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  1. Glencore plans to sell option in Falco’s Horne gold project- Sources

Glencore plans to sell option in Falco’s Horne gold project- Sources

Falco has calculated that the undeveloped Horne 5 deposit could have a net present value (NPV) of about $667 million, assuming a gold price of $1,250 an ounce and certain currency exchange conditions..

By: | London | Published: June 16, 2016 8:42 PM

 

London-listed Glencore has appointed BofA Merrill Lynch to sell the 65 percent option in the Horne 5 gold project in Quebec. (Reuters) London-listed Glencore has appointed BofA Merrill Lynch to sell the 65 percent option in the Horne 5 gold project in Quebec. (Reuters)

Glencore is planning to sell its option in a gold mine owned by Falco Resources, two sources familiar with the situation said on Thursday, as the mining group and commodities trader presses ahead with its asset sale programme.

London-listed Glencore has appointed BofA Merrill Lynch to sell the 65 percent option in the Horne 5 gold project in Quebec, the sources said, and potential buyers have been contacted.

Falco has calculated that the undeveloped Horne 5 deposit could have a net present value (NPV) of about $667 million, assuming a gold price of $1,250 an ounce and certain currency exchange conditions, according to its website.

Spot gold was up 1 percent at $1,303.91 an ounce at 1148 GMT on Thursday.

Glencore declined to comment. BofA Merrill Lynch and Falco Resources did not immediately respond to requests for comment.

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