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UPDATE 1-Glencore sells stakes in copper, nickel mines for $290 mln

Reuters - UK Focus

(In second paragraph corrects location of Sipilou nickel mine to Ivory Coast, not Brazil)

Aug 14 (Reuters) - Global miner and commodity trader Glencore (Xetra: A1JAGV - news) said on Friday it had sold stakes in three mines it inherited through its Xstrata takeover for about $290 million.

The company said it sold its interests in the Tampakan copper mine in the Philippines, the Falcondo nickel mine in the Dominican Republic and the Sipilou nickel mine in Ivory Coast.

The company did not say who it had sold the assets to and gave no further details.

Glencore had announced plans to sell its interest in the Tampakan project in June, having in December said it was considering the sale of some nickel projects, reflecting low commodity prices and a focus on returning cash to shareholders.

The announcement comes a day after the company said it would cut back its spending plans for the year. (Reporting by Mamidipudi Soumithri in Bengaluru and Olivia Kumwenda-Mtambo in Johannesburg; Editing by David Holmes)