Glencore has ended plans to sell its nearly 70% stake in Kazakh mining company Kazzinc, reported Bloomberg News, citing people privy to the development.

This move comes after the offer did not meet the company's valuation expectations.

The Swiss commodity trader had been exploring the sale of its 69.74% stake in the Kazakh company amid interest from Chinese buyers, with the value of the stake estimated at several billion dollars.

Glencore has now sent a termination letter to the Chinese bidders, the people said.

Last month, the news agency reported that Glencore was also considering the sale of the Kazzinc-operated Vasilkovskoye gold mine.

Kazzinc, established in 1997 through the merger of three main non-ferrous metals companies in eastern Kazakhstan, owns a network of mines, concentrators and metal finishing plants.

This infrastructure enables the company to manage the entire production process from ore extraction to the manufacturing of finished zinc products.

Kazzinc’s core operations are located in the East-Kazakhstan, Akmola and Ulytau regions of Kazakhstan.

Glencore CEO Gary Nagle has been looking to streamline the company by offloading smaller or more complex assets. The company has previously sold zinc operations in Peru and some of its smaller copper assets.

According to Glencore's annual report, Kazzinc's zinc production increased by 27,500 tonnes (t) in 2023, reaching 173,900t. Additionally, the company produced 35,600t of lead, 14,800t of copper and 598,000oz of gold.

Last year, Glencore announced plans to close its underground copper mines in Mount Isa, Queensland, Australia, in the second half of 2025, after 60 years of operations.