursuing, which could significantly reshape Kazakhstan’s mining landscape. He is also negotiating to acquire a 40% stake held by two founding family members of Eurasian Resources Group and has engaged Glencore and trading firm Mercuria regarding potential financing arrangements.

In the third potential deal, Mutalip is exploring the acquisition of gold producer Altynalmas and has contacted possible financial backers.

If all three transactions are completed, Mutalip will gain substantial control over Kazakhstan’s mining sector, covering a range of industrial and precious metals production, from aluminum to zinc.

Sources caution that, although negotiations are in advanced stages, there is no guarantee that any or all of the deals will ultimately be finalized.

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