China’s largest gold miner by market value Zijin Mining Group has shed $175 million worth of Glencore International bonds convertible into shares, Bloomberg reports. Zijin along with BlackRock, Government of Singapore Investment Corp. and First Reserve Corp., had invested in Glencore’s 2.2 billion convertible 5 percent bonds in December 2009, ahead of its initial public offering (IPO) in May this year.
The sale was managed by Goldman Sachs Group. Glencore, the largest listed supplier of commodities in the world, has fallen 20 percent since it went public with the $10 billion IPO.
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