UPDATE 2-Glencore sells stakes in copper, nickel mines for $290 mln

viernes 14 de agosto de 2015 05:15 GYT

* Sells stakes in Tampakan, Falcondo and Sipilou

* Shares fall about 1 pct (Adds analyst quote, share movement)

By Mamidipudi Soumithri and Olivia Kumwenda-Mtambo

Aug 14 (Reuters) - Global miner and commodity trader Glencore said on Friday it had sold stakes in three mines it inherited through its Xstrata takeover for about $290 million.

A commodity-price slump has forced many mining firms to slash spending and sell assets. On Thursday, Glencore said it would reduce its capex plans as copper and nickel trade near six-year lows, hit by a supply glut and slowing Chinese demand.

The company said it had sold its interests in the Tampakan copper mine in the Philippines, the Falcondo nickel mine in the Dominican Republic and the Sipilou nickel mine in Ivory Coast.

Finding buyers for nickel assets globally has become difficult because of the low price of the metal, Liberum analyst Ben Davis said.

"I don't know who, if anybody, would do that especially with nickel at $4.74 (per pound). It takes a brave man," he said.

The company, which has been pivoting away from large greenfield projects, did not say to whom it had sold the assets.   Continuación...