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Glencore may make a final decision on selling its controlling stake in Kazakhstan’s Kazzinc by the end of 2026 (inbusiness.kz). The Swiss mining group is in talks with a potential buyer from Kazakhstan. The proposed sale could see control of the zinc and gold producer change hands.
What happened
Glencore chief Gary Nagle discussed the ongoing talks at a closed-door Goldman Sachs conference. He said a decision on the deal was expected by the end of 2026. The Telegram channel Finmentor.kz reported his remarks, which were then cited by inbusiness.kz.
Citing Finmentor.kz, inbusiness.kz uses the phrase “within the next two months”. That timeframe refers to Glencore’s final decision on selling its controlling stake. It does not in itself mean the deal will close by the end of the year.
What it means
The talks concern a stake that gives its holder control of the Kazakh zinc and gold producer. If the sale goes ahead, control of Kazzinc will change hands. Talks are still under way, however, and Glencore’s final decision is still pending.
In February, Bloomberg reported that Glencore was discussing the sale of a 70% stake in Kazzinc LLP to Kazakh businessman Shakhmurat Mutalip. That is more than two-thirds of the company. The businessman’s name and the size of the stake come from that February report.
The account of Nagle’s latest remarks refers to a potential Kazakh buyer. The reports therefore describe different stages of the talks: discussions in February about a specific stake and a decision expected by the end of the year. It is too early to consider Mutalip the confirmed buyer.
One of the company’s projects is covered in a separate raem.kz article: Kazzinc’s underground project. Glencore’s current talks concern the sale of a stake in the producer itself.
Why Glencore is considering a sale
The potential deal is linked to a review of the Swiss group’s assets. Glencore is reshaping its business portfolio. That restructuring could make it easier to prepare for a potential merger with another major industry player.
Glencore previously held merger talks with Rio Tinto, but the two sides failed to reach an agreement. A potential Kazzinc sale fits into this strategy of reviewing its assets. The next stated step for the Kazakh company is Glencore’s final decision, which Nagle expects by the end of 2026.
