Glencore, the commodity trader and miner seeking to cut its $30 billion debt load by a third amid a rout in prices, is in talks to sell two copper mines in Australia and Chile after approaches from buyers.

The Swiss firm may offload the Cobar mine in New South Wales and the Lomas Bayas open-pit operation in Chile’s Atacama desert, Glencore said in a statement. Combined, the operations produce about 125,000 metric tons of copper a year. Citigroup and UBS said they may fetch as much as $1 billion.

Chief executive Ivan Glasenberg announced a debt-reduction plan in September in response to investor concern about its capacity to repay borrowings after a commodities collapse. The shares have almost doubled from a record low set September 28th. – (Bloomberg)