Glencore Halts Sale of Kazzinc Stake Due to Low Bids

Glencore has decided to withdraw its plans to sell its 70% stake in the Kazakh mining company Kazzinc, according to sources reported by Bloomberg News. The mining giant had been considering an exit and had attracted interest from Chinese buyers. However, the bids received were deemed too low, leading Glencore to call off the deal.

Insiders indicated that Glencore has informed potential bidders through a letter that no transaction will take place. A spokesperson for Glencore declined to comment on the matter. Kazzinc primarily produces zinc.